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Remittances Into Kenya
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kiash
#11 Posted : Saturday, January 16, 2016 6:16:34 PM
Rank: Veteran

Joined: 4/27/2010
Posts: 951
Location: Nyumbani
MunyaoTrader wrote:
I am a kenyan working abroad. I want to confirm, if i wire an equivalent of less than 10,000 us dollars to my kenyan bank account do i really need to show documents to my kenyan bank to proof the source of funds?
Please feel free to advice and share your experiences.


Yeah they do not ask for source of the funds but you have to sign as a proof that you are not money laundaring but that is done online. Well guess it depends on the bank and also the account you are sending from.
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Mainat
#12 Posted : Saturday, January 16, 2016 6:44:40 PM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
CBK requires all deposits above one meta to have source declared.
Many banks don't follow the rules
Sehemu ndio nyumba
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MunyaoTrader
#13 Posted : Monday, January 18, 2016 1:43:31 PM
Rank: New-farer

Joined: 6/5/2010
Posts: 30
Location: Nairobi
Thank you all for the advice. I will have the documents ready if needed.
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Thiong'o
#14 Posted : Monday, January 18, 2016 2:22:51 PM
Rank: Member

Joined: 10/14/2011
Posts: 661
The Central Bank of Kenya (CBK) has issued new mandatory guidelines covering additional information that banks are expected to collect from their clients when making deposits and withdrawals greater than or equal to USD 10,000 or its equivalent in other currencies. In line with this, Citibank shall be requesting the following information for all cash deposits and withdrawals exceeding the advised threshold:

1. Why is the large cash deposit or withdrawal necessary?
2. Why can’t the cash deposit or withdrawal be made through electronic means?
3. Where will the money be taken after it leaves the bank premises?
4. What is the money going to be used for?
5. Who will be the direct and indirect beneficiaries of the money?
6. Please provide the full identity of the intended beneficiaries of the money.
7. Please advise the source of the money which is to be deposited or withdrawn over the counter.

The information above will be captured through the attached form for eligible transactions. The guideline takes effect immediately.

The new changes seek to encourage the use of electronic payment methods which help make the payment system secure and eliminate the informality and anonymity inherent in cash transactions. Electronic payments are beneficial to you as they reduce losses due to fraud and theft. In addition, electronic payments provide an audit trail that makes funds traceable in case those risks materialize.

We are pleased to advise that we can assist our clients migrate to electronic means of executing these transactions through the following payment methods, all of which are available at Citi:

1. Electronic Funds Transfers (EFT)
2. Real Time Gross Settlement (RTGS)
3. Mobile Payments and Collections through M-Pesa
4. Cheques (both managers’ and client cheques)
5. Cross border funds transfers (CBFT)
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enyands
#15 Posted : Monday, January 18, 2016 2:40:40 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
Thiong'o wrote:
The Central Bank of Kenya (CBK) has issued new mandatory guidelines covering additional information that banks are expected to collect from their clients when making deposits and withdrawals greater than or equal to USD 10,000 or its equivalent in other currencies. In line with this, Citibank shall be requesting the following information for all cash deposits and withdrawals exceeding the advised threshold:

1. Why is the large cash deposit or withdrawal necessary?
2. Why can’t the cash deposit or withdrawal be made through electronic means?
3. Where will the money be taken after it leaves the bank premises?
4. What is the money going to be used for?
5. Who will be the direct and indirect beneficiaries of the money?
6. Please provide the full identity of the intended beneficiaries of the money.
7. Please advise the source of the money which is to be deposited or withdrawn over the counter.

The information above will be captured through the attached form for eligible transactions. The guideline takes effect immediately.

The new changes seek to encourage the use of electronic payment methods which help make the payment system secure and eliminate the informality and anonymity inherent in cash transactions. Electronic payments are beneficial to you as they reduce losses due to fraud and theft. In addition, electronic payments provide an audit trail that makes funds traceable in case those risks materialize.

We are pleased to advise that we can assist our clients migrate to electronic means of executing these transactions through the following payment methods, all of which are available at Citi:

1. Electronic Funds Transfers (EFT)
2. Real Time Gross Settlement (RTGS)
3. Mobile Payments and Collections through M-Pesa
4. Cheques (both managers’ and client cheques)
5. Cross border funds transfers (CBFT)



I see innocent kenyans victimized by this process though there could be good intentions. Instead I'll break it down to $9,999.let that dollar kunywa maji than to fill this victimizing form. You see ripple effect ya Obama visit .
So if the money is coming from abroad you have to say source then which mpango is beneficiary so that I can tell my spanner boys to go squeeze money out of mpango or kidnap mpango.this will be a dangerous insider job

