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Rank: User Joined: 9/6/2013 Posts: 1,446 Location: In a house
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How do wazuans get the best deals when exchanging their foreign currencies to KES and vice versa!!
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Rank: Veteran Joined: 2/21/2012 Posts: 1,739
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I have no answer. But banks are legal thiefs. Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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Rank: Member Joined: 10/19/2009 Posts: 671 Location: Nairobi
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Am wrote:I have no answer. But banks are legal thiefs. On average, I am forced to use Banks when I don't want to handle the cash and walk with it. For this, I use Co-op Bank. I just make sure I call their Treasury and make deal. If you just walk in my Friend, they will give you very bad rates. When negotiating with treasury, they can give even better rates if you are to do a TT (and not to withdraw the cash). For Tx's between USD1000 - USD2000, I loose out on Approx 1K-2K shillings, which to me doesn't justify my walking around with that amount of cash into CBD to get better forex. For smaller money (and when I can, I go to town, at 20th Century. Sky Forex and the rest within the building). They give receipts etc.. I have been seeing Chase Bank being quite aggressive on their rates. May be trying them soon. O'wise I have not tried any other.
Life is joy, death is peace, but the transition is very difficult.
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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webish wrote:Am wrote:I have no answer. But banks are legal thiefs. For Tx's between USD1000 - USD2000, I loose out on Approx 1K-2K shillings, which to me doesn't justify my walking around with that amount of cash into CBD to get better forex. For smaller money (and when I can, I go to town, at 20th Century. Sky Forex and the rest within the building). @webish, You fear carrying 1-2k usd equiv. in cbd? @urstill1, Make a round in cbd getting contacts from the bureaux. Atleast 3 bureaux and enjoy getting deals on phone before walking around with Kes. As someone has said, banks are licensed thieves.
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Rank: Member Joined: 10/19/2009 Posts: 671 Location: Nairobi
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mkeiyd wrote:webish wrote:Am wrote:I have no answer. But banks are legal thiefs. For Tx's between USD1000 - USD2000, I loose out on Approx 1K-2K shillings, which to me doesn't justify my walking around with that amount of cash into CBD to get better forex. For smaller money (and when I can, I go to town, at 20th Century. Sky Forex and the rest within the building). @webish, You fear carrying 1-2k usd equiv. in cbd? @urstill1, Make a round in cbd getting contacts from the bureaux. Atleast 3 bureaux and enjoy getting deals on phone before walking around with Kes. As someone has said, banks are licensed thieves. Yes. I just have the habit to avoid carrying cash.. even 50K.. not that I fear, but I always try to reduce the Risk of losing that money to ZERO. I sometimes find myself in CBD with such amounts and I'd rush quickly to Bank it. Plus I don't handle such amounts daily anyway, so.... 
Life is joy, death is peace, but the transition is very difficult.
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Rank: Veteran Joined: 4/1/2009 Posts: 1,883
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webish wrote:Am wrote:I have no answer. But banks are legal thiefs. On average, I am forced to use Banks when I don't want to handle the cash and walk with it. For this, I use Co-op Bank. I just make sure I call their Treasury and make deal. If you just walk in my Friend, they will give you very bad rates. When negotiating with treasury, they can give even better rates if you are to do a TT (and not to withdraw the cash). For Tx's between USD1000 - USD2000, I loose out on Approx 1K-2K shillings, which to me doesn't justify my walking around with that amount of cash into CBD to get better forex. For smaller money (and when I can, I go to town, at 20th Century. Sky Forex and the rest within the building). They give receipts etc.. I have been seeing Chase Bank being quite aggressive on their rates. May be trying them soon. O'wise I have not tried any other. my bank's treasury usually actually give me better rates than even the forex - as long as the amount is more than usd 3000.
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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@urstill1, for small amounts, Bureaus would give you a good rate. For large amounts, if you negotiate with your bank,they can match the Bureaus. Cosmos in Town and Alpha in Westlands have good rates "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: User Joined: 9/6/2013 Posts: 1,446 Location: In a house
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Gathige wrote:@urstill1, for small amounts, Bureaus would give you a good rate. For large amounts, if you negotiate with your bank,they can match the Bureaus.
Cosmos in Town and Alpha in Westlands have good rates Thank you. It's $5000/month. I have the following banks to negotiate with, CFC, Stanchart, Co-op and KCB. Advice?
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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urstill1 wrote:Gathige wrote:@urstill1, for small amounts, Bureaus would give you a good rate. For large amounts, if you negotiate with your bank,they can match the Bureaus.
Cosmos in Town and Alpha in Westlands have good rates Thank you. It's $5000/month. I have the following banks to negotiate with, CFC, Stanchart, Co-op and KCB. Advice? I find KCB fine and have dealt them for some time. "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Veteran Joined: 12/21/2011 Posts: 1,010
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have u tried transnational bank?
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Rank: User Joined: 9/6/2013 Posts: 1,446 Location: In a house
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wilyum wrote:have u tried transnational bank? How do they compare with other banks? Just to ask, what do guys trading in forex do? Can't they help? Pardon my ignorant reasoning.
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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mkenyan wrote:
my bank's treasury usually actually give me better rates than even the forex - as long as the amount is more than usd 3000.
Which bank? Mine [Stan, Cfc,Family & Equity] give me bad rates always. Only once did Cfc match the bureaux.
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Rank: Veteran Joined: 4/1/2009 Posts: 1,883
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mkeiyd wrote:mkenyan wrote:
my bank's treasury usually actually give me better rates than even the forex - as long as the amount is more than usd 3000.
Which bank? Mine [Stan, Cfc,Family & Equity] give me bad rates always. Only once did Cfc match the bureaux. equity. always call their treasury and compare their rates with the bureaus. have many times gotten higher rates than the bureaus - from 10 cents to even kes 1.
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Rank: Member Joined: 7/14/2011 Posts: 171
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Unless you have an insider at the banks for something like 'staff rates' or you are changing some significantly large figures, or you don't want to risk walking around with cash, banks are thieves. There are bureaus with very good rates along Wabera street, the stretch starting from k-rep bank Kenyatta Avenue down towards City Hall way. My take Westlands bureaus are a con & have bank rates or worse. You kill bird...bird dead snake come.
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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mkenyan wrote:mkeiyd wrote:mkenyan wrote:
my bank's treasury usually actually give me better rates than even the forex - as long as the amount is more than usd 3000.
Which bank? Mine [Stan, Cfc,Family & Equity] give me bad rates always. Only once did Cfc match the bureaux. equity. always call their treasury and compare their rates with the bureaus. have many times gotten higher rates than the bureaus - from 10 cents to even kes 1. @mkenyan, I've never had luck with them either.
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