Updated September 28, 2026 · VaultCue Editorial Team
M-Pesa vs Salt Bank
M-Pesa
Salt Bank
Higher score in this comparison
M-Pesa vs Salt Bank: the differences
| Compare | M-PesaReviewSee alternativesSee alternatives | Salt BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | KES 0 | RON 0 |
| Currencies | 1 | 19Higher |
| Free ATM withdrawals | KES 100 | RON 900 |
| Transfer fee | Free to KES 100, then KES 7-108 | 0 commission for incoming and outgoing payments in Romania |
| Deposit protection | Not confirmed | EU DGS up to EUR 100,000 |
| Currency conversion fee | Not confirmed | 0% |
| Local account details | Not confirmed | IBAN |
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Key differences
- Salt Bank scores higher overall: 9.5 vs 8.9.
- Salt Bank is available in 9 more countries.
- Currencies is higher at Salt Bank: 19 vs 1.
- Support channels: only M-Pesa offers Community.
- Audience: only M-Pesa offers Teen, Business.
- Audience: only Salt Bank offers Travelers.
- Pricing model: only Salt Bank offers Low FX.
- Features: only Salt Bank offers Free ATM.
Our verdict on each
M-Pesa
M-Pesa suits anyone in Kenya who wants everyday money handled on a handset, with a monthly fee of KES 0. Savings pay a variable rate of 2% to 5% from a small entry point. The trade-off is a digital-only service with a single currency and no branch access.
Salt Bank
Salt Bank is built for expats and travellers who bank across Romania and further afield: 19 currencies sit on the same account, local receiving details are iban, and Banca Nationala a Romaniei supervises the bank, with a savings option alongside that pays out at maturity. It scores 7.7 in the comparison.
Score breakdown
| Area | M-Pesa | Salt Bank |
|---|---|---|
| Cost | Not confirmed | 9.4Monthly charge of RON 0, conversion of 0% and 0 commission for incoming and outgoing payments in Romania in Romania. |
| Offer | 9.0Free ATM withdrawals within KES 100, savings opening from KES 1 and support across email, chat and phone. | 9.5HigherA fixed deposit at 5.3% to 5.9% over 3 to 12, under EU DGS up to EUR 100,000. |
| Trust | 8.8 | Not confirmed |
Where they rank in our lists
| Ranking | M-Pesa | Salt Bank |
|---|---|---|
| Savings accounts | 416 of 1420 | 73 of 1420 |
| Online banks | 128 of 402 | 17 of 402 |
What we checked
M-Pesa
- safaricom.co.ke: 11 facts, checked September 26, 2026
Salt Bank
- salt.bank: 13 facts, checked September 26, 2026
Every fact side by side
| Fact | M-Pesa | Salt Bank |
|---|---|---|
| Audience | Expats, Teen, Business | Expats, Travelers |
| Pricing model | No monthly fee | No monthly fee, Low FXCovers more |
| Features | Digital only | Free ATM, Digital onlyCovers more |
| Legal entity | Safaricom PLC | Salt Bank S.A. |
| Headquarters | Kenya | Romania |
| Founded | 2007 | Not confirmed |
| Support channels | Email, Chat, Phone, Help centre, CommunityCovers more | Email, Chat, Phone, Help centre |
Savings
| Fact | M-Pesa | Salt Bank |
|---|---|---|
| Headline rate | 2% to 5% | 5.3% to 5.9%Higher |
| Rate type | Variable | Fixed |
| Term | Not confirmed | 3 to 12 months |
| Minimum deposit | KES 1 | RON 500 |
| Access terms | Electronic only, operated via the M-Shwari Menu on the M-PESA system; no branch access | 3, 6 or 12 month terms in RON, EUR or USD; interest paid at maturity to the current account; deposits guaranteed up to EUR 100,000 per depositor by FGDB |
| Account kind | Easy access | Fixed |
Money transfer
| Fact | M-Pesa | Salt Bank |
|---|---|---|
| Payout methods | Bank, Cash pickup, Wallet | Not confirmed |
| Fee to send 1,000 | KES 13 | Not confirmed |
Where each stands against the rest
| Fact | M-Pesa | Salt Bank | Median |
|---|---|---|---|
| Currency conversion fee | Not confirmed | 0%below the median | 0.5% |
| Currencies | 1lowest quarter | 19highest quarter | 5 |
Median across 536 listed accounts.
