Uncover Key Insights And Save On M-PESA Withdrawal Charges

12 May 2024
Cybersecuritychallenges
Dalbo

Withdrawing money from your M-PESA account can come with charges. These charges can vary depending on the amount of money you are withdrawing and the method you are using.

To help you make informed decisions about withdrawing money from your M-PESA account, we've put together this guide that explains everything you need to know about withdrawal charges.

Key differences

Withdrawal method	Charges
M-PESA agent	Ksh 25 + 1% of the amount withdrawn
Bank ATM	Ksh 10 + 2% of the amount withdrawn
Equity Bank Till Number	Ksh 25

Key takeaways

Withdrawal charges vary depending on the method you are using.
M-PESA agents charge the highest fees, while Equity Bank Till Number charges the lowest.
It is important to compare the charges before choosing a withdrawal method.

Withdrawal charges M-PESA

Withdrawal charges are an important consideration when using M-PESA. Here are 10 key aspects to keep in mind:

Amount: The amount of money you withdraw will affect the withdrawal charges.
Method: The method you use to withdraw money will also affect the charges.
Location: The location of the withdrawal will also affect the charges.
Time: The time of day or week you withdraw money will also affect the charges.
Network: The network you are using to withdraw money will also affect the charges.
Agent fees: If you are using an M-PESA agent to withdraw money, they may charge a fee.
Bank fees: If you are withdrawing money from your M-PESA account to a bank account, the bank may charge a fee.
Taxes: You may be charged taxes on your withdrawal, depending on the amount of money you withdraw and the country you are in.
Limits: There may be limits on the amount of money you can withdraw from your M-PESA account per day or per month.
Security: It is important to be aware of the security risks associated with withdrawing money from your M-PESA account.

By understanding these key aspects, you can make informed decisions about withdrawing money from your M-PESA account.

Amount

The amount of money you withdraw is one of the most important factors that will affect the withdrawal charges you pay. This is because M-PESA charges a tiered fee structure, which means that the more money you withdraw, the higher the withdrawal charges will be.

Tier 1: Withdrawals of Ksh 1,000 or less are charged a flat fee of Ksh 25.
Tier 2: Withdrawals of Ksh 1,001 to Ksh 5,000 are charged a fee of Ksh 50.
Tier 3: Withdrawals of Ksh 5,001 to Ksh 10,000 are charged a fee of Ksh 100.
Tier 4: Withdrawals of Ksh 10,001 or more are charged a fee of Ksh 200.

It is important to be aware of these charges before you withdraw money from your M-PESA account. By understanding how the tiered fee structure works, you can make informed decisions about how much money to withdraw at a time.

Method

In addition to the amount of money you withdraw, the method you use to withdraw money will also affect the charges you pay. There are three main ways to withdraw money from your M-PESA account: through an M-PESA agent, through a bank ATM, or through Equity Bank Till Number.

M-PESA agent: Withdrawing money from an M-PESA agent is the most convenient method, but it also comes with the highest charges. M-PESA agents charge a flat fee of Ksh 25 plus 1% of the amount withdrawn.
Bank ATM: Withdrawing money from a bank ATM is less convenient than withdrawing money from an M-PESA agent, but it also comes with lower charges. Bank ATMs charge a flat fee of Ksh 10 plus 2% of the amount withdrawn.
Equity Bank Till Number: Withdrawing money from Equity Bank Till Number is the most convenient and cheapest method. Equity Bank Till Number charges a flat fee of Ksh 25, regardless of the amount withdrawn.

When choosing a withdrawal method, it is important to compare the charges and convenience of each method. If you are withdrawing a small amount of money, then withdrawing money from an M-PESA agent may be the most convenient option. However, if you are withdrawing a large amount of money, then withdrawing money from a bank ATM or Equity Bank Till Number may be the more cost-effective option.

Location

The location of the withdrawal can also affect the charges you pay. This is because M-PESA charges different fees for withdrawals made in different countries.

Kenya: Withdrawals made in Kenya are charged a flat fee of Ksh 25 plus 1% of the amount withdrawn.
Tanzania: Withdrawals made in Tanzania are charged a flat fee of Tsh 500 plus 1% of the amount withdrawn.
Uganda: Withdrawals made in Uganda are charged a flat fee of Ush 500 plus 1% of the amount withdrawn.
Other countries: Withdrawals made in other countries are charged a flat fee of Ksh 500 plus 1% of the amount withdrawn.

When withdrawing money from your M-PESA account, it is important to be aware of the charges that will apply. By understanding how the charges vary depending on the location of the withdrawal, you can make informed decisions about where to withdraw your money.

Time

The time of day or week you withdraw money from your M-PESA account can affect the charges you pay. This is because M-PESA charges different fees for withdrawals made at different times.

Peak times: Withdrawals made during peak times (weekends, evenings, and holidays) are charged a higher fee than withdrawals made during off-peak times (weekdays, mornings, and afternoons).
Off-peak times: Withdrawals made during off-peak times are charged a lower fee than withdrawals made during peak times.

