|NOTE: These charges do not reflect 10% excise duty on the transfer fee,|
which is levied on all transactions.
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Equity Bank's money transfer subsidiary, Equitel, has released a tariff charge for transactions on the network.
The bank is positioning Equitel more as a bank to bank money transfer service, and less as a bank to M-Pesa service.
Equity's proposition is that it offers the most affordable means to send money between banks in Kenya.
Charges between Equity Bank accounts remain free, while those to other banks are billed at a maximum of KSh. 60 (after tax) for a maximum of KSh 100,000.
These compares with transfers to M-Pesa which are billed as high as KSh. 135 (exclusive 10% tax) for transfer of KSh. 35,000. Initially, transfers to M-Pesa were billed a maximum KSh. 33, before an increase in the termination rate that M-Pesa bills Equitel to accept transfers from the network. See story here.
Users sending money between Equity accounts are prompted with the name of the account holder before performing the transaction.
Sending money to M-Pesa sees the users receive a conformation message with the name of the recipient. Reversals and other M-Pesa incidents are handled on the number 0763063000.
Reversals and issues on interbank transfers will require the sender to visit an Equity Bank branch and fill in forms.