How To Exchange Currency In Kenya
In this article Keweb. co tries to answer the question by publishing the ways one can Exchange Currency in Kenya
Below are the most helpful ways to Exchange Currency in Kenya
The Central Bank of Kenya regulates the financial system and plays a supervisory role with regard to
the management of the foreign exchange business.
The Bank is also responsible for the preparation of the balance of payments among other objectives.
One of the major concerns of the Central Bank is the accurate collection and timely submission of
statistical information by foreign exchange dealers without which the Bank cannot fulfill its objectives
as laid down in the Central Bank of Kenya Act.
Exchange Rate Display Board
Foreign exchange dealers must display their counter exchange rates prominently and in locations within their premises convenient to the public. Each foreign exchange dealer must have an Exchange Rate Display Board and issue a receipt in respect of each foreign exchange transaction.
FOREIGN EXCHANGE DOCUMENTATION
4.1 General Requirements
All foreign exchange dealers are required to obtain and retain appropriate documents for all transactions above the equivalent of US$ 10,000. Alternatively, authorized dealers may accept duly executed declaration forms in lieu of documents where e-banking is adopted.
The customers would undertake to produce the transaction documents to the bank on demand, and it would be the authorized dealer to avail the documents to the Central Bank of Kenya for examination purposes.
4.2 Imports
Effective 1st February 2001 there have been changes made to the pre-shipment inspection (PSI) process in Kenya. The current inspection companies are Cotecna Inspection S.A. and Intertek and a full detailed explanation of the inspection process is available from them.
The inspection process is subject to change in accordance with the requirements, regulations, and instructions of the Government of Kenya.
The inspection process is supposed to cover detailed quality, quantity, and verification of comparative prices to avoid dumping. Additionally, Kenyan importers MUST make true and complete declarations to the customs and Excise Department.
(a) Landed Goods
All foreign exchange dealers should obtain and retain compliant import documents notably:
Import Declaration Form (IDF) unless accompanied by proof of an exemption by the Government
Customs Clean Report of Findings for imports whose value exceeds US$ 5,000.
Transport documents, e.g. bill of lading.
Original commercial invoice.
Customs entry form.
Where can I exchange foreign currency in Kenya?
- Peaktop Bureau De Change 20th Century.
- Rit Reviews.
- SuperForex East Africa.
- Southend Forex Bureau.
- Mich Market Analysts.
- Westlands Forex Bureau.
- ElitePro Signals.
- Cryptobuyerandseller.
Can you exchange currency at any bank in Kenya?
By law, the Central Bank of Kenya is the only institution in the country that can issue currency.
What is required for currency exchange in Kenya?
Residents and non-residents are permitted to buy or sell foreign exchange, without restriction, to and from authorized dealers up to the equivalent of US$10,000. Amounts exceeding this limit require documentation to show the purpose of the transaction.