In today’s fast-paced world, instant money transfers have become a necessity.
Prime Bank, in collaboration with Integrated Payments Service Limited (IPSL), offers PesaLink, a convenient and efficient service that allows customers to transfer funds from Prime Bank to other local banks in Kenya seamlessly.
In this article, we will explore the transactional charges associated with Prime Bank PesaLink, making it easier for customers to understand the costs involved.
Understanding Prime Bank PesaLink Charges
Prime Bank PesaLink provides customers with a range of transactional charges based on the amount being transferred. Here is a breakdown of the charges:
- Amount: Ksh 0 – 1,000 Charges: Free
For transactions ranging from Ksh 0 1,000, Prime Bank does not impose any charges. This makes it an ideal option for small-scale transfers or everyday transactions.
- Amount: Ksh 1,001 – 50,000 Charges: Ksh 30
If you need to transfer an amount between Ksh 1,001 and 50,000, Prime Bank applies a nominal charge of Ksh 30. This fee ensures that your funds are swiftly transferred to the recipient’s account without breaking the bank.
- Amount: Ksh 50,001 – 100,000 Charges: Ksh 40
For transactions falling within the range of Ksh 50,001 to 100,000, Prime Bank lev a charge of Ksh 40. Despite the slightly higher fee, PesaLink remains an affordable option for transferring larger sums of money securely.
- Amount: Ksh 100,001 – 150,000 Charges: Ksh 45
Transferring amounts between Ksh 100,001 and 150,000 incurs a charge of Ksh 45. This fee ensures that your funds are swiftly and securely transferred to the recipient’s account, providing peace of mind during larger transactions.
- Amount: Ksh 150,001 – 200,000 Charges: Ksh 50
For transfers ranging from Ksh 150,001 to 200,000, Prime Bank applies a charge of Ksh 50. Despite the slightly higher fee, PesaLink remains a cost-effective solution for transferring significant amounts of money in real-time.
Contact Information
Should you have any further inquiries or require assistance, Prime Bank and Integrated Payments Service Limited (IPSL) can be reached through the following channels:
Prime Bank Contacts
- Phone: +254 111 006 000, +254 719 090 000
Integrated Payments Service Limited (IPSL) Contacts- Phone: 0709 485000, 020 2219520
- Email:Â info@ipsl.ke
FAQs
How much does PesaLink cost?
PesaLink is a free service. There are no fees charged for sending or receiving money using PesaLink.
What is the maximum transaction on PesaLink?
The maximum transaction on PesaLink is KES 1 million.
What is the difference between PesaLink and RTGS?
PesaLink and RTGS are both electronic funds transfer systems in Kenya. However, there are some key differences between the two systems.
PesaLink is a real-time funds transfer system, which means that the money is transferred instantly. RTGS, on the other hand, is a batch-based funds transfer system, which means that the money is transferred in batches throughout the day.
PesaLink is also a cheaper system than RTGS. The cost of sending a PesaLink transaction is KES 0.
How do I withdraw money from Prime Bank to mpesa?
To withdraw money from Prime Bank to MPESA, you can follow these steps:
- Go to your nearest Prime Bank branch.
- Go to the customer service desk and ask to withdraw money from your account to MPESA.
- Provide your MPESA PIN.
- The cashier will generate a one-time pin (OTP) for you.
- Enter the OTP on your MPESA app to confirm the transaction.
How long does a PesaLink transfer take?
A PesaLink transfer is typically processed instantly. However, there may be some delays if the network is congested.
How do I reverse a PesaLink transaction?
You can reverse a PesaLink transaction within 24 hours of making the transfer. To do this, you will need to contact your bank and request a reversal.
What is the advantage of PesaLink?
PesaLink is a convenient and secure way to send and receive money. It is also a cheaper alternative to other funds transfer systems, such as RTGS.
Who owns PesaLink?
PesaLink is owned by the Kenya Bankers Association (KBA). The KBA is a trade association that represents the interests of banks in Kenya.
Who is the CEO of PesaLink?
Gituku Kirika, CEO of PesaLink is a seasoned banker with over 20 years of experience in the industry. He is passionate about using technology to improve financial inclusion in Kenya.
Conclusion
Prime Bank PesaLink offers customers a reliable and efficient means of transferring funds instantly to other local banks in Kenya.
By understanding the transactional charges associated with PesaLink, customers can make informed decisions when it comes to their financial transactions.
Whether it’s a small transfer or a larger sum, Prime Bank PesaLink provides a seamless experience while ensuring the security and convenience of your money transfers.
