Transaction fees are a significant component of daily banking costs, and understanding these charges is essential for efficient financial management. NCBA Bank provides various transaction options, each with its associated fees, which can impact the overall cost of banking. This article delves into the fees for transfers, withdrawals, and payments at NCBA Bank.
Local Transfers:
- RTGS, EFT, and PesaLink Charges:
Real-Time Gross Settlement (RTGS) transactions at NCBA Bank incur a fee of KES 500 per transfer, while Electronic Funds Transfers (EFT) are charged at KES 200. PesaLink, a service enabling instant transfers between banks, is offered at a lower fee of KES 100 per transaction, making it a cost-effective option for smaller transfers. - Intra-bank Transfer Fees:
Transfers between NCBA accounts are typically free of charge, encouraging customers to maintain multiple accounts within the bank. This is particularly beneficial for businesses that need to move funds between different accounts regularly.
International Transfers:
- SWIFT Transfer Fees:
For international money transfers via SWIFT, NCBA Bank charges a fee of KES 2,000 per transaction. This fee covers the costs associated with processing international transactions, including the use of intermediary banks. - Charges for Receiving International Payments:
When receiving international payments, customers are charged KES 1,500 per transaction. This fee is applied to cover the handling and processing of incoming foreign currency.
ATM Withdrawals:
- NCBA ATM Fees:
Withdrawals from NCBA ATMs are charged at KES 30 per transaction. This fee is relatively low compared to other banks, making it economical for frequent ATM users. - Charges for Using Other Banks’ ATMs:
Using ATMs from other banks incurs a higher fee of KES 50 per withdrawal. Customers can minimize these costs by using NCBA ATMs whenever possible.
Mobile and Online Payments:
- M-Pesa and Airtel Money Fees:
Payments made via mobile money platforms like M-Pesa and Airtel Money attract a fee of KES 50 per transaction. This fee applies to both bill payments and peer-to-peer transfers, reflecting the convenience of these services. - Charges for Online Bill Payments:
NCBA Bank charges a fee of KES 100 for online bill payments made through its internet banking platform. This fee is applied uniformly across different types of bills, ensuring transparency.
Key Takeaways:
To minimize transaction costs with NCBA Bank, customers should consider using intra-bank transfers and NCBA ATMs for their daily banking needs. Additionally, opting for mobile and online payments can offer convenience, although it’s essential to be mindful of the associated fees.
