You can still bank a 1mn+ chq. If in the same bank e.g. I&M-I&M then you get value in the same day. If you bank across banks NIC-I&M then it takes longer (upto 21 days & costs 1,500 or so).

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

From the RTGS FAQ published by CBK:

Q – What are the charges for receiving RTGS pay-ments?

There are no charges on receiving RTGS payments.
KBA recommends RTGS payments to cost same as Bankers’ cheque and NOT exceed Kshs 500.00

***If your bank is charging more today,complain and see what they will say

Q-Does value capping also include Bankers Cheques?

Value capping will affect all cheques,including banker’s cheques and corporate cheques.

@VVS; your one million cheque will simply NOT be accepted by a different bank...it can only be accepted by the drawer's bank with RTGS instructions from the drawer

Full FAQ is available here:
http://www.centralbank.g...ECAPPINGFAQBrochure.pdf

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)

Lake Shore Drive...??? I kumbuka it... LOL... Windy City... I miss it too.. in summer...

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

Apparently KBA (according to @mukiha) recommends RTGS not to exceed 500/- lakini which bank charges 500/- for RTGS. A quick check among 3 banks showed 1,000-1,500?

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

does equity have a sit in the clearing hse

This RTGS sounds like a LIMAU... can anyone fafanua

@mukiha

To be a member of the clearing house is determined by KBA not CBK. The Clearing house is in essence a meeting place for all banks to exchange the instruments they received from each other the previous day. Once the amounts are tallied,each bank clears through its CBK account. Banks borrow and lend each other ( even from CBK at the CBR rate they keep yaping) to fund their accounts. If a bank fails to fund,then the account at CBK will overdraw and they will be penalized by CBK for overdrawing. If however a bank fails to show up or is late to the clearing house,then only KBA can kick it out or penalise it.

Again,not all banks must go to the clearing house! you can do it through another bank and share the costs. The customer will never realise though as the clearing period does not change.

I hope you now have a better understanding of banking practise in Kenya.

@Kwanini;

Are we talking about the same thing?

RTGS is a banking service,same as EFT only 1,000 times faster. It is not something that you buy and install at your premises!!!!

All Kenyan banks have it in their core banking software,all that a customer needs to do is ask for funds to be transferred through it

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)