How to deposit money from M-PESA to KCB in Kenya ( 2024 Update)

M-PESA and KCB Bank Kenya Limited. M-PESA, the renowned mobile banking service, has revolutionized how Kenyans manage their money, offering exceptional convenience at their fingertips. On the other hand, KCB Bank stands as a trusted pillar in the Kenyan financial landscape, licensed and regulated by the Central Bank of Kenya. In the digital age, where time is money and convenience is paramount, having an account with M-PESA and KCB Bank is a common practice. However, as transactions between these two giants become increasingly common, it's essential to understand how to navigate the financial landscape seamlessly.

 Why Deposit Money from M-PESA to KCB in Kenya? The need to transfer funds between M-PESA and KCB Bank arises from the desire for financial fluidity. M-PESA offers the flexibility of managing money from the comfort of your mobile device. Still, you may need to bridge the gap between your digital wallet and your KCB account. Whether it's for savings, investment, or simply managing your finances efficiently, the ability to deposit money from M-PESA to KCB and vice versa can be a game-changer.In this comprehensive guide, we aim to explain the process of depositing money from M-PESA to KCB in Kenya.

How to Deposit Money from KCB to M-PESA

Transferring money from your KCB account to your M-PESA wallet is a straightforward process that allows you to access your funds digitally. Here is how to do it:

 Method 1: Using USSD Code

 Step 1: Dial *522#

1. Begin by unlocking your mobile phone and accessing the dialer.
2. Dial *522# on your mobile device's keypad. This is the code that initiates the KCB to M-PESA transfer process.
3. You'll be prompted to enter your M-Benki PIN. This PIN serves as your secure authorization for the transaction.

Step 2: Select "MyKash" and "M-Pesa"

1. After entering your M-Benki PIN, you'll have an options drop-down menu.
2. Select "MyKash" from this menu, which is the interface to facilitate the transfer.
3. Following that, choose "M-Pesa" as the destination for your funds.

Step 3: Enter the Amount

1. Now, it's time to specify the amount you wish to transfer from your KCB account to M-PESA.
2. You can transfer any amount up to fifty Kenyan shillings (KSh). Enter the desired amount accurately.
3. As you input the amount, the total cost of your transaction will be displayed on the screen, along with the amount you intend to send.

Step 4: Accept and Finalize the Prompt

1. Carefully review the transaction details to ensure accuracy and correctness, including the amount to be sent.
2. If you're satisfied that all information is correct, accept and finalize the prompt.
3. The system will process your transaction, and you'll receive a confirmation message on your screen indicating that the deposit from your KCB account to M-PESA was successful.

Step 5: Notification via SMS

1. Following the successful transaction, you'll receive a notification via SMS on your mobile phone.
2. This SMS serves as a confirmation of the deposit from your KCB account to your M-PESA wallet.
3. The funds are now readily available in your M-PESA wallet, giving you instant access to your money whenever and wherever you need it.

Method 1: Using KCB Paybill Number

Step 1: Access M-PESA Menu

1. Begin by unlocking your mobile phone and navigating to the M-PESA menu.
2. This menu is easily accessible from the home screen of most mobile devices, and it's where you initiate your M-PESA transactions.

Step 2: Choose "Lipa na Mpesa"

1. Look for the "Lipa na Mpesa" option within the M-PESA menu. This is the section that handles various payment and transaction services.
2. Select "Lipa na Mpesa" to proceed with your deposit to KCB.

Step 3: Enter PayBill Number

1. In the "Lipa na Mpesa" section, you'll be prompted to enter a PayBill number. For KCB Bank, the PayBill number you need to enter is 522522.
2. Ensure that you input this number correctly to direct your funds to the KCB account of your choice.

Step 4: Enter KCB Account Number

1. After entering the correct PayBill number, you'll be prompted to enter the recipient's KCB account number.
2. It's crucial to ensure this account number's accuracy to avoid misdirected funds.

