½ûÂþÌìÌÃ

Menu
½ûÂþÌìÌÃ

Best way to convert your KES to USD

Post new topic

twinfun

Hi
Can anyone please suggest whats the best way to convert my shillings to US dollars. I have an a/c with NIC bank, but looks like the banks are looting me :)
I am sure there must be a cheaper way so I can get much better rate and more dollars !

Please help !

Thanks,
Twinfun

Longonot62

First, check the headline exchange rate with Central Bank of Kenya (website, or in the newspaper).  Today, the rate for buying USD is 90.18.  You then need to compare various banks and forex bureaux, to see who has the best rate.  The Standard used to publish a list od forex bureaux and their rates - don't know if they still do this.

I usually do my currency conversions at Chase Bank (K), they are generally very competitive.  However, I do bank with them too, so tend to get a better 'customers' rate.

Hire N' Drive Kenya

Hi Forex bureaus are the best...get the dollars from the bank and compare rates from the bureaus

suribhai

the best way to check rates is , then contact some exchange centre and exchange your money, as i know in town near telecom posta the rates are well good...

Longonot62

Surely the best site to check for exchange rates with the Kenya Shilling is the Central Bank of Kenya (CBK) - there is no 'higher authority' in terms of money.  I have sometimes found currency sites such as xe.com not to have exactly the same rates as CBK. 

All the banks and forex in Kenya use the CBK rates as a baseline and this information isn't hard to find ............. if you have managed to post on here!!

twinfun

Thanks everyone for your replies :)

Joekie

Be informed about current exchanges via all media available. Try and negotiate with your relationship manager at the bank, most of them are willing to give a better rate, if you exchange at a forex bureau, be consistent and always bargain, bargain, they always give good rates to repeat customers.

Longonot62

Agree, bargaining can help a lot!!

Articles to help you in your expat project in Nairobi

  • Banking in Kenya
    Banking in Kenya

    New expats in Kenya will wish to open a bank account, necessary for receiving wages from your employer and for ...

  • Nairobi Expat Social (NES)
    Nairobi Expat Social (NES)

    Nairobi Expat Social (NES) was set up on 1 Feb 2010 to provide expats living in Kenya with a social network for ...

  • Accommodation in Nairobi
    Accommodation in Nairobi

    Many expats moving to Kenya are likely to find themselves relocating to Nairobi, as it is both the nations capital ...

  • Work in Nairobi
    Work in Nairobi

    Expats hoping to find work in Nairobi will find a diverse city with many opportunities, especially in finance, ...

  • Marriage in Kenya
    Marriage in Kenya

    If you are planning a marriage in Kenya, the Registrar of Marriages in Nairobi is the best starting point for ...

  • Leisure activities in Kenya
    Leisure activities in Kenya

    New expats to Nairobi will find plenty of things to see and do, from museums, national parks, sporting events, and ...

  • Requirements for Foreigners to Live and Work in Kenya
    Requirements for Foreigners to Live and Work in Kenya

    REQUIREMENTS FOR FOREIGNERS TO OWN A BUSINESS IN KENYA

  • Moving with your pet to Kenya
    Moving with your pet to Kenya

    Pets are considered an important part of the family, and many expats wish to bring their cat or dog with them when ...

All of Nairobi's guide articles