Wondering how to deposit money from MPESA to Cooperative Bank?
Today, I will guide you step by step on not only deposits but also how to withdraw to MPESA.
See, technology has advanced at such a speed we now have the luxury of doing things right from our living rooms.
Truth is, the finance sector hasn’t been left behind. And now, you don’t have to move around with a large bundle of cash looking for a bank to make a deposit. Or go out looking for the post office to send or receive money.
If you are a Cooperative bank customer, you don’t have to go queue in those long lines just to make a deposit. That is something you can do right from your phone.
This MPESA to Cooperative bank procedure is the easiest and fastest method to deposit money rather than visiting the nearest agent or bank branch. And considering the current pandemic situation, it makes more sense to use mobile money.
With that said, let’s dive right into it.
How to Send Money from Mpesa to Cooperative Bank
Sending money from Mpesa to Cooperative Bank is easy and convenient. You can do it anytime and anywhere using your mobile phone. Here are the steps to follow:
- Go to your Mpesa menu on your phone and select Lipa na Mpesa.
- Select Pay Bill and enter 400200 as the business number.
- Enter the Cooperative Bank account number you want to send money to. Make sure it is correct before proceeding.
- Enter the amount you want to send. The maximum amount you can send per transaction is Ksh. 70,000.
- Enter your Mpesa PIN and confirm the transaction.
- You will receive a confirmation SMS from Mpesa with the details of the transaction.
- You will also receive a confirmation SMS from Cooperative Bank with the details of the deposit.
Tips and Benefits of Sending Money from Mpesa to Cooperative Bank
Here are some tips and benefits of using this service:
- You can send money from Mpesa to any Cooperative Bank account, whether it is yours or someone else’s.
- You can send money from Mpesa to the Cooperative Bank at any time of the day or night, even on weekends and public holidays.
- You can save time and money by avoiding long queues and the transport costs of going to the bank or ATM.
- You can enjoy low transaction fees compared to other methods of depositing money. The fees range from Ksh. 0 to Ksh. 220 depending on the amount you send.
- You can track your transactions and balance using the Cooperative Bank mobile app or USSD code *667#.
- You can access other financial services such as loans, savings, and investments using your Cooperative Bank account.
Coop bank MPESA charges
Are there charges to use this method?
Yes, there are transaction fees whenever you use the Cooperative Bank paybill method to transfer money. Here is the current breakdown.
- 1 to KES. 49 – KES 0
- 50 to KES 100 – KES 0
- 101 to KES 499 – KES 22
- KES 500 to KES 999 – KES 22
- KES 1,000 to KES 1,499 – KES 33
- 1,500 to KES 2,499 – KES 33
- KES 2,500 to KES 3,499 – KES 55
- 3,500 to KES 4,999 – KES 55
- KES 5,000 to KES 7,499 – KES 83
- 7,500 to KES 9,999 – KES 83
- KES 10,000 to KES 34,999 – KES 110
- 35,000 to KES 49,999 – KES 198
- KES 50,000 to KES 70,000 – KES 220
Point to note:
These tariffs change from time to time, as such, you should check the rates before commencing the process.
Now, you’ve learned how to move the money from your MPESA to your Coop bank account. Let’s look at how to do the opposite.
How to withdraw money from a Cooperative bank to MPESA
With the same spirit, you don’t need the bank teller to withdraw your money from any coop bank account.
Here are the things you need:
- Coop bank mobile app. Download on a respective AppStore. For Android users, go to Google Playstore, for iPhone users, go to Apple Store. Search for MCo-op App.
- MPESA enabled Safaricom line
- Your Cooperative bank account
With the above information, follow these instructions:
- Download and install the app from the respective apps store.
- Launch the app once installed on your mobile device (Tap on the icon to start)
- Enter your PIN
- Select mobile money. Pick M-PESA
- Type the mobile phone number you wish to transfer the money to. Make sure it is the correct number
- If you have more than one coop bank account, select the correct one when asked to do so
- Key in the amount you wish to withdraw. Remember, the limit is at Kshs. 70,000
- Double-check the transaction information before clicking OK.
If the withdrawal process was a success, you will receive a message from both Safaricom and Coop bank confirming.
Since this is an online transaction, you need to have a reliable internet connection at all times. If you are using a Wi-Fi connection, make sure it is private, otherwise, use data bundles.
How to use Cooperative bank shortcodes
Alternatively, you can use shortcodes *667# to perform the above procedures. The process is similar even with the shortcode method, just follow the on-screen instructions and you should be okay.
Note, while the process doesn’t require any internet connection, you need to have at least Kshs. 10 worth of airtime for the transactions to go through.
Wrapping up Cooperative bank MPESA deposit and withdrawal
Moving money into and from a Coop bank account is as easy as you have seen it. All you have to do is ascertain that you are using the correct M-PESA number as well as the account number.
Although there is a reversal service, it may take time to complete.
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