ABC Bank To M-Pesa Withdrawal Charges 2024: A Comprehesive Guide For M-Pesa and Airtel Money
Learn about the withdrawal charges for transferring money from ABC Bank to M-Pesa in 2024. Find out how to complete the transaction and get tips on using M-Pesa Pay Bill.
ABC Bank has reintroduced withdrawal charges for transfers from the bank to mobile wallets such as M-Pesa and Airtel Money, effective January 1st, 2023. These charges will align with recent guidelines from the Central Bank of Kenya.
The bank has provided a table of transaction charges between the African Banking Corporation and payment service providers (mobile wallets). These charges include excise duty and will be displayed on the bank's Internet banking platform or mobile app before completing a transaction.
Customers should be aware that payment service providers (PSPs) may impose fees for these transactions in addition to the bank's charges. The total cost to the customer will be the sum of the banks and PSP'schargese. It is essential for customers to be aware of these charges and to consider them when making transfer decisions.
In the following sections, we'll go over the steps for completing an account to M-Pesa transfer, as well as the charges and transaction limits. We'll also provide information on using M-Pesa Pay Bill to transfer money from M-Pesa to an ABC Bank account.
ABC Bank To M-Pesa Withdrawal Charges For M-Pesa And Airtel Money
The table below provides a comprehensive overview of the charges that will apply for transfers between ABC Bank and mobile wallets:
| Amount Transferred (Ksh) | Bank Charge (Ksh) | PSP Charge (Ksh) | Total Charge to Customer (Ksh) |
|---|---|---|---|
| 100 | 0 | 0 | 0 |
| 101 - 500 | 6 | 5 | 11 |
| 501 - 1,000 | 8 | 7 | 15 |
| 1,001 - 1,500 | 10 | 8 | 18 |
| 1,501 - 2,500 | 15 | 10 | 25 |
| 2,501 - 3,500 | 25 | 10 | 35 |
| 3,501 - 5,000 | 35 | 12 | 47 |
| 5,001 - 7,500 | 45 | 12 | 57 |
| 7,501 - 10,000 | 55 | 12 | 67 |
| 10,001 - 15,000 | 55 | 12 | 67 |
| 15,001 - 20,000 | 55 | 12 | 67 |
| 20,001 - 25,000 | 55 | 15 | 70 |
| 25,001 - 30,000 | 55 | 15 | 70 |
| 30,001 - 35,000 | 55 | 15 | 70 |
| 35,001 - 40,000 | 55 | 15 | 70 |
| 40,001 - 45,000 | 55 | 15 | 70 |
| 45,001 - 50,000 | 55 | 15 | 70 |
| 50,001 - 70,000 | 55 | 15 | 70 |
| 70,001 - 150,000 | 55 | 15 | 70 |
It is important to note that these charges will only apply to transfers from ABC Bank to mobile wallets. There will be no charges for transfers from mobile wallets to the bank.
Account to M-Pesa Transfers
If you want to move money from your ABC Bank account to an M-Pesa account, follow these steps:
- Log in to Internet Banking.
- Click on the Transfers tab, then select Mobile Transfers.
- Select the account number you want to transfer the money.
- Enter the beneficiary's phone number in the format 2547xxxxxx.
- Enter the beneficiary's name and the amount you wish to share.
- Click Submit.
If you are registered for second-level authentication, you must follow additional steps to complete the transaction. Click on Send me Tan if registered for SMS authentication, and enter the code you receive on your mobile phone. If you are using a Token, enter the six-digit code on your device on the Insert Tan tab. Click Confirm to complete the transaction.
Transaction Limits
The maximum amount you can transfer in a single transaction is KES 150,000. The maximum daily amount that an M-Pesa wallet can hold is KES 300,000.
M-Pesa to Account Transfers
M-Pesa Pay Bill is a service that allows customers to transfer money from their M-Pesa accounts to their ABC Bank accounts. This service is available in two ways:
- Customers can send money from their M-Pesa accounts to their ABC Bank accounts using the pay bill 111777.
- Customers in business can request their pay bill numbers, allowing their customers to pay them directly to their ABC Bank accounts.
To transfer money from M-Pesa to an ABC Bank account using the bank's pay bill number, follow these steps:
- Go to the M-Pesa menu on your mobile phone.
- Select Lipa na M-Pesa.
- Select Pay Bill.
- Enter Business No. 111777 (ABC Bank's pay bill number).
- Enter account no. (this is the customer's ABC Bank account number).
- Enter the amount.
- Enter the M-Pesa PIN.
To transfer money from M-Pesa to an ABC Bank account using a customer's pay bill number, follow these steps:
- Go to the M-Pesa menu on your mobile phone.
- Select Lipa na M-Pesa.
- Select Pay Bill.
- Enter the Business No. (this is the customer's unique pay bill number).
- Enter account no. (this is the customer's ABC Bank account number). For schools, this may be the student's administration number or name.
- Enter the amount.
- Enter the M-Pesa PIN.
- Verify the information and click Ok.
Conclusion
In conclusion, ABC Bank's reintroduction of withdrawal charges for transfers to mobile wallets is in line with recent guidelines from the Central Bank of Kenya. Customers should be aware of these charges and consider them when making transfer decisions. The table provided in this article offers a comprehensive overview of the costs that will apply to these transactions.
