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To deposit money into your bank account,Ensure you have enough cash in your M-PESA account to cover the deposit and transaction charges. It is important to note that while us Mpesa will deduct its charges from your Mpesa Account, Co-operative Bank deducts their charges in your bank account.
Meaning after the transfer, your new Bank account balance will be less the transaction fees. The transaction charges are:
Range | M-Pesa Charges (Charged in your M-pesa Account) | Coop Bank Charges (Charged in your Bank Account) | Total |
---|---|---|---|
Ksh.100 – Ksh. 2,499 | Ksh. 30 | Ksh. 30 | Ksh. 60 |
Ksh. 2,500 – Ksh. 4,999 | Ksh. 50 | Ksh. 50 | Ksh. 100 |
Ksh. 5,000 – Ksh. 9,999 | Ksh. 75 | Ksh. 75 | Ksh. 150 |
Ksh. 10,000 – Ksh. 19,999 | Ksh. 100 | Ksh. 100 | Ksh. 200 |
Ksh. 20,000 – Ksh. 35,000 | Ksh. 150 | Ksh. 150 | Ksh. 300 |
- Go to the Mpesa menu on your phone and select Pay Bill option.
- Enter business no. 400200
- Enter your Cooperative Bank Account no.
- Enter the amount to transfer (maximum amount per transaction 1s Ksh. 35,000, and Ksh.70,000 maximum within 24 hours)
- Enter your M-PESA PIN number
- Confirm your details and press OK/Send
Shortly after (approximately 5 minutes), you will receive an SMS from Cooperative Bank confirming that the money will indeed be transfered to your account: “M-Pesa Paybill Amount =
In one hours time, the money will be available in your account for any other transaction e.g online transaction using your ATM Card
HOW TO TRANSFER MONEY FROM CO-OPERATIVE BANK TO M-PESA:
Now, to Access money in your bank account for different services, You need to have registered for M banking at any Cooperative Bank Branch.Then on your phone press *667#. A menu will appear on your phone from which you select what M banking service you need as follows :
5. Mpesa
4. Airtime (Pre-paid only)
3. Utilities
2. Alerts
1. Banking
0. Call center Number
Press the number against the service you need. In our case you press 5 and follow the intuitive wizard. However, you need to be fast in keying in information in each step, if you delay for more than say 60 seconds in a single step, the system does not complete your request and you have to start afresh.
As at the date of this post, Cooperative bank charges a flat fee Ksh. 60 to transfer money to your MPesa account regardless of the amount. You are however limited to transfering a total of Ksh. 75,000 within 24 hours. Once the money is in your Mpesa account, normal Mpesa charges will apply for any further transactions e.g withdrawing the money from an Mpesa agent.
Now you have no excuse to be stranded in the bush with money in your account!
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THANX
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