Send money to Kuwait from Australia and vice versa with the help of a trusted and affordable money transfer provider.
If you ever need to send money from the US to Kuwait, or from Kuwait to the United States, there are several money transfer companies able to handle the transaction. You just need to compare their exchange rates, fees and features to find the company that offers the best deal.
World First International Money Transfers
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- Enjoy competitive exchange rates.
- Spot contracts, forward contracts and limit orders are available.
- Receive weekly updates on market exchange rates.
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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
Banks versus money transfer companies
One option when sending an international money transfer is to send a telegraphic transfer from your Australian bank account to a Kuwaiti bank account. But while this is undoubtedly a safe and secure option, it’s also a costly one – banks charge high transfer fees and typically offer some of the worst exchange rates around.
In recent years, specialist money transfer companies have emerged and regularly offer a better deal on transfers. These companies, such as OFX and World First, are foreign exchange specialists and trade in large volumes of foreign currency. This allows them to offer superior exchange rates to the banks which, combined with lower fees, makes them a much more affordable transfer option.
Kevin’s son Jack is working in the oil industry in Kuwait, and Kevin wants to send his son a $1,000 money transfer as a birthday gift. To find the cheapest option, Kevin decides to compare the cost of sending a transfer with his bank vs sending it via an online transfer company. The results of his comparison are shown in the table below:
|Bank||Money transfer company|
|Exchange rate||1 AUD = 0.2056 KWD||1 AUD = 0.2160 KWD|
|Transfer time||1-2 days||1-3 days|
|Amount received (in KWD)||KWD205.60||KWD216|
As you can see, not only can Kevin send KWD10.40 extra by using the money transfer company, but he can also save AUD$20 in transfer fees.
How do I compare transfer companies when transferring and receiving money via Kuwait?
Make sure to consider the following features when considering the pros and cons of money transfer companies:
- Exchange rates. The higher the exchange rate, the more money your beneficiary receives. Look for the company that regularly offers the best exchange rates, but be aware that good exchange rates can sometimes come with high fees attached.
- Transfer fees. Transfer fees range from zero to north of $50, so it pays to check just how much a transaction will cost before you commit.
- Transfer options. Some online transfer providers offer options to help you get the exchange rate you want, for example forward contracts and limit orders. You may also wish to check whether the provider allows you to schedule a recurring transfer in advance.
- Transfer methods. Will the funds be sent via electronic transfer or will you need to visit an agent location and pay with cash?
- Supported currencies. Check the list of countries to which a transfer provider can send money and also look at the list of supported currencies. Make sure the provider you choose will be able to handle your regular transaction needs.
- Processing times. How long will it take from the time you submit a transfer request to the time your beneficiary receives the funds?
- Transfer limits. Are there any minimum or maximum limits on the amount you can transfer at any one time?
- Receiving options. How will your beneficiary receive the funds – for example will the funds be paid into their bank account or PayPal account, or can they pick up cash from a transfer agent.
- Customer service. Is there an online help section with customer support and a range of frequently asked questions? Can you quickly access customer assistance if you ever have a problem with a transaction?
How do I send money to Kuwait from Australia?
- Bank transfers. You can send money from your Australian bank account to a bank account in Kuwait.
- Cash pickup transfers. Western Union and MoneyGram both operate cash pickup locations in Kuwait.
- Online money transfers. Companies such as OFX, World First and TorFX offer this service.
- Bank cheque. You could also obtain an international guaranteed cheque from your bank and post it overseas.
How do I receive money from Kuwait in Australia?
- Bank transfers. Transfers can also be conducted from a Kuwaiti bank account to your Australian bank account.
- Cash pickup transfers. Search online to find your nearest MoneyGram or Western Union cash pickup location.
- Online money transfers. There are several trusted online money transfer providers that allow you to send money between Kuwait and Australia.
- Bank cheques. International cheques are a secure but slow transfer method.
Emergency cash transfers in Kuwait
If you ever need to send an urgent cash transfer, remember to take the time to review the full details of your transaction before handing over any money. Emergency transfers tend to attract lower exchange rates and higher fees than ordinary transfers, so even a small transfer could end up costing much more than you expect. Read the fine print closely instead of simply rushing into a transaction.
Find a money transfer location near you
Tips for picking up cash in Kuwait
- DFAT warns Australian travellers to Kuwait to exercise a “high degree of caution”
- Take a friend with you for extra security
- Phone ahead to confirm the location and opening hours of a cash pickup agent
- Keep your money concealed – don’t wave it around in front of strangers
- Deposit the money in your bank account as soon as possible
What are the steps to send money to Kuwait?
The transfer process when sending money to Kuwait varies depending on the transfer provider you choose. However, you will generally need to follow these simple steps:
- Sign up for an account. You will need to provide your name, contact details, proof of ID and possibly your bank account details.
- Enter transaction details. You will need to specify whom you are sending the money to and in what country, as well as the amount of money being transferred and your chosen currency.
- Submit and track transfer. Review the details of your transfer before handing over any money. You can then use a tracking number to monitor the progress of your funds.