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Money Transfer

Real Time Gross Settlements (RTGS)

VALUE CAPPING/RTGS
In our endeavor to continuously improve our services, we write herewith advising that Kenya Bankers Association in conjunction with the Central Bank of Kenya have introduced a new clearing process for items whose amounts will be in excess of Kshs 1.0M.

Accordingly, with effect from 1st October 2009, all local clearing items i.e. cheques, direct debits, standing orders and EFTS whose amounts are over Kshs 1.0 M will be processed through the RTGS payment system.

This rule also affects domestic foreign currency cheques for values exceeding;

USD- 35,000.00

GBP – 15,000.00

EUROS -30,000.00

This does not affect in-house cheques.

The process has a cut off time of 2.00pm Monday to Friday.

The benefits of this new payment system to you are as outlined here below:-

You will receive payment within 4 hours from the time the remittance instructions are given to the bank. (Note that the payment will no longer take four days to clear).
The payment system is efficient.
The payment system is safe, as the instructions to transfer funds will have to be done in the presence of a bank official in the bank hence reducing risks of cheques being lost and presented to the wrong persons or forging of the same.

However, should a client wish to deposit a cheque for amounts in excess of the Kshs 1.0M, the bank will proceed and clear the cheque for payment although the same will no longer take the initial 4 days to clear but will take 21 days.

As such, you are encouraged to adopt this new payment system in your future transactions.

Charges for the service are 500.00

SWIFT

Swift or Telegraphic Money Transfer

K-Rep Bank being a member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT), K-Rep employs SWIFT technology for international remittances to any part of the world.

Using Bank’s global network of correspondent banks, we are able to remit funds on behalf of our customers rapidly, efficiently and in a secure manner.

For customers to receive funds in US Dollar ($)

Citibank NA New York

Swift Code:		CITIUS 33
Fedwire:		021000089
Account No:		36201226
Of K-Rep Bank Ltd(Branch)		................................
For the Beneficiary
Account Name		................................(indicate his/her account number)
Account Number		................................(indicate his/her Branch)

For customer to receive funds in GB Pounds (£)

K-Rep Bank’s correspondent /intermediary Bank:

Bank		Dresdner Bank
Location:		Germany
Swift code:		DRESDEFF
Account no:		4990808801900888
Beneficiary Bank:		STANBIC BANK (K) LTD
Swift code:		SBICKENX
Further Credit to:		K-REP BANK LTD
Account Number:		03 400 80171201
Beneficiary a/c Number:		................................ (indicate his/her account number)
Branch:		................................ (indicate his/her Branch)

For customer to receive funds in EUR (€)

K-Rep Bank correspondent /intermediary Bank:

Bank		Dresdner Bank
Location:		Germany
Swift code:		DRESDEFF
Account no:		4990808801900888
Beneficiary Bank:		STANBIC BANK (K) LTD
Swift code:		SBICKENX
Further Credit to:		K-REP BANK LTD
Account Number:		70 400 80171201
Beneficiary a/c Number:		................................ (indicate his/her account number)
Branch:		................................ (indicate his/her Branch)

Western Union

Western Union

Western Union

Western Union Money Transfer Service permit customer (consumers) to instantly transfer cash electronically to another individual or company worldwide.

K-Rep Bank acts as a sub-agent of Post bank which is one of the agents of Western union plc - the fastest way to send Money Worldwide.

For the service to be effected the sender needs to provide his/her personal details and those of the beneficiary including country and unique codes for access of funds.

FOR MORE INFORMATION, PLEASE CONTACT YOUR NEAREST K-REP BANK BRANCH OR POST BANK OFFICES