TOO INTRUSIVE !!
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mkenyan
#16 Posted : Monday, January 18, 2016 5:56:16 PM
Rank: Veteran

Joined: 4/1/2009
Posts: 1,885
enyands wrote:
Thiong'o wrote:
The Central Bank of Kenya (CBK) has issued new mandatory guidelines covering additional information that banks are expected to collect from their clients when making deposits and withdrawals greater than or equal to USD 10,000 or its equivalent in other currencies. In line with this, Citibank shall be requesting the following information for all cash deposits and withdrawals exceeding the advised threshold:

1. Why is the large cash deposit or withdrawal necessary?
2. Why can’t the cash deposit or withdrawal be made through electronic means?
3. Where will the money be taken after it leaves the bank premises?
4. What is the money going to be used for?
5. Who will be the direct and indirect beneficiaries of the money?
6. Please provide the full identity of the intended beneficiaries of the money.
7. Please advise the source of the money which is to be deposited or withdrawn over the counter.

The information above will be captured through the attached form for eligible transactions. The guideline takes effect immediately.

The new changes seek to encourage the use of electronic payment methods which help make the payment system secure and eliminate the informality and anonymity inherent in cash transactions. Electronic payments are beneficial to you as they reduce losses due to fraud and theft. In addition, electronic payments provide an audit trail that makes funds traceable in case those risks materialize.

We are pleased to advise that we can assist our clients migrate to electronic means of executing these transactions through the following payment methods, all of which are available at Citi:

1. Electronic Funds Transfers (EFT)
2. Real Time Gross Settlement (RTGS)
3. Mobile Payments and Collections through M-Pesa
4. Cheques (both managers’ and client cheques)
5. Cross border funds transfers (CBFT)



I see innocent kenyans victimized by this process though there could be good intentions. Instead I'll break it down to $9,999.let that dollar kunywa maji than to fill this victimizing form. You see ripple effect ya Obama visit .
So if the money is coming from abroad you have to say source then which mpango is beneficiary so that I can tell my spanner boys to go squeeze money out of mpango or kidnap mpango.this will be a dangerous insider job

TOO INTRUSIVE !!

that letter only applies to deposit or withdrawal. not money sent/received by the other means mentioned. now why would you want to carry more than usd 10k in cash to come and deposit it in kenya?
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enyands
#17 Posted : Monday, January 18, 2016 5:58:28 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
mkenyan wrote:
enyands wrote:
Thiong'o wrote:
The Central Bank of Kenya (CBK) has issued new mandatory guidelines covering additional information that banks are expected to collect from their clients when making deposits and withdrawals greater than or equal to USD 10,000 or its equivalent in other currencies. In line with this, Citibank shall be requesting the following information for all cash deposits and withdrawals exceeding the advised threshold:

1. Why is the large cash deposit or withdrawal necessary?
2. Why can’t the cash deposit or withdrawal be made through electronic means?
3. Where will the money be taken after it leaves the bank premises?
4. What is the money going to be used for?
5. Who will be the direct and indirect beneficiaries of the money?
6. Please provide the full identity of the intended beneficiaries of the money.
7. Please advise the source of the money which is to be deposited or withdrawn over the counter.

The information above will be captured through the attached form for eligible transactions. The guideline takes effect immediately.

The new changes seek to encourage the use of electronic payment methods which help make the payment system secure and eliminate the informality and anonymity inherent in cash transactions. Electronic payments are beneficial to you as they reduce losses due to fraud and theft. In addition, electronic payments provide an audit trail that makes funds traceable in case those risks materialize.

We are pleased to advise that we can assist our clients migrate to electronic means of executing these transactions through the following payment methods, all of which are available at Citi:

1. Electronic Funds Transfers (EFT)
2. Real Time Gross Settlement (RTGS)
3. Mobile Payments and Collections through M-Pesa
4. Cheques (both managers’ and client cheques)
5. Cross border funds transfers (CBFT)



I see innocent kenyans victimized by this process though there could be good intentions. Instead I'll break it down to $9,999.let that dollar kunywa maji than to fill this victimizing form. You see ripple effect ya Obama visit .
So if the money is coming from abroad you have to say source then which mpango is beneficiary so that I can tell my spanner boys to go squeeze money out of mpango or kidnap mpango.this will be a dangerous insider job

TOO INTRUSIVE !!

that letter only applies to deposit or withdrawal. not money sent/received by the other means mentioned. now why would you want to carry more than usd 10k in cash to come and deposit it in kenya?


