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Best way to convert your KES to USD

twinfun

Hi
Can anyone please suggest whats the best way to convert my shillings to US dollars. I have an a/c with NIC bank, but looks like the banks are looting me :)
I am sure there must be a cheaper way so I can get much better rate and more dollars !

Please help !

Thanks,
Twinfun

See also

Banking in KenyaCan a non-Kenyan open a bank account?Sending money from Kenya to another countryReceiving money from another country - RemittancesThika
Longonot62

First, check the headline exchange rate with Central Bank of Kenya (website, or in the newspaper).  Today, the rate for buying USD is 90.18.  You then need to compare various banks and forex bureaux, to see who has the best rate.  The Standard used to publish a list od forex bureaux and their rates - don't know if they still do this.

I usually do my currency conversions at Chase Bank (K), they are generally very competitive.  However, I do bank with them too, so tend to get a better 'customers' rate.

Hire N' Drive Kenya

Hi Forex bureaus are the best...get the dollars from the bank and compare rates from the bureaus

suribhai

the best way to check rates is www.xe.com, then contact some exchange centre and exchange your money, as i know in town near telecom posta the rates are well good...

Longonot62

Surely the best site to check for exchange rates with the Kenya Shilling is the Central Bank of Kenya (CBK) - there is no 'higher authority' in terms of money.  I have sometimes found currency sites such as xe.com not to have exactly the same rates as CBK. 

All the banks and forex in Kenya use the CBK rates as a baseline and this information isn't hard to find ............. if you have managed to post on here!!

twinfun

Thanks everyone for your replies :)

Joekie

Be informed about current exchanges via all media available. Try and negotiate with your relationship manager at the bank, most of them are willing to give a better rate, if you exchange at a forex bureau, be consistent and always bargain, bargain, they always give good rates to repeat customers.

Longonot62

Agree, bargaining can help a lot!!