I&M Bank has announced adjustments to its service charges effective May 2025, affecting a wide range of commonly used banking services including mobile banking, electronic funds transfers (EFTs), standing orders, cheque-related services, and SWIFT transfers. Transfers from the Bank to mobile money wallets still remain free.
The changes, seen in the latest tariff guide shared publicly, introduce moderate increases across several critical transaction areas. Below is a detailed comparison of the old and new charges.
Mobile and Internet Banking Charges
| Service | Old Price | New Price |
|---|---|---|
| Utility Payment via Mobile and Internet Banking | KES 60 | KES 66 |
Customers paying utility bills such as electricity, water, or TV subscriptions through I&M Bank’s mobile app or internet banking platforms will now pay KES 66 per transaction, up from the previous KES 60.
Standing Order Charges
| Service | Old Price | New Price |
|---|---|---|
| Standing Order Internal (Per Entry) | KES 75 | KES 82 |
| Amendment of Standing Order (Per Instruction) | KES 250 | KES 272 |
| Unpaid Standing Order (Per Instruction) | KES 2,000 | KES 2,170 |
These changes will impact customers who use automated payment instructions for rent, loans, subscriptions, or supplier payments.
Electronic Funds Transfers (EFTs)
| Service | Old Price | New Price |
|---|---|---|
| EFT Internal (At Branches Per Entry) | KES 50 | KES 55 |
| EFT External (On Channels Per Entry) | KES 250 | KES 272 |
Whether transferring funds within I&M Bank or externally to other banks, customers will now incur slightly higher transaction costs.
Cheque-Related Services
| Service | Old Price | New Price |
|---|---|---|
| Retrieval of Old Records (Less Than 1 Year Old) | KES 400 | KES 434 |
| Retrieval of Old Records (More Than 1 Year Old) | KES 900 | KES 977 |
| Cheque Returned for Financial Reasons (Per Cheque) | KES 2,500 | KES 2,713 |
| Cheque Returned for Technical Reasons (Per Cheque) | KES 600 | KES 651 |
| Counter Cheque (Per Cheque) | KES 250 | KES 272 |
The cost of dealing with cheque-related issues, such as retrievals and bounced cheques, has been marginally adjusted upward.
SWIFT Transfers and Related Charges
| Service | Old Price | New Price |
|---|---|---|
| SWIFT Messages Sent to Other Banks | KES 1,000 | KES 1,085 |
| SWIFT Repair Charges | KES 1,000 | KES 1,085 |
| Swift Queries | KES 1,000 | KES 1,085 |
| SWIFT from Noble Account | KES 1,000 | KES 1,085 |
| Brisk Transfers Incoming | KES 200 | KES 217 |
International transactions, including SWIFT messages, repairs, and brisk transfers, will now cost slightly more, affecting both personal and corporate customers involved in global remittances and settlements.
Broader Changes Across Banking Services
Beyond mobile banking, standing orders, EFTs, cheques, and SWIFT transactions, I&M Bank has also revised fees for trade finance services such as Letters of Credit, export-import handling, shipping guarantees, and courier charges. These adjustments suggest a comprehensive review of banking tariffs to reflect rising operational costs and global market dynamics. Check out all the new charges here.
What This Means for Customers
The new charges will result in marginally higher costs for everyday transactions and international dealings. Customers relying on frequent payments through standing orders, mobile banking, EFTs, cheque services, and SWIFT will feel the most immediate impact.
I&M Bank customers are advised to review their banking habits, explore available digital channels where applicable, and monitor transaction volumes to minimize additional fees under the new tariff structure.
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