Cheque Cashing, Discounting in Kenya : How to turn Cheques into Cash

Consider Cheque Cashing in Kenya if you're looking to have quick cash after being paid via cheque.

What is Cheque Cashing?

Also known as cheque discounting, cheque cashing is the process of turning a cheque into cash before maturity date. 

The company helping the cheque payee with discounting will take a certain percentage as fee from the cheque face value. 

On average, in Kenya the value of a cashed cheque is 95% with 5% being the fee taken by the company doing cheque discounting.

For example if you approach a company for cheque cashing and the cheque face value is Ksh100,000 , you'll walk away with ksh95,000.

Cheque Cashing is one of the most crucial steps which many Kenyan individuals and even companies take to ensure cash flow at any given point.

How to Cash a Cheque in Kenya 

How can one cash a cheque in Kenya? Cheque discounting is Avery simple process and can take only 5 minutes.

There are some factors though which you must fulfill to cash a cheque for example,the cheque must be from a well recognised company,the payee name must much your ID card name,must be a signed cheque among others.

After fulfilling the requirements, you can now approach companies which can cash tour cheque. 

In Nairobi, Kenya, there are several cheque discounting companies to choose from. 

It is advisable to shop around in order to select the company with the best rates - lower fees.

I already have an article listing cheque cashing companies in Kenya which you can check.

Now once you settle for a company to cash your cheque, all you have to do is to provide your cheque and your personal identification details.

The cheque discounting company will go through and verify all the information provided and if everything goes well, you should be walking away with cash in less than 5 minutes.

It is always convenient to do cheque cashing from the bank hall or ATM but you'll find out that many commercial banks don't like doing cheque discounting.

For this reason,it is therefore right to approach the companies out there in Nairobi which do the cashing.

In conclusion

Cheque cashing is therefore the fastest way to turn your cheque into cash. It should although be noted that, as a customer, you'll loose part of the cheque face value in terms of fees to the cheque cashing company.

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