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Currency Converter by OANDA
Please note that these are not the rates we offer, this tool is for your own personal convenience and conversion
About:
The Foreign Exchange market is the largest market in the world with over $3.2 trillion traded daily. The market is easily accessible and fluctuates according to economic factors such as inflation or industrial production as well as geopolitical events. In Kenya, the market for foreign exchange is large as many multinational companies and non-governmental organizations receive foreign currency from abroad. There are three avenues for organizations and individuals to exchange currency in Kenya, through forex bureaus, commercial banks and investment banks.
The first avenue of exchange is the forex bureau, which exchanges small amounts of cash currency to another currency. If an organization or individual has a large amount of currency to exchange and in a form other than cash, it is unable to be transferred through a forex bureau. In Kenya, forex bureaus are restricted in the amount of money they are able to exchange. Additionally, forex bureaus only handle cash based transactions so those needing wired exchanges must use a bank. Currently, there is no maximum size of checks that can clear through the Kenyan banking system. The clearing period would take about 21 business days.
The second avenue of exchange is through a commercial bank. Here, it is unlikely for an organization or individual to receive a competitive rate due to the large spread the bank earns from foreign exchange. Most international organizations and companies engaging in foreign exchange are doing so through a Tier one bank because of their international reputation.
What We Do:
Dry Associates Limited has a place in the forex market as a brokerage between those needing currencies exchanged and the banks. Through DAL partnerships with Bank of Africa, Chase Bank, FINA Bank, and Imperial Bank, DAL is able to secure more competitive forex rates than if those needing a particular currency were to exchange at a bank on their own. DAL handles all the documentation as well as communication and exchange rate agreements with the bank.