In this article, you'll discover whether Revolut works in Kenya, explore some potential drawbacks if it is available, and consider the possibilities for its future expansion. Stay tuned to find out more.
Does Revolut Work In Kenya?
Does Revolut Work In Kenya? isn't available in Kenya. While Revolut offers a range of financial services globally, including international money transfers and multi-currency cards, it does not currently support functionalities specific to Kenya.
For users traveling from the UK to Kenya, Revolut provides a Kenyan Shilling travel money card. This card allows users to spend in Kenyan Shillings and make ATM withdrawals, but it is primarily designed for travelers rather than residents of Kenya.
Fees and Charges for Using Revolut in Kenya
Here are some general costs that users might encounter:
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: A maximum of 5 ATM withdrawals a month and up to £200 per rolling month are free. Anything over these limits is charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Transaction fees: No specific transaction fees are mentioned for spending in Kenyan Shillings. However, currency exchange fees and ATM withdrawal fees may apply as per the user's plan.
- Currency conversion fees: Exchange fees above free conversion limits will apply for conversions.
- Withdrawal fees: Fee-free ATM withdrawals up to £200 for Standard and Plus plans, up to £400 for Premium plan, and up to £800 for Metal plan. Withdrawals above these limits are charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Additional fees: Potential additional fees charged by ATM providers that Revolut cannot prevent.
Is Revolut the Best Option in Kenya?
Even if Revolut is available in Kenya, it might not be the best option for users due to several limitations and restrictions that could impact the overall user experience.
- Limited local support: Revolut primarily targets travelers, not Kenyan residents.
- Currency exchange fees: Fair-usage limits and weekend markups can increase costs.
- ATM withdrawal limits: Free withdrawals are capped, with fees for exceeding limits.
- Potential ATM fees: Additional fees may be charged by ATM providers.
- Regulatory restrictions: Lack of specific information on local regulatory compliance.
Alternatives to Revolut in Kenya
1) OneSafe
OneSafe is a leading alternative payment solution in Kenya, offering ease of use, lower fees, and superior customer support. With features like simple onboarding, global payments, and multi-currency support, OneSafe ensures seamless financial operations, making it a superior option for businesses and individuals alike.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking features, including ACH, Crypto, Wire deposits, and Virtual cards. They appreciate the support for various types of businesses, highlighting the platform's versatility and user-friendliness for business banking needs.
2) Wise
Wise offers a multi-currency account, international money transfers, and a debit card, making it a versatile payment solution in Kenya. Key benefits include cost savings on transfers, no hidden fees, and strong security measures. Wise supports the Kenyan shilling, providing competitive exchange rates and low fees for local and international transactions.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval. Some users also experienced problems due to government restrictions in their country, and there was a mention of being scammed by a fake company using Wise. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution in Kenya, allowing users to send and receive money globally. Key features include Buyer and Seller Protection, 24/7 fraud monitoring, and the ability to link multiple cards for easy checkout. These benefits make PayPal a reliable option for financial transactions.
Paypal Reviews
PayPal has an overall rating of 4.4 out of 5 stars. Users have reported high transaction fees and a lengthy dispute resolution process. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Kenya
Can I open a Revolut account in Kenya?
No, Revolut does not currently support account openings for residents of Kenya.
Can I use my Revolut card in Kenya?
Yes, you can use your Revolut card for transactions and ATM withdrawals in Kenya.
Are there any fees for using Revolut in Kenya?
Yes, fees may include currency exchange fees, ATM withdrawal fees, and potential additional charges.
Does Revolut support Kenyan Shillings?
Revolut supports Kenyan Shillings for spending and withdrawals but not for holding balances.
Is Revolut a good option for Kenyan residents?
Revolut is primarily designed for travelers, so it may not be the best option for residents.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Kenya is crucial for seamless financial transactions. While Revolut has limitations, OneSafe offers a robust alternative with lower fees and superior support. Explore OneSafe for a more efficient banking experience. Sign up today!
