The Banking Executive Magazine - November 2022 Issue

Kuwait Banks KUWAIT BANKS TO PROVIDE SWIFT MONEY TRANSFER FOR EGYPTIAN EXPATS According to informed sources, major exchange companies in Kuwait have completed their prepa- rations to provide a service for trans- ferring the value of dollar deposits to Egyptian residents who wish to ex- port their cars to Cairo. They explained that the traditional transfer system provided by ex- change companies in Kuwait via on- line does not comply with the requirements of the law on customs exemption for cars of Egyptians abroad in exchange for a dollar de- posit, as it requires that it be de- posited through bank transfer only. This is what prompted the compa- nies to make the banking transfer service through the SWIFT system available for the Egyptians residing in Kuwait. The bank transfer process, which is compatible with the exemp- tion law with exchange companies, is carried out with a fee of USD 35 (equivalent to about KD 10.5) on the entire amount, whatever it is, and paid once. Some banks provide the service for free through their applications and with fees of up to KD 8 through its branches without calculating the commission of the intermediary bank. the BANKING EXECUTIVE 26 ISSUE 167 NOVEMBER 2022