Pros and cons
M-Pesa
Pros
- A monthly fee of KES 0, so there is no ongoing charge for keeping the account
- Savings pay a variable rate of 2% to 5% and open from a minimum deposit of KES 1
- Money sent out reaches bank, cash pickup and wallet
Cons
- Money moves in a single market, since the account holds 1 currency
- Branch counters are not among its listed features, which cover digital only, and access runs through the M-Shwari menu on the M-PESA system
- Transfer fees run Free to KES 100, then KES 7-108, with a common send charge of KES 13
Salt Bank
Pros
- Help is available by email, chat and phone.
- Cash withdrawals come with a free allowance of RON 900.
- Term deposits run in RON, EUR or USD and the interest lands in the current account at maturity.
Cons
- The service is digital only, per free atm and digital only, so there is no branch counter for cash or paperwork.
- Local receiving details are iban only, which limits how money can be received from other markets.
- The fixed deposit needs a minimum of RON 500 and ties the money up for the whole term.
Who each suits
M-Pesa
Who it suits
- People living in Kenya who pay and collect money by phone
- Teens and expats who want an account without a monthly charge
- Businesses and traders who receive and pay out through a wallet
Who should look elsewhere
- Skrill, if you need to hold and convert money in several currencies
- PayPal Colombia, if your payments need to reach an international audience
- Plazo ES, if you are weighing savings products and want terms other than a variable variable rate
Salt Bank
Who it suits
- Expats and travellers named under expats and travelers, who want local and overseas money in the same account.
- Anyone paid in and out in Romania, since 0 commission for incoming and outgoing payments in Romania there.
- Savers who can wait for interest at maturity and collect it in the current account.
Who should look elsewhere
- Not a fee-based decision: Skrill charges €0 a month and eToro £0, so price alone does not separate them.
- Not for people who need UK sort code or US routing numbers for incoming pay, since local details are iban only, the gap to weigh against PayPal Colombia.
Current offers
Salt Bank
Current offer
First period offer
Prima luna este gratuit (first month free): First month of any Salt plan free
Applies to the Salt, Salt Everyday and Salt Premium plans on opening
Source, checked September 26, 2026
Bonus
13-lea salariu (13th salary campaign): An extra salary when you bring your salary to Salt
Source, checked September 26, 2026
Country by country
| Country | M-Pesa | Salt Bank |
|---|---|---|
| Austria | No | Yes |
| Belgium | No | Yes |
| France | No | Yes |
| Germany | No | Yes |
| Ireland | No | Yes |
| Italy | No | Yes |
| Kenya | Yes | No |
| Netherlands | No | Yes |
8 of 11 countries where either is available.
Questions about each
M-Pesa
What does M-Pesa cost to keep each month?+
The monthly fee is KES 0, so there is no charge for holding the account. Sending money is charged separately, with transfer fees running Free to KES 100, then KES 7-108 and a common send charge of KES 13. Cash machine withdrawals are free within an allowance of KES 100.
Is there a minimum deposit needed to start?+
Savings start from a minimum deposit of KES 1, so the entry point is low. The monthly fee is KES 0, which means no ongoing charge to keep the account open, and the account kind is easy access for easy access to the balance.
Salt Bank
What does a Salt Bank account cost?+
The monthly fee is RON 0 and the currency conversion fee is 0%, so there is no monthly or conversion charge to budget for. Payments in and out in Romania run at 0 commission for incoming and outgoing payments in Romania, and cash withdrawals include a free allowance of RON 900. The conversion fee sits at rank 1 among the brands compared.
Is my money protected at Salt Bank?+
Deposits are covered by EU DGS up to EUR 100,000, so a balance up to that limit is repaid by the scheme if the bank fails. The Romanian guarantee fund FGDB guarantees deposits per depositor as well, and the bank answers to Banca Nationala a Romaniei under licence P.J.R. 40-043.
Other options to compare
Other matchups
Related by the facts
M-Pesa
Salt Bank