How to Use Pesalink Money Transfer Service

PesaLink Realtime Interbank Money Transfer Service

Pesalink money transfer service allows you to transfer funds from your bank account to another bank account  in Kenya in seconds. Unlike RTGS ,Swift transfer or cheques, the funds are credited to your account instantly. PesaLink website states this can be within 45 seconds. The Interbank transfer allows transactions from as low as KES 10 to KES 1 million almost instantly from your Phone, ATM or at your bank.

PesaLink System is the brain child of Kenya Bankers Associations and is offered in all Kenyan banks affiliated to the Kenya Bankers Associations. PesaLink is managed and operated by KBA’s wholly owned subsidiary – Integrated Payments Service Limited (IPSL) – and was envisaged to in the first instance interconnect all banks in Kenya, and ultimately MFI’s, Saccos and other switches and MNOs as well.

Pesalink is faster than SWIFT or RTGS and costs way less. An RTGS costs KES 500 with most banks in Kenya while PesaLink transactions at Cooperative for say KES 999,9000 is KES 152. No  brainer.

Below is a comparison of Pesalink charges and MPESA charges. 

Pesalink cooperative bank

MPESA CHARGES (For ease of comparison we are using the max amount at any range)

0 – 500                    Charge 15

501 – 10,000         Charge 85

10,001 -50,000     Charge 110

50,001 – 70,000     Charge 110

Mpesa allows transactions in maximum units of KES 70000. And a maximum of KES 140000 per day. So with PesaLink you can easily send KES 999,999 within a second securely and fast. You do  not need to look for an MPESA agent etc.

PesaLink is available 24/7 including weekends and public holidays. You have access to your money can move it securely to other bank accounts in 45 seconds.

How do you sign up on Pesalink?

  1. Go to your bank’s nearest branch and request to sign up for PesaLink Interbank money transfer service.
  2. Alternatively check your bank’s USSD service. For Cooperative bank simply dial *667# and select PesaLink.
  3. Also you can activate this service at your Banks ATM. Make sure your bank is participating on the PesaLink Interbank money transfer service. 

Disadvantages on PesaLink

PesaLink is in the current set up suitable for individuals…as most business accounts need multiple signatories per transaction. You need a debt card or access to your banks mobile platform (USSD) code to transact.

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