CMT is a global institution offering electronic transfer of funds services. Coinstar Money Transfer is rapidly gaining popularity; their services are now available in approximately 135 countries. CMT offer an affordable, fast and a cheap way to transfer money to individuals in different geographical locations. The transfer of money is facilitated by the help of modern money transfer technology infrastructure. They employ security of higher dimension. Only the sender and the receiver individuals have the money transaction reference codes. Money transfer through CMT does not involve financial institutions such as the bank. As opposed to the use of internal networks by other organization such as Western union and Money-Gram, CMT only requires proper connection to the internet for their transaction. Restriction on sending and receiving money In Kenya, CMT money transfer services are offered by the following agents; FSI capital Ltd and All Time Capital Ltd. Currently, the accepted form of money transfer is only limited to Dollars and Euros. This is a great disadvantage as nearly 99% of Kenyans transact by the use of Kenyan shilling hence CMT potential and advantages are not utilized to the maximum. Only a small percentage of the population transacts by the use of CMT. Process of sending money. The procedure involved is easy and straightforward. An individual is required to fill a form authorizing the transfer, with details of both the sender and the recipient in the nearest CMTHAN. Once required details are filled, the form is submitted to the agent whom in turn feeds the details to the CMT system. A special document is generated by the system; this document contains the reference code. The sender can then tell the intended recipient the code. Economic trend. Compared to competitors in the same industry; CMT rates are 40% more affordable. This combined with fast features of sending money explains it all why this mode of money transfer is gaining preference rapidly in different countries around the globe.
Fast money transfer process in Kenya?
First and foremost when you send money via the Internet it is a very fast process. This is much faster in fact than relying on a bank to transfer the money for you. This is one of the main reasons why many individuals will arrange a currency transfer to Kenya. Transferring money in this way is excellent for anyone who needs to get money to someone in Kenya incredibly quickly.
Very convenient to transfer money to Kenya?
As you would think an online transfer is very convenient. You can perform the entire transaction from the comfort of your own home. You can even take a look at the currency rate Kenya money is being sold at. The unit of currency that can you use these is the Kenyan shilling (KES) this is a currency that is very hard to exchange outside of Kenya. Due to this you should aim to only send the amount of money that your recipient needs at any one time.
Your recipient can avoid illegal street exchanges to Kenya?
You might have been thinking about sending travellers cheques or actual hard currency to your recipient. Both of these methods are not advised as illegal street exchanges, which is where many people try to exchange travellers cheques or currency are frowned upon. They do not offer a good rate of exchange and as mentioned their activities are highly illegal. So to make sure that you and your recipient stay within the law a money transfer to Kenya is certainly preferable.