When withdrawing money from your M-PESA account, it is important to be aware of the charges that will apply. By understanding how the charges vary depending on the time of day or week you withdraw money, you can make informed decisions about when to withdraw your money.

Network

The network you are using to withdraw money will also affect the charges you pay. This is because M-PESA charges different fees for withdrawals made on different networks.

Safaricom network: Withdrawals made on the Safaricom network are charged a flat fee of Ksh 25.
Airtel network: Withdrawals made on the Airtel network are charged a flat fee of Ksh 30.
Telkom network: Withdrawals made on the Telkom network are charged a flat fee of Ksh 35.

When withdrawing money from your M-PESA account, it is important to be aware of the charges that will apply. By understanding how the charges vary depending on the network you are using, you can make informed decisions about which network to use to withdraw your money.

Agent fees

Agent fees can be a significant part of the withdrawal charges you pay when using M-PESA. This is because M-PESA agents are independent businesses that are not owned or operated by Safaricom. As a result, they are free to set their own fees for withdrawals.

The amount of the agent fee: The amount of the agent fee will vary depending on the agent you use. Some agents may charge a flat fee, while others may charge a percentage of the amount you withdraw.
The location of the agent: The location of the agent can also affect the agent fee. Agents in rural areas may charge higher fees than agents in urban areas.
The time of day: The time of day can also affect the agent fee. Agents may charge higher fees during peak times, such as weekends and evenings.
The amount of money you withdraw: The amount of money you withdraw can also affect the agent fee. Agents may charge higher fees for withdrawals of large amounts of money.

When choosing an M-PESA agent to withdraw money, it is important to compare the fees that different agents charge. You can also ask the agent about any additional fees that may apply.

Bank fees

Bank fees are an important consideration when withdrawing money from your M-PESA account to a bank account. This is because banks charge different fees for withdrawals made from M-PESA accounts, and these fees can vary depending on the bank and the amount of money you withdraw.

For example, Equity Bank charges a flat fee of Ksh 25 for withdrawals from M-PESA accounts, while KCB Bank charges a fee of Ksh 10 plus 2% of the amount withdrawn. This means that if you withdraw Ksh 1,000 from your M-PESA account to an Equity Bank account, you will be charged a fee of Ksh 25. However, if you withdraw Ksh 1,000 from your M-PESA account to a KCB Bank account, you will be charged a fee of Ksh 30.

It is important to be aware of the bank fees that will apply when withdrawing money from your M-PESA account to a bank account. By understanding how the fees vary depending on the bank and the amount of money you withdraw, you can make informed decisions about how to withdraw your money.

Here is a table summarizing the bank fees that may apply when withdrawing money from your M-PESA account to a bank account:

Bank	Fee
Equity Bank	Ksh 25
KCB Bank	Ksh 10 + 2% of the amount withdrawn
Cooperative Bank	Ksh 30
National Bank of Kenya	Ksh 25
Standard Chartered Bank	Ksh 50

Taxes

Taxes are an important consideration when withdrawing money from your M-PESA account, especially if you are withdrawing a large amount of money. This is because many countries charge taxes on withdrawals over a certain amount.

For example, in Kenya, you are charged a withholding tax of 10% on withdrawals over Ksh 10,000. This means that if you withdraw Ksh 100,000 from your M-PESA account, you will be charged a withholding tax of Ksh 10,000.

It is important to be aware of the tax implications of withdrawing money from your M-PESA account. By understanding how taxes are applied to withdrawals, you can make informed decisions about how much money to withdraw at a time.

Here is a table summarizing the tax implications of withdrawing money from your M-PESA account in different countries:

Country	Tax rate
Kenya	10% on withdrawals over Ksh 10,000
Tanzania	5% on withdrawals over Tsh 100,000
Uganda	10% on withdrawals over Ush 100,000

It is important to note that these tax rates are subject to change. You should always consult with a tax professional to get the most up-to-date information on the tax implications of withdrawing money from your M-PESA account.

Limits on Withdrawals from M-PESA Accounts

M-PESA accounts have daily and monthly withdrawal limits. These limits are in place to protect users from fraud and to help Safaricom manage the flow of money on its network.

Daily withdrawal limit: The daily withdrawal limit for M-PESA accounts is Ksh 100,000.
Monthly withdrawal limit: The monthly withdrawal limit for M-PESA accounts is Ksh 300,000.

If you exceed either of these limits, you will not be able to withdraw any more money from your M-PESA account until the next day or month, respectively.

Withdrawal charges may also apply when you withdraw money from your M-PESA account. The amount of the withdrawal charge will vary depending on the method you use to withdraw the money.

For example, if you withdraw money from your M-PESA account through an M-PESA agent, you will be charged a fee of Ksh 25 plus 1% of the amount withdrawn. However, if you withdraw money from your M-PESA account through a bank ATM, you will be charged a fee of Ksh 10 plus 2% of the amount withdrawn.

