A better way to save time and money on money transfers to Kenya this Christmas
Just one way to give an extra Christmas gift this year.. for free
WorldRemit research reveals that thousands in Kenya are missing out on Christmas presents and time with loved ones this Christmas.
If more people simply switched to lower cost online channels like WorldRemit, they could make significant savings. Savings they could spend on an extra Christmas present home this year.
The high costs of sending money home mean the Kenyan diaspora are losing out on saving up to 11.35 percent when sending money home. The savings were highest when sending from New Zealand to Kenya at $22.7 (KES 2349), enough to buy a bottle of scotch whisky, but even a saving of $9 could get you a couple of boxes of chocolates this year.
Five Christmas gifts the savings on sending money to Kenya could buy
Switching to lower cost remittance services could mean family and friends could buy an extra Christmas present every time they transfer money home.
But it’s not just money that can be saved. By sending money online instantly, people can save precious time, too. Traditional money transfer services mean both senders and recipients need to take time off to travel to an agent to either pay in or collect money. And that’s time that could be spent with family and friends this Christmas.
By sending money from one mobile to another instantly, we can save people not just money, but also time.
From Kiambu, Machakos and Kajiado it costs between US$2-5 to travel there and back by public transport and takes between 1.5 to 3 hours. Even those living within Nairobi travelling from an area like Ngong can take up to 1 hour to travel to an agent and back, costing up to US$4.
With most WorldRemit customers who send money to Kenya doing so at least three to four times a month, the savings across the month of December could be even greater. The savings on travel and time alone could be enough to buy a picture frame.
Sending money frequently without paying high costs and wasting time brings families and friends closer together even when living hundreds of miles apart. So we hope we can give people more time with family and friends this Christmas.
The savings were calculated based on sending the equivalent of $200 in the local currency of the sender country using a weighted average of pay-in and pay-out methods for the leading traditional money transfer operator compared to WorldRemit.