Telegraphic Money Transfer

These are electronic transfers of funds in and out of the country. They include;
a) INWARD TTS (SETTLEMENTS)
Main Features
• Electronic transfers of funds in the country
• INTTs are processed in all currencies i.e USD, EUR, KES & GBP
• Funds are credited to the beneficiary between 1-3 working days from the date of wire.
• Inward transfer charges as per the bank tariff guide at all bank branches.
• Funds received can be returned in case of failure to receive due diligence confirmation from correspondent bank or KYC report from the domicile branch within five working days.
• Funds received with incomplete details that don't tally with the bank records are returned on the same day.
Basic Requirements
• Beneficiary must be an account holder
• Beneficiary should avail sender with full correspondence details i.e beneficiary name, beneficiary account number, SWIFT code of the bank (CERBUGKA) and correspondent bank details depending on the country of origin.
• Beneficiary should provide customer remittance confirmation copies on request through the branch.

Benefits
• Fast , safe and reliable
• Facility convenient for movement of large sums of funds.
• No risk of forgeries as no cheque issuance is involved.
• Worldwide coverage

B) OUTWARD TTS (Remittances)
Main features
• Electronic transfer of funds out of the country
• Outward Transfer charges as per the bank tariff guide as all bank branches.

Basic Requirements
• Remitter must be an account holder.
• Must have enough cash or credit balance to cover the transfer and charge
• Remitter must have full beneficiary names, address, a/c number (Iban number included for all Euro and sort code for all GBP transfers), swift address of beneficiary bank.
• Remitter (Sender’s ) full name (as per our records), address and telephone number
• Details of charges:
• BEN- All charges to be borne by the beneficiary
• OUR – All charges to be borne by the sender
• SHA – Charges to be shared and borne by both Sender & Beneficiary

Benefits
• Fast , safe and reliable
• Facility is convenient for movement of large sums of funds.
• Worldwide coverage.

c) Foreign Currency drafts
Main Features
• Drafts are currently only in USD and GBP
• Drafts are processed within 30 minutes from the time of receipt of application
• Cancellation/ replacement of drafts: All requests for cancellation should be put in writing. Note; However that cancellation is only possible if the draft has not yet been presented by the beneficiary.
• Charges as per the bank tariff guide at all bank branches

Basic Requirements
• Applicant must be an account holder
• Must have enough cash or credit balance to cover the transfer and charge
• Applicant must have the full name of the beneficiary, currency/ instructed amount.
• Applicant name, address and telephone number

Benefits
• Fast, safe and reliable
• Facility convenient for movement of large sums of funds
• Worldwide coverage