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Send Money To Kuwait

Although it is a small country geographically, Kuwait’s massive oil reserves make it amongst the richest countries in the world per capita. It is a Sunni Muslim majority state and one of the US main allies in the Middle East.Kuwait has a cultural heritage that dates back to the ancient times. The capital is Kuwait City and the city is known for its fabulous architecture. Kuwait stands at the top of the Arabian Gulf. The country shares borders with Iraq and Saudi Arabia. The official language is Arabic but English is also widely spoken. Throughout history, other Kuwaiti languages and societies have influenced the way the Arabic language is spoken in Kuwait. The Kuwaiti blend of Arabic reflects a touch of characteristics unique to how Kuwaitis speak.

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Currency Used

The official currency of Kuwait is the Kuwaiti dinar (KWD). One Kuwaiti dinar is made up of 1000 fils. Before 1960, Kuwaitis used the Gulf Rupee. After Kuwait was invaded by Iraq in 1990, the Iraqi dinar replaced the Kuwaiti dinar. However, the Kuwaiti dinar would later be restored after the country was liberated. A new series of banknotes was introduced while the old banknotes were demonetised.One Kuwaiti dinar is the equivalent of approximately 3.28 US dollars and 2.64 British pounds. Kuwait is a tax-free country and 75 per cent of its economy is funded by oil revenues. The high value of Kuwait’s currency dwarfs that of every other currency in the world.

Send Money with Bank Deposit

Retail banks in Kuwait freely transfer money in all currencies to all destinations. The country’s strong currency means that there are really no tangible benefits to be accrued from transacting in British pounds or US dollars.When sending money to or from Kuwait, bank deposits may not be the most ideal option. This is because in most cases, banks tend to charge exorbitant fees, even though they are the safest and most secure option. At the same time, the exchange rates they offer are not the most competitive.Opening a bank account in Kuwait is a simple process. As long as you possess all the relevant documentation, the process will be over and done with in a matter of minutes. Once you have your account, you can receive or transfer funds from that account anytime. Although bank cheques and can also serve the same purpose, they can easily fall in the wrong hands. At the same time, sending them through postal or courier service consumes a lot of time. They also take time to clear which adds to the lost time.

Send Money Through Cash Pickup

Cash pickups are a great option for people who want to send or receive money from a foreign country. The method has become very popular with people trying to support their families back at home from far off places and also for businesses that need quick international remittances.When using a cash pickup, you don’t require debit cards, credit cards, memberships or bank accounts. The only thing a customer receiving money needs is a valid identification. There are some cases where due to the amount involved, senders are required to provide some pertinent information as provided by prevailing rules.The transaction is initiated by the sender who completes a form and pays the agent the transfer amount together with the applicable fees. Once the agent is satisfied, he processes the transaction. The recipient on the other side of the transaction is required to fill a form and provide the appropriate identification.In most cases, cash pickups are received and paid in cash. However, there are some amounts and some locations where the transfer might be paid by cash. International transactions in most cases are paid in the local currency.

Money Transfer Regulations

Like many Middle Eastern countries terror financing and money laundering are a major concern for financial regulators. This is mainly because of the devastating consequences that those transactions have on social, political and economic aspects of any country. Terrorists and people targeting to launder money mostly target financial and banking institutions when trying to conceal their sources of funds and identities. This is the reason why the Central Bank of Kuwait has put in place measures aimed at ensuring banks and financial institutions are not used as a conduit for criminal activities.Therefore, financial institutions in Kuwait are not allowed to maintain accounts with fictitious names or anonymous accounts. This rule applies to all account types offered by banks including savings accounts, current accounts, trust accounts or any others account types.Banks are also required to have a written policy that incorporates the minimum data and information that customers should provide before they can be allowed to open accounts or conduct transactions. These include identity, sources of income, profession, reasons for opening the account and any other relevant information.Customers are required to provide declarations when opening accounts. The declaration is to show that that customer is the sole beneficiary of the account to be opened in his name.