PesaLink, a game-changer in Kenya’s banking sector, provides an instant and reliable way for customers to transfer money across banks in real-time. Operated by Integrated Payment Services Limited (IPSL), PesaLink was introduced to revolutionize how Kenyans send and receive money, offering a faster alternative to traditional bank transfers. It allows transactions 24/7, meaning that even during weekends and public holidays, users can send funds without any delay.
For customers of I&M Bank, one of Kenya’s leading financial institutions, PesaLink provides a seamless way to transfer money to any local bank account instantly. Whether you need to send money to friends, family, or for business transactions, PesaLink offers a flexible range of transfer limits at affordable rates.
What is PesaLink?
PesaLink was introduced in 2017 as a secure, fast, and efficient interbank transfer system. It allows customers to move money directly from their bank account to another bank’s account, bypassing the need for intermediaries like mobile money services. This service bridges the gap between mobile banking platforms and traditional banking services, giving customers more control over their funds with reduced transaction costs.
PesaLink is supported by the majority of Kenya’s commercial banks, including I&M Bank. It has a transaction limit of Ksh 999,999, making it particularly useful for businesses and individuals who need to transfer large amounts of money. Unlike some money transfer platforms, PesaLink operates 24/7, ensuring that transactions can be made anytime, even during non-banking hours.
I&M Bank PesaLink Charges
For I&M Bank customers, using PesaLink is both convenient and cost-effective. The charges are tiered, depending on the amount being transferred, with transfers as low as Ksh 10 being completely free. Here is a detailed breakdown of the charges for using PesaLink at I&M Bank:
| Amount (Ksh) | Charges (Ksh) |
|---|---|
| 10 – 500 | Free |
| 501 – 10,000 | 40 |
| 10,001 – 50,000 | 60 |
| 50,001 – 100,000 | 80 |
| 100,001 – 200,000 | 100 |
| 200,001 – 500,000 | 120 |
| 500,001 – 999,999 | 150 |
As seen in the table above, small transactions of up to Ksh 500 incur no fees, making this service an excellent choice for people sending smaller amounts. For larger transfers, the charges are still affordable, especially when compared to other money transfer services.
How to Use PesaLink on I&M Bank
To use PesaLink via I&M Bank, customers can access the service through various channels including:
- Mobile Banking App – I&M Bank’s mobile app allows users to send money via PesaLink at the click of a button. This is particularly convenient for those on the go.
- Internet Banking – Users can log into their internet banking portal to initiate transfers through PesaLink.
- USSD Service – For customers without access to the mobile app, the USSD service offers a quick and easy way to make transactions.
Why Choose PesaLink Over Other Money Transfer Options?
PesaLink offers several advantages over other money transfer platforms in Kenya. Unlike mobile money services, which have transfer limits and higher transaction fees, PesaLink is tailored to meet the needs of both individual and corporate customers. The higher transaction limit of Ksh 999,999 makes it ideal for large payments, which is often a limitation with mobile money services.
Moreover, PesaLink’s integration with Kenya’s banking system ensures that the service is secure and compliant with financial regulations. Users benefit from lower transaction fees and real-time transfers without the worry of delayed payments or long settlement times.
Additional Benefits of PesaLink
- Security: PesaLink is a highly secure platform, operated under the oversight of IPSL and regulated by the Central Bank of Kenya (CBK). Transactions are encrypted, reducing the risk of fraud.
- Instant Confirmation: PesaLink ensures that both the sender and recipient receive instant confirmation of the transaction, giving peace of mind that the money has reached its destination.
- Availability: With PesaLink, you are not restricted by banking hours. The service is available 24/7, providing flexibility to make transactions whenever needed.
Contact Information
For any queries or assistance regarding PesaLink transactions through I&M Bank, you can reach out to the following contacts:
- I&M Bank Customer Care:
Phone: +254 20 322 1000
Email: customercare@imbank.co.ke - Integrated Payments Service Limited (IPSL):
Phone: 0709 485000, 020 2219520
Email: info@ipsl.co.ke
PesaLink offers a reliable and affordable way for I&M Bank customers to transfer money across Kenya’s banking system. Its low charges, instant transfers, and wide transaction limits make it one of the most practical solutions for both personal and business transactions. As digital banking continues to grow in Kenya, platforms like PesaLink are becoming indispensable for seamless financial operations. Whether you’re making small payments or large transfers, I&M Bank’s PesaLink service is designed to meet your needs efficiently.
