StanChart Bank announces online banking transaction fees for real-time gross settlement (RTGS) transfers conducted from the SC Mobile App or Online Banking Portal.

Customers will be charged Sh500.00 for transactions in Kenyan shillings, £3.5 for British Pounds, $5 for US Dollars, and €4 for Euros according to the new tariff schedule from the bank.

“Kindly note that the above transaction charges do not include relevant government duties and taxes that may apply,” the bank stated.

Standard Chartered’s decision represents a major change in the bank’s approach to pricing, diverging from the efforts of other local banks to improve access to financial services.

Standard Chartered Bank customers may be greatly impacted by the introduction of fees for online RTGS transfers.

Those who frequently use this service to transfer money may find themselves facing higher costs, especially if they rely on it for their day-to-day transactions.

With the availability of alternative, cheaper transfer methods such as mobile money transfers, customers may be driven to explore other options to avoid paying these fees.

This could potentially lead to a loss of customers for Standard Chartered Bank, as individuals may choose to switch to banks that offer more cost-effective solutions for their financial needs.

Standard Chartered Bank’s approach to online transfers and financial inclusion for SMEs differs significantly from other Kenyan banks.

I&M Bank offers free M-PESA Africa and Airtel Money transfers for businesses to support small enterprises.

This contrasting strategy highlights the different priorities of the two banks, with I&M Bank prioritizing support for small businesses.

Despite these differences, both approaches aim to enhance financial inclusion and provide convenient banking solutions for SMEs in Kenya.

I&M Bank Kenya CEO Gul Khan, in a statement, emphasized the significance of supporting small businesses.

“Small business owners are the heartbeat of the economy and they contribute to over 80% of the employment in the country,” Ben Muhati, Chairperson of the MSME Alliance, stated earlier.

Standard Chartered Bank’s fees could discourage online banking, limit financial access for some customers, and harm the bank’s reputation for not prioritizing customer needs.

These consequences could ultimately lead to a loss of customers and a decrease in overall profitability for Standard Chartered Bank.

If small businesses are unable to access financial services due to high fees, it could impact economic growth in certain regions.

The bank’s reputation may suffer as customers perceive them as putting profits over their customers’ needs, potentially leading to public backlash and a further decline in business.

Pula Secures $20 Million Funding for InsuResilience Expansion

Some customers may choose to switch to online banks or credit unions that offer lower fees or even no fees at all.

By supporting financial institutions that prioritize customer satisfaction and transparency, individuals can help drive positive change in the banking industry.

Additionally, advocating for fairer practices and regulations can put pressure on banks to reconsider their fee structures and prioritize customer needs.

When considering transfer methods, customers should weigh the costs and convenience of options such as wire transfers or mobile payment apps to find the most cost-effective solution.

To bank with Standard Chartered Bank, use their Mpesa Pay bill number, 329329.For assistance, contact Stanchart Bank customer service representative at +254 20 329 3900, +254 722 203666, or +254 732 143900.

Stay informed about the latest trends and developments in the banking industry to make informed decisions.