First of all they won't let you past the american airports
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watesh
#18 Posted : Monday, January 18, 2016 8:23:32 PM
Rank: Veteran

Joined: 8/10/2014
Posts: 992
Location: Kenya
enyands wrote:
mkenyan wrote:
enyands wrote:
Thiong'o wrote:
The Central Bank of Kenya (CBK) has issued new mandatory guidelines covering additional information that banks are expected to collect from their clients when making deposits and withdrawals greater than or equal to USD 10,000 or its equivalent in other currencies. In line with this, Citibank shall be requesting the following information for all cash deposits and withdrawals exceeding the advised threshold:

1. Why is the large cash deposit or withdrawal necessary?
2. Why can’t the cash deposit or withdrawal be made through electronic means?
3. Where will the money be taken after it leaves the bank premises?
4. What is the money going to be used for?
5. Who will be the direct and indirect beneficiaries of the money?
6. Please provide the full identity of the intended beneficiaries of the money.
7. Please advise the source of the money which is to be deposited or withdrawn over the counter.

The information above will be captured through the attached form for eligible transactions. The guideline takes effect immediately.

The new changes seek to encourage the use of electronic payment methods which help make the payment system secure and eliminate the informality and anonymity inherent in cash transactions. Electronic payments are beneficial to you as they reduce losses due to fraud and theft. In addition, electronic payments provide an audit trail that makes funds traceable in case those risks materialize.

We are pleased to advise that we can assist our clients migrate to electronic means of executing these transactions through the following payment methods, all of which are available at Citi:

1. Electronic Funds Transfers (EFT)
2. Real Time Gross Settlement (RTGS)
3. Mobile Payments and Collections through M-Pesa
4. Cheques (both managers’ and client cheques)
5. Cross border funds transfers (CBFT)



I see innocent kenyans victimized by this process though there could be good intentions. Instead I'll break it down to $9,999.let that dollar kunywa maji than to fill this victimizing form. You see ripple effect ya Obama visit .
So if the money is coming from abroad you have to say source then which mpango is beneficiary so that I can tell my spanner boys to go squeeze money out of mpango or kidnap mpango.this will be a dangerous insider job

TOO INTRUSIVE !!

that letter only applies to deposit or withdrawal. not money sent/received by the other means mentioned. now why would you want to carry more than usd 10k in cash to come and deposit it in kenya?


First of all they won't let you past the american airports

TSA will even give you a body cavity search
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enyands
#19 Posted : Monday, January 18, 2016 8:58:19 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
watesh wrote:
enyands wrote:
mkenyan wrote:
enyands wrote:
Thiong'o wrote:
The Central Bank of Kenya (CBK) has issued new mandatory guidelines covering additional information that banks are expected to collect from their clients when making deposits and withdrawals greater than or equal to USD 10,000 or its equivalent in other currencies. In line with this, Citibank shall be requesting the following information for all cash deposits and withdrawals exceeding the advised threshold:

1. Why is the large cash deposit or withdrawal necessary?
2. Why can’t the cash deposit or withdrawal be made through electronic means?
3. Where will the money be taken after it leaves the bank premises?
4. What is the money going to be used for?
5. Who will be the direct and indirect beneficiaries of the money?
6. Please provide the full identity of the intended beneficiaries of the money.
7. Please advise the source of the money which is to be deposited or withdrawn over the counter.

The information above will be captured through the attached form for eligible transactions. The guideline takes effect immediately.

The new changes seek to encourage the use of electronic payment methods which help make the payment system secure and eliminate the informality and anonymity inherent in cash transactions. Electronic payments are beneficial to you as they reduce losses due to fraud and theft. In addition, electronic payments provide an audit trail that makes funds traceable in case those risks materialize.

We are pleased to advise that we can assist our clients migrate to electronic means of executing these transactions through the following payment methods, all of which are available at Citi:

1. Electronic Funds Transfers (EFT)
2. Real Time Gross Settlement (RTGS)
3. Mobile Payments and Collections through M-Pesa
4. Cheques (both managers’ and client cheques)
5. Cross border funds transfers (CBFT)



I see innocent kenyans victimized by this process though there could be good intentions. Instead I'll break it down to $9,999.let that dollar kunywa maji than to fill this victimizing form. You see ripple effect ya Obama visit .
So if the money is coming from abroad you have to say source then which mpango is beneficiary so that I can tell my spanner boys to go squeeze money out of mpango or kidnap mpango.this will be a dangerous insider job

TOO INTRUSIVE !!

that letter only applies to deposit or withdrawal. not money sent/received by the other means mentioned. now why would you want to carry more than usd 10k in cash to come and deposit it in kenya?


First of all they won't let you past the american airports

TSA will even give you a body cavity search



My Buddy from Ghana was busted with over 10k . Walichukua wakapeleka IRS. Sad story
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MunyaoTrader
#20 Posted : Thursday, January 21, 2016 10:03:39 AM
Rank: New-farer

Joined: 6/5/2010
Posts: 30
Location: Nairobi
I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:

1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects.
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