Wazua
»
Market
»
Pennywise
»
Remittances Into Kenya
Rank: Elder Joined: 10/3/2008 Posts: 4,057 Location: Gwitu
|
MunyaoTrader wrote:I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:
1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects. I see no problem with choice No.1. Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
|
|
|
Rank: Member Joined: 8/29/2008 Posts: 571
|
kaka2za wrote:MunyaoTrader wrote:I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:
1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects. I see no problem with choice No.1. With laws like FATCA around,its hard to comply with choice No.1,even if your money was earned legally abroad.The best option is choice #2.
|
|
|
Rank: New-farer Joined: 6/5/2010 Posts: 30 Location: Nairobi
|
Personally i will go with choice #2 but i will have my papers in order should any questions arise.
To my advantage i will be in the country less than 14 days after i send the money, so i will make the necessary justification after i arrive (if faced with the "Know Your Customer" session with the relevant branch manager).
I guess this is just the world we live in.
|
|
|
Rank: Member Joined: 9/11/2015 Posts: 244 Location: Thika
|
I will tell you the simplest way. Banks dont follow rules in Kenya. My friend withdrew 10,000*5 through FNB equity bank i.e paypal to equity. When the 5 mil hit the bank account, he went and ordered a withdrawal of all the cash, like a boss. In fact, the manager asked him whether he would like any financial advice. He told her to close that account permanently. Banks dont follow rules. Since men have learned to shoot without missing, I have learned to fly without perching
|
|
|
Rank: New-farer Joined: 6/5/2010 Posts: 30 Location: Nairobi
|
Thank you all. I appreciate your advice and your willingness to share your experiences.
|
|
|
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
|
kaka2za wrote:MunyaoTrader wrote:I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:
1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects. I see no problem with choice No.1. There is problem .I don't know how you fail to realize that. OK eg you are a doc in UK and they ask you source of money 10m,you produce your payslip for 2million, then you produce a documentation of kickback money you you received from some insurance 4million (which purportedly was from a secret deal to avoid paying taxes to UK GOVT-ILLEGALLY ), then you produce settlement you received from your divorce 2 million and HIV discrimination case against your employer another 2m .then you add up all this and justify in front of a bank manager who happen to have originated from the same village as you in Nyeri and is dating a consular at the British high commision in kenya . My friend this is a hypothetical situation.other people have worse scenarios.try to imagine if you are this doc and have to provide all this docs showing your salary,you had a failed marriage ,your HIV status, your tax evasion habit to your village rival aka bank manager .
|
|
|
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
|
Jon Jones wrote:I will tell you the simplest way. Banks dont follow rules in Kenya. My friend withdrew 10,000*5 through FNB equity bank i.e paypal to equity. When the 5 mil hit the bank account, he went and ordered a withdrawal of all the cash, like a boss. In fact, the manager asked him whether he would like any financial advice. He told her to close that account permanently. Banks dont follow rules. PayPal works in a way that these days you have to provide your SS number and your house address .so I repeat so should there be a query asked all they will do is let the Feds know about potential money laundering and they roll down to your federal withholding ,business that you have to ascertain if it can sustain the 50k dollars you sent and if there is an issue they come arrest you from your address. So banks have no problem with PayPal . Hata policy za PayPal is enough to scare you away from money laundering activities .just read them.before wiring with them . As I said before if you want to wire $50k do $9,800 several times though commisions will be high but you save yourself hustle ya idiotic documentetion.
