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Bank transfer fees in major Gulf countries

Bank transfer fees in major Gulf countries

Kuwait’s central bank has imposed a fee on money transfers at home and abroad via the internet and mobile phones.

According to Kuwaiti media, local banks have announced fees for local and international money transfers via internet and mobile phones, with banks asking customers to pay 1 dinar for local transfers and 6 dinars for international transfers. You have to pay dinars.

Banks have informed consumers about the requirement to charge fees via SMS, which will be effective from June 1.

According to unofficial banking figures, about 2.5 million people in Kuwait make electronic transfers from one bank to another annually, leading authorities to expect the banks to earn an additional 2.5 million dinars a year from this fee.

It may be recalled that at a meeting of the Central Bank on March 28, the bank officials had agreed to impose charges on banking transactions, the last date for which was June 5, 2022. Officials said that no bank from this date. Fees may apply in advance.

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