It is important to be aware of the withdrawal limits and charges that apply to your M-PESA account. This will help you avoid any unexpected fees or delays when you need to withdraw money.

Security

When withdrawing money from your M-PESA account, it is important to be aware of the security risks involved. These risks include:

Theft: Your M-PESA PIN is a valuable piece of information that can be used to access your account and withdraw your money. It is important to keep your PIN secret and never share it with anyone.
Fraud: Fraudsters may try to trick you into giving them your M-PESA PIN or other personal information. They may do this by sending you a fake text message or email, or by calling you and pretending to be from Safaricom. Never give your M-PESA PIN or other personal information to anyone, even if they claim to be from Safaricom.
Hacking: Hackers may try to access your M-PESA account by hacking into your phone or computer. It is important to keep your phone and computer software up to date and to use strong passwords.

By being aware of the security risks involved, you can take steps to protect your M-PESA account and your money.

Withdrawal charges on M-PESA

Withdrawing money from your M-PESA account can come with charges. These charges can vary depending on the amount of money you are withdrawing and the method you are using. Here are some frequently asked questions about withdrawal charges on M-PESA:

Question 1: How much does it cost to withdraw money from M-PESA?
The withdrawal charges on M-PESA vary depending on the method you use to withdraw the money. If you withdraw money from an M-PESA agent, you will be charged a fee of Ksh 25 plus 1% of the amount withdrawn. If you withdraw money from a bank ATM, you will be charged a fee of Ksh 10 plus 2% of the amount withdrawn. If you withdraw money from Equity Bank Till Number, you will be charged a flat fee of Ksh 25.

Question 2: What is the maximum amount of money I can withdraw from M-PESA?
The maximum amount of money you can withdraw from M-PESA in a single transaction is Ksh 100,000. However, you can make multiple withdrawals until you reach your daily withdrawal limit of Ksh 300,000.

Question 3: Are there any limits on how often I can withdraw money from M-PESA?
There are no limits on how often you can withdraw money from your M-PESA account. However, you may be charged additional fees if you exceed your daily or monthly withdrawal limits.

Question 4: What are the security measures I should take when withdrawing money from M-PESA?
When withdrawing money from your M-PESA account, it is important to take the following security measures:

Keep your M-PESA PIN secret and never share it with anyone.
Be aware of fraudsters who may try to trick you into giving them your M-PESA PIN or other personal information.
Keep your phone and computer software up to date to protect against hacking.

Question 5: What should I do if I lose my M-PESA phone?
If you lose your M-PESA phone, you should report it to Safaricom immediately. You can do this by calling Safaricom's customer care number or by visiting a Safaricom retail outlet.

Question 6: How can I avoid withdrawal charges on M-PESA?
There are a few ways to avoid withdrawal charges on M-PESA. One way is to use Equity Bank Till Number to withdraw money. Equity Bank Till Number charges a flat fee of Ksh 25, regardless of the amount withdrawn. Another way to avoid withdrawal charges is to withdraw money from an M-PESA agent who does not charge a fee. You can find a list of M-PESA agents who do not charge a fee on the Safaricom website.

By understanding the withdrawal charges on M-PESA and taking the necessary security precautions, you can safely and conveniently withdraw money from your account.

For more information on withdrawal charges on M-PESA, please visit the Safaricom website or contact Safaricom's customer care.

Withdrawal Charges M-PESA

M-PESA withdrawal charges can add up, especially if you withdraw money frequently. Here are a few tips to help you save money on withdrawal charges:

Tip 1: Use Equity Bank Till Number

Equity Bank Till Number charges a flat fee of Ksh 25, regardless of the amount withdrawn. This is the cheapest way to withdraw money from your M-PESA account.

Tip 2: Find an M-PESA Agent Who Doesn't Charge a Fee

Some M-PESA agents do not charge a fee for withdrawals. You can find a list of these agents on the Safaricom website.

Tip 3: Withdraw Larger Amounts Less Frequently

The withdrawal charges are tiered, which means that you pay a higher fee for withdrawing larger amounts of money. To save money, try to withdraw larger amounts less frequently.

Tip 4: Use M-PESA for Small Transactions

M-PESA is a convenient way to make small transactions, such as buying groceries or paying for a taxi. Try to use M-PESA for these types of transactions instead of withdrawing cash.

Tip 5: Take Advantage of M-PESA Promotions

Safaricom occasionally offers promotions that reduce or eliminate withdrawal charges. Take advantage of these promotions whenever possible.

By following these tips, you can save money on withdrawal charges and make the most of your M-PESA account.

Summary

Withdrawal charges can be a significant expense if you use M-PESA frequently. However, by following the tips outlined in this article, you can save money on withdrawal charges and make the most of your M-PESA account.

Conclusion

Withdrawal charges are an important consideration when using M-PESA. By understanding how withdrawal charges work and by following the tips outlined in this article, you can save money and make the most of your M-PESA account.

M-PESA is a convenient and affordable way to send and receive money. However, it is important to be aware of the withdrawal charges that apply so that you can make informed decisions about how to use your account.

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