|
|
|
Rank: Elder Joined: 10/3/2008 Posts: 4,057 Location: Gwitu
|
enyands wrote:kaka2za wrote:MunyaoTrader wrote:I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:
1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects. I see no problem with choice No.1. There is problem .I don't know how you fail to realize that. OK eg you are a doc in UK and they ask you source of money 10m,you produce your payslip for 2million, then you produce a documentation of kickback money you you received from some insurance 4million (which purportedly was from a secret deal to avoid paying taxes to UK GOVT-ILLEGALLY ), then you produce settlement you received from your divorce 2 million and HIV discrimination case against your employer another 2m .then you add up all this and justify in front of a bank manager who happen to have originated from the same village as you in Nyeri and is dating a consular at the British high commision in kenya . My friend this is a hypothetical situation.other people have worse scenarios.try to imagine if you are this doc and have to provide all this docs showing your salary,you had a failed marriage ,your HIV status, your tax evasion habit to your village rival aka bank manager . You can get customised documents right here in Nairobi. They rarely if ever verify them. I have seen guys give them UN payslips! Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
|
|
|
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
|
kaka2za wrote:enyands wrote:kaka2za wrote:MunyaoTrader wrote:I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:
1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects. I see no problem with choice No.1. There is problem .I don't know how you fail to realize that. OK eg you are a doc in UK and they ask you source of money 10m,you produce your payslip for 2million, then you produce a documentation of kickback money you you received from some insurance 4million (which purportedly was from a secret deal to avoid paying taxes to UK GOVT-ILLEGALLY ), then you produce settlement you received from your divorce 2 million and HIV discrimination case against your employer another 2m .then you add up all this and justify in front of a bank manager who happen to have originated from the same village as you in Nyeri and is dating a consular at the British high commision in kenya . My friend this is a hypothetical situation.other people have worse scenarios.try to imagine if you are this doc and have to provide all this docs showing your salary,you had a failed marriage ,your HIV status, your tax evasion habit to your village rival aka bank manager . You can get customised documents right here in Nairobi. They rarely if ever verify them. I have seen guys give them UN payslips! Refer to Kethi Kilonzo case about fraud in IEBC.afadhali i do the right way but fraud will cost you one day.you can get away with it for now BUT your political rival will use it against you .Hakuna siri.even the guys doing it for you at river road will hit you one day in future .it's a dangerous gamble
|
|
|
Rank: Elder Joined: 10/3/2008 Posts: 4,057 Location: Gwitu
|
enyands wrote:kaka2za wrote:enyands wrote:kaka2za wrote:MunyaoTrader wrote:I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:
1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects. I see no problem with choice No.1. There is problem .I don't know how you fail to realize that. OK eg you are a doc in UK and they ask you source of money 10m,you produce your payslip for 2million, then you produce a documentation of kickback money you you received from some insurance 4million (which purportedly was from a secret deal to avoid paying taxes to UK GOVT-ILLEGALLY ), then you produce settlement you received from your divorce 2 million and HIV discrimination case against your employer another 2m .then you add up all this and justify in front of a bank manager who happen to have originated from the same village as you in Nyeri and is dating a consular at the British high commision in kenya . My friend this is a hypothetical situation.other people have worse scenarios.try to imagine if you are this doc and have to provide all this docs showing your salary,you had a failed marriage ,your HIV status, your tax evasion habit to your village rival aka bank manager . You can get customised documents right here in Nairobi. They rarely if ever verify them. I have seen guys give them UN payslips! Refer to Kethi Kilonzo case about fraud in IEBC.afadhali i do the right way but fraud will cost you one day.you can get away with it for now BUT your political rival will use it against you .Hakuna siri.even the guys doing it for you at river road will hit you one day in future .it's a dangerous gamble You talked about some insurance kick back so I assumed you won't mind cutting a few corners. Another option is to open multiple accounts and send $9950 to each. Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
|
|
|
Rank: New-farer Joined: 6/5/2010 Posts: 30 Location: Nairobi
|
In my opinion it would be good if the threshold would be riased internationally from $10,000 to $50,000 or more. I feel this rule is affecting many people who would like to reinvest back home. For example, undocumented Kenyans abroad who do a honest day work but because they over stayed their visit, they may not be holding bank accounts. So when they finally want to come home they are faced with this new requirement and now they have tens of thousands of US dollars in a mattress account.
|
|
|
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
|
enyands wrote:kaka2za wrote:MunyaoTrader wrote:I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:
1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects. I see no problem with choice No.1. There is problem .I don't know how you fail to realize that. OK eg you are a doc in UK and they ask you source of money 10m,you produce your payslip for 2million, then you produce a documentation of kickback money you you received from some insurance 4million (which purportedly was from a secret deal to avoid paying taxes to UK GOVT-ILLEGALLY ), then you produce settlement you received from your divorce 2 million and HIV discrimination case against your employer another 2m .then you add up all this and justify in front of a bank manager who happen to have originated from the same village as you in Nyeri and is dating a consular at the British high commision in kenya . My friend this is a hypothetical situation.other people have worse scenarios.try to imagine if you are this doc and have to provide all this docs showing your salary,you had a failed marriage ,your HIV status, your tax evasion habit to your village rival aka bank manager . when I said its too intrusive it has come to pass today.CBK has announced that you have to declare why you are carrying cash to pay someone and not electronic means Bank customers have to name beneficiaries of cash withdrawals above Sh1 million and justify not using electronic transfer, the Central Bank of Kenya (CBK) has ordered in a circular
|
|
|
Rank: Member Joined: 6/22/2011 Posts: 561 Location: House
|
MunyaoTrader wrote:In my opinion it would be good if the threshold would be riased internationally from $10,000 to $50,000 or more. I feel this rule is affecting many people who would like to reinvest back home. For example, undocumented Kenyans abroad who do a honest day work but because they over stayed their visit, they may not be holding bank accounts. So when they finally want to come home they are faced with this new requirement and now they have tens of thousands of US dollars in a mattress account.
Where are you getting this directive on remittances. CBK said CASH DEPOSITS AND WITHDRAWALS ...hii ingine ni kelele or am i lost
|
|
|
Wazua
»
Market
»
Pennywise
»
Remittances Into Kenya
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|