How to open a bank account in Kenya as an American

Kenya is full of adventure - and opportunity, thanks to its rapidly developing economy and service industry. If you’re thinking of moving to Kenya as an expat, one of the first things you'll need is a local bank account.

This guide gives you all you need to know.

Can foreigners open a Kenyan bank account from abroad?

In most cases, to open a Kenyan bank account, you’ll have to visit a bank in person, and take along the required documents. Some banks do let you start your application online, but you’ll find you’re asked to go along to the bank to show your paperwork before your account can be activated.

The key exception to this is if you’re looking for diaspora banking as a Kenyan national, with a Kenyan ID card. In this case you may well find banks will let you open an account remotely with just an image of your documents and your signature.

Can a US citizen open a bank account as a non-resident of Kenya?

Theoretically banks can offer financial products to non-residents, although each bank decides for itself which accounts it makes available and the conditions attached to them.

This means that in some cases the restrictions placed on opening accounts might make it hard to do so in practice if you’re not a resident.

So for example, you commonly need to hold a Kenyan mobile phone number, or have a KRA PIN, which will prove that you’re registered to pay your taxes in Kenya.

You might also need a reference or an ‘introducer’ - someone who holds an account with the bank already and can vouch for your good character. That can be pretty hard to find if you’re not a resident in the country yet.

If you’re not a resident of Kenya it’s a good idea to check the different account types on offer at different banks, and then decide which is best for your situation.

What documents are necessary for a foreigner to open a bank account in Kenya?

The paperwork needed by Kenyan banks varies depending on the bank and the account type, so it pays to check exactly what’s needed before your appointment.

If you’re opening a traditional account you’re likely to need documents including some of the following:

What does opening a bank in Kenya look like?

In most cases, to open a bank account with full functionality, you’ll have to visit your local branch to submit an application with supporting documents.

Usually, you'll need to make an appointment before visiting, submit your paperwork and return in a few days to collect your card and PIN number.

Check the specific requirements of your chosen bank branch before you visit.

What are some of the best banks in Kenya?

Kenya has a developed banking sector, with plenty of choice in banking brands. Banks available include well known global brands, and local and regional institutions which operate in Kenya, and around the East African region.

Some of the largest retail banks in Kenya, are:

Equity Bank Kenya®

Equity Bank¹ is part of an established brand which has branches throughout Kenya, with plenty to choose from in the capital where most expats find themselves.

Standard Chartered Kenya®

Standard Chartered Kenya² - sometimes referred to as Stanchart, is a subsidiary of the global Standard Chartered bank, based in London. The Kenyan arm of this institution is one of the largest banks in the country.

KCB®

KCB³ is a popular bank which also operates elsewhere in the region, which could be helpful if you plan to travel in East Africa and need access to your account.

ABSA® (formerly Barclays Kenya)

ABSA⁴ was formerly known as Barclays Kenya, and was a subsidiary of the UK based Barclays Bank®.

Kenyan banking fees and charges

When you choose which bank to use, you’ll need to know what fees will be applied to the transactions you make. These vary according to the account you choose, so it's a good idea to read all the small print.

Every bank will have charges for some services. Even if these look pretty small, they can add up quickly. Here are a few to look out for.

ATM fees

Many Kenyan banks will charge you if you withdraw cash from an ATM which isn't in their network. Some of the most basic accounts on offer, which don’t have a monthly maintenance fee, might even charge for withdrawals from any ATM, regardless of the network. These fees vary according to the bank and the account.

Some of the popular Kenyan banks are also parts of global banking houses, meaning that you might be able to get cheap or free ATM withdrawals from the same network, even outside of Kenya.

However, you’ll still have to look out for excess charges applied due to dynamic currency conversion (DCC).

That’s when you’re asked if you’d like to be charged in your home currency or the local currency - hint: local is always best.

Other common banking fees

All banks offer a variety of different products - so before you decide which bank and which specific account you want, you should read the small print about account fees.

It’s pretty normal to find that there’s a monthly maintenance fee for accounts, although these are often then offset against other services. So you might get an overdraft facility, or some ATM withdrawals for free as part of this fee.

Some accounts insist on a minimum balance which you must maintain and most have a minimum opening balance you must pay in when you open.

There’s a huge choice of account types available in Kenya. Which is best for you will depend very much on how you intend to use the account once it’s active.

Fees for international transfers

If you’re living in Kenya as an expat, you might need to transfer money to your local account from abroad - or vice versa.

For example, you usually need a minimum deposit simply to open an account in Kenya, which can be paid by an international bank transfer in some cases.

Making international bank transfers shouldn’t be too much of a hassle, but it can be costly. You may need to pay an administration fee and a markup added to the mid-market rate. Read your account fee schedule carefully so there are no surprises when sending payments abroad.

Use this guide to get your Kenyan bank account organized so you can hit the ground running. Plus, life is cheaper with a local account, so you can just get on with enjoying your new life in Kenya, without worrying that you’re paying over the odds.