FX Rates

Wadau, I happen to receive foreign currencies occasionally in a foreign account with NCBA. I then usually negotiate the same rate as being offered by bureaus and have a KES account credited with that rate. Now, my bank usually immediately deducts 10usd the minute the foreign currency hits the account na sasa even matching the bureau rates is not guaranteed - depends on who I get on the phone.

What in your opinion is the best way to receive foreign currencies and convert to kes and get the best value?

Why do they deduct the $10? That’s steep. You should negotiate with the sender to pay all bank charges.

They told me ni some govt tax. It’s like this jubilee govt taxes everything under the sun.

Can’t be. Excise is 25% of the bank charges. So in total they charge you $50 per transaction?

You’re right - it’s actually a bank charge. I asked again and apparently every foreign payment gets slapped with this charge. Hio mambo ya govt tax inakaa the employee who told me didn’t know what they were talking about