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Money Exchange

Seattle, Washington
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40 posts
25 reviews
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Money Exchange
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Hello,

This is my first trip to Kenya and I am wondering what is the best way to handle currency exchange? Should I exchange in US before I leave or should I exchange in Kenya upon arrival? Is it easy to withdraw money from ATMs with a check card or advisable to take cash (USD) to use? Do many places accept Visa? I know they accept USD at many places, but I have a feeling the exchange rate won't be in my favor if I do that. Thanks for your advice!

UK
Destination Expert
for Malindi, Ukunda, Kenya
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5,053 posts
7 reviews
3 helpful votes
1. Re: Money Exchange
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You can use USD in many transactions, but the national currency is always better. For one it's more respectful, but it will also be a better rate, since USD prices are invariably converted from an original price in Kenya Shillings (Ksh). There are ATMs in most areas and you shoudl be fine using a US debit/cheque card .Visa cash advances are les straightforward, and more expensive - as you're getting a loan.

Hope that helps!

Richard Trillo

The Rough Guide to Kenya

Kenya Programme Manager at Expert Africa

Manchester, United...
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4,261 posts
33 reviews
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2. Re: Money Exchange
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Well said Richard, especially when it comes to those who insist on tipping in USD.

I agree that you will not get a favourable exchange rate if you pay in USD.

ATM's are widely available, which take Visa. Additionally, many outlets now accept Visa debit and credit card payments - we now pay for most shopping, parking, eating out, using a debit card - much as we might in the UK. It is a good idea to check on your bank charges for overseas transactions and tell them that you are travelling.

Mtwapa, Kenya
Destination Expert
for Barcelona, Newcastle upon Tyne, Bamburi, Mtwapa
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46 reviews
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3. Re: Money Exchange
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I agree with both the above, i also habitually use a card to pay for my supermarket shopping and several other transactions. As Kileleshwa says, ATMs are widely available and virtually all of them accept the Visa family of cards. MasterCard is not as widely accepted in ATMs, but both are accepted at major supermarkets, etc. Just to clarify, when Richard refers to Visa cash advance he is referring to using a Visa credit card to withdraw money rather than a Visa debit card.

As for changing cash, you will always get a better rate of exchange in the country you are visiting, wherever it is, than you will at home.

Michigan
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1,670 posts
154 reviews
99 helpful votes
4. Re: Money Exchange
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I carry USD with me to exchange for KES. You get a better conversion with larger bills (I don't carry bills larger than a $50 USD and no older than 2009). Some may disagree, but I convert what I think I'll need, right at one of the exchangers at the airport on arrival. The airport website says you pay 2.5%, but when I exchanged currency last October, the rate I got at the airport vs what the banks were offering was only 4 KES difference on 100. I'm fine with that as it means I don't have to make an extra stop on my first day when I have a full schedule and am tired. I make sure they break it into some smaller bills and they seem happy to do so (my driver/guide has helped me with this after I've come out of the terminal with my luggage and before we go to the vehicle).

Personally, I don't like to use ATMs because they might be tempermental and/or limit what you can withdraw. Also when I use my debit card, I would get a bank fee. I also don't use a credit card while there because I am a little concerned on the security. I do however, carry a VISA credit card just in case of medical emergency, where you would have to up front costs. Thankfully have not had to use it.

When I've depleted my KES supply, I switch over to USD (which typically happens close to the end). I've asked my guide about receiving KES vs USD for his tip, and he happily accepts USD.

I also typically carry USD in the $1, $5, $10 and $20s so that when I do run out, I can pay in a bill close to the total amount. They won't give you change back in USD.

I find it handy to carry a credit card size currency converter (I print it out with conversions both ways so I have a close idea of the costs - and run it through a laminator). That way I can see if I'm getting a close conversion.

http://www.oanda.com/currency/travel-exchange-rates

Laurena

Manchester, United...
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5. Re: Money Exchange
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'I've asked my guide about receiving KES vs USD for his tip, and he happily accepts USD.'

I think that your guide would say this out of politeness, rather than preference. Personally, I believe that to tip in the legal tender, rather than ones own currency demonstrates a little thoughtfulness and respect, rather than convenience.

Michigan
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1,670 posts
154 reviews
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6. Re: Money Exchange
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Actually I asked him in advance because I mentioned to him I was converting USD to KES so I could pay him in either. He said USD was better. He said many guides do not convert currency at the bank. They go to another location (and I didn't ask questions about this), some type of money exchange place, and they get more for it than they would at the bank. I'm always happy to do whichever my guide likes best. Since we're good friends, I like to keep him happy and appreciate his honesty.

Manchester-by-the-Se...
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7. Re: Money Exchange
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I always tip in the local currency so that they don't have to pay a fee to convert it (and eat into the total I tipped). Plus, many of the guides don't get anywhere near a location to exchange money for weeks/months while they work, so giving them local currency is only courteous.

Manchester, United...
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8. Re: Money Exchange
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I still think that your guide is just being polite Laurena. Kenyans will tend to phrase in a way that sounds like an agreement, but it is a matter of politeness, rather than genuine need and with tips, he is probably not going to push it. However, as the previous post states, staff who are tipped in other currencies have to go to change the money (possibly incurring transport costs) and will lose a bit in the transaction, which wouldn't happen if the tip was in local currency.

For me, it's a moral argument; I wouldn't come to your country and expect to tip in my currency, so why should it be OK to do this when visiting Kenya?

Michigan
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1,670 posts
154 reviews
99 helpful votes
9. Re: Money Exchange
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This is only the guide I'm talking about. I tip others at the lodging in KES. The guide knows I'm exchanging currency to KES anyways, so that's why I ask him which he'd prefer because it makes no difference to me. So he says USD (he lives in Nairobi where access is easy).

As to your "I wouldn't come to your country and expect to tip in my currency, so why should it be OK to do this when visiting Kenya?" analogy, KES are not accepted in this country. KES and USD are accepted in your country, or so the literature says.

The other issue becomes that the largest bill available in KES is 1000 which is only about $10. That means carrying a huge stack of these bills around throughout the trip to provide the guide with a good tip at the end of the excursion. I carry crisp/new $50 USD bills specifically for the guide.

For tipping the servers, porters, room staff, I use KES because I realize they will get the shorter end of the stick on converting from USD to KES.

Manchester, United...
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4,261 posts
33 reviews
21 helpful votes
10. Re: Money Exchange
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"As to your "I wouldn't come to your country and expect to tip in my currency, so why should it be OK to do this when visiting Kenya?" analogy, KES are not accepted in this country. KES and USD are accepted in your country, or so the literature says."

Perhaps I should have qualified......I am British, so had the Pound in mind when I wrote this.

If you don't like carrying a lot of cash in Ksh and don't like using your card, you could always register for M-Pesa. Anyone with a Safaricom line can register and you can hold up to Ksh 100,000 on an account. Very secure, totally cashless and accepted almost everywhere.

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