I needed to transfer some money from my PayPal to M-Pesa quickly over the weekend, and I decided to use Chura. Looking at their rates, it’s clear that there’s a significant haircut involved - Their USD conversion rate is 99.72 KES, compared to 103 at conventional bureaus. There’s also a 6.5% + 2USD charge, meaning that I was losing about 8 USD in the conversion, and at a sad rate no less.
Today I had a look at Xoom, the PayPal transfer service. I’d read about them extending their service to Kenya at last year’s Mobile World Congress, though it took forever for this to roll out.
So I decided to have a look, and as it turns out, the rates are way better.
Also, Chura caps how much you can send to 100 USD, while with Xoom you can send up to 690 USD to M-Pesa, which roughly corresponds with the daily transaction limit of 70,000 KES.
So I learned the hard way. I lost roughly 1000 bob, but all this could have been avoided if I’d done a little research.