Pesalink is a real-time interbank money transfer service in Kenya that enables customers to send and receive funds between different banks using their mobile phones or Internet banking platforms.
While I can provide some general information about bank-to-bank transfers and Pesalink, please note that specific details and processes may vary depending on the banks involved and any recent updates or changes to the service.
How does Pesalink work?
Pesalink allows customers to transfer funds between participating banks in Kenya in real time. The service operates on the Immediate Payment Service (IMPS) platform, which ensures that transfers are processed instantly.
To use Pesalink, you typically need to have an account with a participating bank and access to their mobile banking or Internet banking services.
Which banks support Pesalink?
Several banks in Kenya are part of the Pesa link network. As of my knowledge cutoff in September 2021, some of the participating banks include:
- Equity Bank
- Co-operative Bank
- KCB Bank
- Standard Chartered Bank
- Barclays Bank (now Absa Bank)
- Diamond Trust Bank (DTB)
- NIC Bank
- Gulf African Bank
- Family Bank
- I&M Bank
- Sidian Bank
- Bank of Africa
- Victoria Commercial Bank
- Credit Bank
- Guardian Bank
Please note that the list may have changed since then, and there might be additional banks that have joined the Pesa link network.
How can I initiate a bank-to-bank transfer using Pesalink?
To initiate a bank-to-bank transfer through Pesa link, you typically need to follow these steps:
- Log in to your mobile banking app or Internet banking portal provided by your bank.
- Look for the option to transfer funds or make payments.
- Select the option to transfer funds via Pesalink.
- Provide the necessary details, including the recipient’s bank name, account number, and the amount you wish to transfer.
- Verify the transaction details and confirm the transfer.
- Once the transfer is processed, the recipient should receive the funds in their bank account instantly or within a few seconds.
It’s important to note that the specific steps and user interface may differ between banks, so it’s best to refer to your bank’s instructions or contact their customer support if you need assistance.
Are there any fees involved in using Pesalink for bank-to-bank transfers?
The fees for using Pesalink may vary depending on the participating banks. Some banks may offer free transfers within certain transaction limits, while others may charge a nominal fee per transaction.
It’s recommended to check with your bank to understand the fees associated with using Pesalink for bank-to-bank transfers.
Is there a transfer limit when using Pesalink?
The transfer limits for Pesalink transactions may vary between banks. Some banks impose daily transaction limits, while others may have different limits based on the transaction type or channel (e.g., mobile banking vs. internet banking).
It’s advisable to consult your bank or refer to their documentation to determine the specific transfer limits applicable to your account.
Remember that this information is based on my knowledge cutoff in September 2021, and there may have been updates or changes to the Pesalink service since then.
To obtain the most accurate and up-to-date information, it’s always best to consult your bank or refer to their official documentation regarding Pesalink transfers.