Safaricom will deduct their charges from your Mpesa Account, while Co-operative Bank deducts their charges in your bank account therefore after the transfer, your new Bank account balance will be less the transaction fees.

Transaction charges are:

Range M-Pesa Charges (Charged in your M-pesa Account) Coop Bank Charges (Charged in your Bank Account) Total
Ksh.100 – Ksh. 2,499 Ksh. 30 Ksh. 30 Ksh. 60
Ksh. 2,500 – Ksh. 4,999 Ksh. 50 Ksh. 50 Ksh. 100
Ksh. 5,000 – Ksh. 9,999 Ksh. 75 Ksh. 75 Ksh. 150
Ksh. 10,000 – Ksh. 19,999 Ksh. 100 Ksh. 100 Ksh. 200
Ksh. 20,000 – Ksh. 35,000 Ksh. 150 Ksh. 150 Ksh. 300

Go to the Mpesa menu on your phone and select Pay Bill option.
Enter business no. 400200 (Please confirm with your bank in-case of any change)
Enter your Cooperative Bank Account no.
Enter the amount to transfer (maximum amount per transaction 1s Ksh. 35,000, and Ksh.70,000 maximum within 24 hours)
Enter your M-PESA PIN number
Confirm your details and press OK/Send
Next, you will receive and SMS from M-PESA showing the amount has been transfered from your account, it reads: “XC12FSA7 confirm <amount > sent to Co-operative Bank Money Transfer for accounton 05/12/10 at 11:30 am.New M-PESA balance is”

You will receive an SMS from Cooperative Bank confirming that the money has be transfered to your account: “M-Pesa Paybill Amount =will be transferred to bank A/c,, shortly. Co-operative Bank K Ltd.”

In one hours time, the money will be available in your account for any other transaction e.g online transaction using your ATM card.

Now, to Access money in your bank account for different services, You need to have registered for M banking at any Cooperative Bank Branch.

Then on your phone press *667#. A menu will appear on your phone from which you select what M banking service you need as follows :

5. Mpesa
4. Airtime (Pre-paid only)
3. Utilities
2. Alerts
1. Banking
0. Call center Number

Press the number against the service you need. In our case you press 5 and follow the intuitive wizard. However, you need to be fast in keying in information in each step, if you delay for more than say 60 seconds in a single step, the system does not complete your request and you have to start afresh.

As at the date of this post, Cooperative bank charges a flat fee Ksh. 60 to transfer money to your MPesa account regardless of the amount. You are however limited to transfering a total of Ksh. 75,000 within 24 hours.