Step 5: Enter the Amount and PIN

1. Specify the amount you wish to send to the KCB account from your M-PESA wallet.
2. After entering the amount, you'll be prompted to input your M-PESA PIN, which serves as the authentication and authorization for the transaction.
3. Carefully confirm that all details are correct before proceeding.

Step 6: Confirm to Send Money

1. Review the transaction details on the screen to ensure that the PayBill number, recipient's KCB account number, amount, and PIN are accurate.
2. If everything is in order, press the "OK" or "Send" button to confirm the transaction.
3. Your funds will now be on their way to the designated KCB account.

Charges for Transferring Money Between KCB and M-PESA

It's important to note that KCB does not impose fees on customers who make deposits through M-PESA. However, charges are associated with using the M-PESA service for these transactions. Here's a breakdown:

•  When using M-PESA for transactions related to KCB, you'll be billed a nominal fee of 2 Kenyan Shillings.
• Checking your account balance will cost you 33 Kshs.
• Requesting a mini statement will also incur a charge of 33 Kshs.
• Checking foreign exchange rates through M-PESA is free of charge.
• Transferring money from a KCB account to M-PESA carries a fee of 55 Kshs.
• Buying airtime for yourself or someone else using M-PESA is free of charge.
• Interest on Mobi Loans and Kopa Bill Loans stands at 6% per annum.
• Paycheck advances through M-PESA carry a monthly interest rate of 8%.

How to deposit money to a KCB account from M-PESA without paying the transaction charges

 There's a clever workaround to achieve the process. You can start by opening a KCB M-Benki account, which is essentially a KCB account accessed through M-Pesa, and you can enjoy fee-free transfers. Here's how:

 Go to the M-PESA menu on your mobile phone.

1. Choose "Lipa na M-PESA."
2. Select "Paybill" and enter the PayBill number 522522.
3. Under the account section, type "ID" and input your National ID Number (e.g., ID987654321).
4. Enter the amount you wish to deposit, followed by your M-PESA PIN.
5. You'll receive two SMS messages, one containing your KCB M-BENKI Account number and the other with your temporary PIN.
6. Congratulations, you're all set to make transfers without incurring transaction charges!

This clever hack lets you enjoy the convenience of M-PESA to KCB transfers without worrying about extra fees.

READ ALSO: How To Apply Various Types of Airtel Money Loans In Kenya 

 Transaction Costs and Tips

Transaction Costs

When depositing money from your M-PESA account to a KCB account, it's essential to be aware of the associated costs. Here's a breakdown of the charges:

• Transferring money from your M-PESA account to a KCB account: This transaction is free, and KCB Bank does not levy any fees for this service.
• Checking your KCB account balance using M-PESA will cost you 33 Kenyan Shillings.
• Requesting a mini statement through M-PESA: Similar to balance inquiries, accessing a mini statement incurs a charge of 33 Kenyan Shillings.
• Checking foreign exchange rates using M-PESA: This service is free, offering convenience for those monitoring currency exchange rates.
• Transferring money from a KCB account to your M-PESA wallet: This transaction costs 55 Kenyan Shillings.
• Buying airtime for yourself or someone else through M-PESA: This complimentary service makes it easy to top up your mobile airtime.
• Interest rates on Mobi Loans and Kopa Bill Loans: If you use these services, keep in mind that the annual interest rate is 6%.
• Paycheck advances through M-PESA: If you require a paycheck advance, remember that it carries a monthly interest rate of 8%.

Tips for Successful Money Transfers

To ensure a smooth and error-free experience when depositing money from M-PESA to KCB or vice versa, consider the following tips:

1. Double-check account and PayBill numbers: Before entering any numbers, verify they are accurate to avoid misdirecting funds.
2. Ensure sufficient funds: Before initiating a transfer, ensure your M-PESA wallet or KCB account has enough balance to cover the transaction amount.
3. Recipient details: If you're transferring money to someone else's account, verify their account details, including their KCB account number, to avoid errors.
4. Stay updated on fees: Stay informed about the transaction charges associated with different services to make cost-effective decisions.
5. Protect your PIN: Keep your M-PESA PIN and KCB account details confidential to prevent unauthorized access and transactions.