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Uganda, officially known as the Republic of Uganda, is a landlocked and underdeveloped country in East-Central Africa. Although the country’s economy is poor, its rich and diverse landscapes call for numerous tourists every year, leading to a significant increase in its tourism industry.
Let us see and discuss how international money transfers are possible to and from Uganda in this article. The wirings are feasible between several countries like Kenya, Uganda, and Nigeria, primarily through the M-PESA Global service.
Mode of Transfer
International money transfer is achievable from any abroad country to Uganda and wise versa through few effortless steps. Several modes of sending a sum of money exist. They include the following:
- Direct bank wirings
- Transfer through an intermediary agent
- M-PESA
What is an M-PESA Global Service?
An M-PESA Global, where M stands for mobile and PESA means Swahili for money, is a mobile-based online money transfer service and platform. Launched by Vodafone Group plc and Safaricom in 2007, it allows its registered customers to send and receive money globally.
All M-PESA clients can deposit, withdraw and send funds to East Africa and other countries worldwide using its convenient and easy-to-understand features. M-PESA operates internationally. It creates an uncomplicated international mode of transfer that even ordinary people can use.
Benefits of M-PESA Global Service
Numerous advantages are associated with this international fund transfer service. A few of them include the following:
- It curbs the need to travel to and visit banks for sending and receiving money
- It allows all transactions on and via the phone
- The service permits recipients to receive the money in their local currency irrespective of where the sender transferred it from
- It provides a detailed report after each money transfer
- There are no transaction fees or additional charges associated with the service
- It works on a global platform, allowing one to send and receive money among various countries.
Steps to Use and Operate M-PESA
M-PESA is accessible through a mobile or smartphone. Overall, there are two methods to operate it.
The process to utilize its amenities comprises the following steps:
Method 1
- Dial *840# on the phone
- Accept the ‘Terms and Conditions’
- Select ‘Send Money Abroad’
- Enter the preferred PIN Code
- Select ‘Send Money’
- Enter the phone number of the international recipient in the format 256XXXXXXXXXX
- Input the amount that needs transference and the M-PESA Global pin to confirm and complete the transaction
Method 2
- Download and open the MySafaricom app on the phone
- Select M-PESA followed by M-PESA Global
- Accept the ‘Terms and Conditions’
- Select ‘Send’
- Input the details, like transferrable amount and PIN Code, as and when required to confirm and complete the transaction
Transaction Limits of M-PESA Global Service
Before going forward with any money transfer using M-PESA, individuals must know about the maximum and minimum limit per transaction.
In terms of the currency of Kenya, the Kenya Shilling (KSHS), the limits are:
- Maximum: KSHS 101
- Minimum: KSHS 70,000
M-PESA Global Service Partners
On registering to the M-PESA, individuals can receive the internationally transferred money, without incurring any service charges, through the service partners of the platform. They include:
- Azimo
- Skrill
- Post Finance
- WorldRemit
- Transfer Galaxy
- MTN Uganda
- XendPay
- MoneyGram
- mHits
- SkyForex
- Xpress Money
- Vodacom Tanzania
- MTN Rwanda
- Dahabshii