How To Deposit and Withdraw Money Between KCB and M-PESA

If you’re looking for a seamless way to deposit and withdraw money between KCB Bank Kenya and M-PESA, you’re in the right place.

KCB Bank, licensed by the Central Bank of Kenya, serves customers across the nation with efficient banking solutions. On the other hand, M-PESA revolutionized mobile banking in Kenya by providing users with accessible financial services directly from their mobile devices.

Whether you’re a KCB Bank account holder or an M-PESA user, understanding how to transfer money between these two platforms is essential. Here’s your complete guide to depositing money from M-PESA to KCB and vice versa.

How to Withdraw Money from KCB to M-PESA

Follow these simple steps to deposit money from your KCB account to your M-PESA account:

1. Dial *522# on your phone and enter your M-Benki PIN to start the process.
2. From the menu, select “MyKash,” then choose “M-Pesa.”
3. Input the amount you want to send
4. If everything looks correct, accept the prompt to finish the transaction.
5. You will receive an SMS notification confirming the deposit in your M-PESA account.

How to Deposit Money from M-PESA to KCB

Transferring funds from M-PESA to a KCB account is equally straightforward. Here’s how to do it:

1. Open the M-PESA menu on your mobile device.
2. Choose “Lipa na M-PESA.”
3. Enter the PayBill number – 522522.
4. Provide the KCB account number of the recipient.
5. Enter the amount you wish to transfer, then input your M-PESA PIN and confirm the transaction.

Fees Associated with KCB and M-PESA Transfers

While KCB does not charge for deposits made through M-PESA, you should be aware of the fees for transferring money in the opposite direction:

• Using USSD with KCB Mobi Bank incurs charges set by your mobile service provider.
• M-PESA service fee for deposits to KCB: 55 KSh.
• Balance inquiries and mini statement requests via M-PESA cost 33 KSh each.
• Checking foreign exchange rates is free.
• Purchasing airtime is also free of charge.
• Loans through M-PESA have varying interest rates, such as 6% per annum for Mobi Loans and 8% for paycheck advances.

Tips to Avoid Transaction Charges

For those looking to deposit money into a KCB account from M-PESA without incurring transaction charges, consider opening a KCB M-BENKI account. Here’s how to do it:

1. Access the M-PESA menu.
2. Go to Lipa na M-PESA and select Paybill.
3. Enter Paybill number 522522.
4. Under the account section, type “ID” followed by your National ID Number without spaces (e.g., ID987654321).
5. Enter the desired deposit amount and your M-PESA PIN.
6. You will receive two SMS: one with your new KCB M-BENKI account number and another with your temporary PIN.

Congratulations! You are now ready to make transfers without incurring transaction fees.

Whether you use KCB Bank for everyday banking needs or rely on M-PESA for quick transactions, these simple processes will enhance your financial experience in Kenya.