Tag Archives: Western Union

Banks and Money

How to send and receive money through Western Union, Money Gram at Co-operative Bank

Paperless/ Electronic money transfer is now the Most popular method of sending money worldwide. This is because it is convenient, fast and flexible. You can now send and receive money through Western Union at any Co-operative bank branch. This is because Co-operative bank is an authorized agent for Western Union services. These services can be accessed from any of the Bank’s 140+ branches countrywide.

How to send Money via Western Union at Co-operative Bank.

All what you require is the name of the person you are sending the funds too plus the country of residence of the individual. The following guide highlights the procedure to be followed when sending the funds:

  1. Visit the nearest Co-operative bank branch.
  2. Complete a simple money transfer form where you will indicate:  the amount you wish to send, destination country, and the name of the person you intend to send to.
  3. Give the teller the completed form with the applicable funds (including transaction fee). Pay with cash or you may debit your Co-op bank account.
  4. The agent/teller will process the transaction and give you  a receipt and MTCN number for the transaction
  5. Contact the person receiving your money transfer and let them know the transfer has been done and provide the MTCN for them to receive the money.
  6. Save your receipts for the record.

How to receive money via Western Union at Co-operative Bank

To receive money sent via Western Union all what you need is the Money Transfer Control Number, MTCN; which is the tracking number and your National Identity Card or Passport. This procedure is followed when receiving money sent via Western Union:

  1. Request for the MTCN (tracking number) – The person sending you money will receive a tracking number when the transaction is completed. Ask them for the MTCN to make it easier and faster to pick up your money.
  2. Visit your nearest Co-op bank branch- Take your MTCN and your national Identity card, a valid passport or a government issued ID to pick up your money.
  3. Complete the ‘receive’ form – A receive form is available at the Co-operative Bank branches countrywide.
    • Show your identification
    • Once verified, you will receive your money (usually in local currency (Kenya shillings) )

Important: Your name on the transfer record must exactly match your name as it appears on your ID. Otherwise you may be delayed or be unable to pick up your funds.

You can also receive funds directly into your account or to your mobile wallet if the sender indicated so when sending the money.

How to receive Money via MoneyGram

MoneyGram makes receiving money transfers easy and convenient plus, with the same day service, your money can arrive as soon as 10 minutes.This is how to go about it:

  1. Request for the reference number – The person sending you money will receive a reference number when the transaction is completed. Ask for the reference number to make it easier and faster to pick up your money.
  2. Visit your nearest Co-operative bank branch- Take your reference number and your national Identity card, a valid passport or ID to pick up your money.

Important: Your name on the transfer record must exactly match your name as it appears on your ID. Otherwise you may be delayed or be unable to pick up your funds.

How to send Money Via MoneyGram at Co-operative Bank

  1. Visit the nearest Co-operative bank branch and bring your national ID card, a valid passport or an ID.
  2. The agent/teller will calculate for you the cost of the transaction and process the transaction.
  3. You’ll receive a receipt and reference number for the transaction. Save both for your records.
  4. Contact the person receiving your money transfer and let them know the transfer has been sent and provide the Reference Number

Also read;

How to send money from a Telkom line, T-Kash, to Mpesa, Safaricom line

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Finance Tips: How To Save More And Spend Less Abroad

Visiting a foreign country is exciting. The best way to experience everything a different culture has to offer is by going out to eat, visiting museums, taking tours around, and going to events. 

Going on vacation is one thing; living abroad in a foreign country is another matter. Splurging a little while seeing the top-rated tourist sites is great for a short visit. And, while many expats feel the same desire to experience the best restaurants and museums of their new home, budgeting for living expenses and long-term savings must take higher priority. Here’s how to save more and spend less when living abroad for an extended amount of time.

Spend responsibly on living expenses

Living expenses can add up quickly, especially when you’re still finding your way in a new city or country. It’s tempting to dive right into new adventures, but keep an eye on your overall financial stability and savings goals. 

Looking for some ways to save? Cook at home, and invite new friends over, rather than going out to a restaurant every night of the week. Limit the souvenirs you buy for yourself and your family members; too often, these trinkets simply end up as dust collectors. Spend money on affordable experiences, which matter more in the long-run. And lastly, when booking your flights home or to your new country, be flexible to save on travel costs. Explore cheaper alternatives to air travel for day or weekend trips. These little things can make a big difference over time. 

Do your research on where to live

It can be intimidating to find a new place to live when you relocate for the first time. It’s tempting to sign for the first reasonably-priced apartment you see and call it a day. However, this can be an expensive mistake. Do some research to the place where you are moving to learn about public transportation options, proximity to grocery stores and other amenities, and to price out rentals in different neighborhoods. Ask some of these questions when considering where to relocate:

  • Is it cheaper to live outside the city center? (Don’t forget to factor in travel costs!)
  • Do your coworkers have any advice, insight, or leads on where to stay?
  • Where do other expats live? Find out where others from your home country have settled to give you access to a built-in community when you arrive.

Use public transportation

Many expats assume they will need to purchase a car to get around in a new country. However, many cities (and even smaller towns) offer good public transportation. Save money by getting around on existing infrastructure; it’s also a great way to immerse yourself in the rhythm and daily life of your new culture. “Some countries are big on the whole bicycling scene, so make sure you weigh up the different transportation options in order to help you save as much as possible.”

Shop local

When adjusting to life in a new country, many expats seek out the familiar. They’ll look for shops and products that are the same as where they shopped back home. Unfortunately, this can put a significant dent in your budget. In general, imports cost more than local products; supermarkets dedicated to expats tend to be more expensive than those used by the community.  

Wherever you relocate, make an effort to shop where the locals do. In Europe, for example, expats can save a ton of money by shopping at discounters such as Netto or Aldi. Even seeking out clothing stores that offer decent quality at a lower price can lead to big savings. Not only can you save money by shopping at local retailers, but expats also get the chance to learn how people in their new country really live. Immerse yourself in the sights and smells of your local market – and take advantage of the fresh produce while you’re there! 

Save on international exchange fees

Transfer fees can add up quickly. If you’re maintaining bank accounts in two separate countries or sending money to family back home, make sure to pay attention to international transaction fees and exchange fees. The best general advice is to avoid sending international money transfers via your bank. The experts at NerdWallet found that you’re likely to pay lower costs, not to mention the money will arrive faster if you use a licensed money transfer company. Here are some good options for you:

Living and working abroad is a great adventure and a big opportunity. Plan ahead for how you will save money, and enjoy your time exploring a new culture!

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