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Verified 13 September 2026

I&M foreign exchange: FX Direct and IMX

By Arnold Ochieng · I&M Bank Kenya hub · paybillke is an independent guide and is not affiliated with I&M Bank Kenya.

I&M runs I&M FX Direct, an online foreign exchange platform, and I&M IMX, alongside a general foreign exchange desk. If you move money between currencies with any regularity, the thing to understand is that the spread is the cost, not the fee.

The spread is the real price

Every currency conversion has a mid-market rate, the true midpoint between buying and selling. What you are offered sits some distance from it, and that distance is the margin.

On a KES 1,000,000 conversion, a spread half a percent wider costs KES 5,000. No transaction fee on a page will be anywhere near that. So when you compare providers, compare the rate you are actually quoted for your amount, on the same day, within a few minutes of each other. A zero-fee quote at a poor rate is more expensive than a small fee at a good one, and that is exactly how the "no fees" claim is usually made to work.

Our no-fees myth explainer takes that apart in detail.

What to ask I&M

  1. The rate for your specific amount, not the board rate. Larger amounts usually price better and you have to ask.
  2. Whether FX Direct lets you see and book a rate yourself rather than accepting whatever applies when the transfer processes.
  3. The cut-off times, since a transfer submitted after cut-off prices the next working day.
  4. Whether you can hold a foreign currency account, which lets you convert when the rate suits rather than when the payment falls due.
  5. What SWIFT or correspondent charges apply on international transfers, and whether they come off the amount sent or the amount received.

If you are receiving from abroad

A bank is one route and often not the cheapest for smaller amounts. Our send money to Kenya hub compares the remittance providers by corridor, and the calculator works out the true cost including the exchange margin. For larger or business flows a bank usually wins on both cost and paperwork; for a few hundred dollars a month it usually does not.

The crypto connection, briefly

Stablecoins are sometimes used as a cheaper cross-border rail than bank wires, which is part of why I&M turns up in trader conversations. That is covered honestly, including the risks, on our I&M for crypto P2P page and across the crypto hub. Crypto is high risk and nothing here is financial advice.

About this guide

Independent guide. paybillke is not I&M Bank and has no commercial relationship with it. Paybill, USSD and charge details were checked against I&M's own site and live tariff on 13 September 2026. Bank tariffs change, so confirm anything you are about to act on with I&M on +254 20 322 1000 or on the I&M tariff page.

Frequently asked

What is I&M FX Direct?

I&M's online foreign exchange platform, alongside I&M IMX and its general foreign exchange desk.

What really determines the cost of a currency conversion?

The spread between the mid-market rate and the rate you are quoted, which is almost always larger than any stated fee.

Can I hold foreign currency at I&M?

Ask about a foreign currency account, which lets you convert when the rate suits rather than when a payment falls due.

Is a bank the cheapest way to receive money from abroad?

For larger and business flows usually yes. For small monthly remittances a dedicated provider is often cheaper.