Best Banks In Kenya For The Diaspora
- Walletally.com
- Oct 18, 2016
- 3 min read
There is a huge need for Kenyans living abroad to be able to do seamless financial transactions back home. There have been horror stories of people losing their savings by trusting unscrupulous relatives to take care of their transactions for them. To avoid this kind of activity from occurring, it pays to partner with a financial institution that makes it easy to save, apply for a mortgage, invest and participate in the Kenyan economy.
1. Online Banking
The banks need internet banking so, one can monitor their account remotely without having to deal with any third parties.
2. 24/7 Customer service
The customer service has to be helpful, polite, 24/7 and knowledgeable and here is the reason why- Usually when calling Kenya, you have to account for the time difference (in America it’s 8hrs) one could be calling, for example during your assigned 30 min lunch- you have to be able to get the information you need quickly or the issue you are calling about has to be resolved in that one phone call; so, a good customer service team can mean the decision between doing business with that bank or taking your business elsewhere.
3. Quick application process
Can I apply for the account online without a long drawn out process? This is actually a critical step, when banks create barriers and whoops to jump through to apply for their products, they loose interested potential clients, so an easy streamlined process makes it very convenient for the customers to set up accounts.
4. Various funding methods A Diaspora-friendly bank will provide the potential overseas customer with several ways to fund their account(s). Some common international money transfer options are Moneygram, Western union, Paypal, direct bank transfers, mobile transfers etc.
5. Financial products offered to diaspora
Access to these financial products enable Kenyans abroad to invest in Kenya, so these products are not only important to the local economy but also allows the diaspora to invest and build some assets while being away, so it is imperative that banks provide these services.
Best options:
This bank is by far, in my opinion, the best option for Kenyans abroad, they make it really convenient to apply for an account. You can apply online by downloading the application form and providing proof of residence, a copy of a valid ID / or passport and signing an email declaration form. The customer service is really excellent and helpful and there are multiple methods to fund the account.
Chase Bank Kenya offers mortgages and loans for diaspora residents, and enables the dream of home ownership to become a reality. They have a really simple application online- the only criticism I would have of the application process is one of the documents required to apply for an account is an introductory letter from an existing account holder or employee at the bank, this may not be easily accessible and therefore deter interested parties.
The criticism that I have for KCB is the application process, you fill out an online form with your basic information and someone gets back to you and helps you to apply for the account, If that is not an issue for you benefits at KCB are great, I particularly like that they have Sharia compliant accounts for the Islamic Diaspora which allows all Kenyans abroad to participate in the Financial Services sector in Kenya.
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