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How to send money to Kuwait
Our pick: OFX International Money Transfers
OFX offers flexible transfer options, 24/7 customer support and no maximum limit. Send a minimum of $1,000 per year.
- $0 transfer fees. Send fee-free transfers to over 195 countries worldwide.
- Transfers in 55 currencies. OFX supports major, minor and exotic currencies.
- Flexible options. Choose from forward contracts to scheduled transfers for convenience and flexibility.
Send money to Kuwait using a trusted service
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Kuwait with our money transfer partners.
Banks vs. money transfer companies
When sending money to Kuwait or anywhere else, your first stop may be your local bank. But don’t let it be your last: While banks offer easy, convenient transfers, they typically won’t offer great value for your money. Bank transfers historically come with weak exchange rates and unnecessarily high fees, making this service far less affordable than it should be.
You can find more cost-effective transfer options through specialist transfer companies like OFX and TransferWise. Because these providers trade large volumes of foreign currency daily, they can offer exchange rates that are more competitive than your local bank’s. Transfer fees tend to lower — or can come with no transfer fee at all. And shopping around for a better deal can reap you further savings.
Case study: Kevin sends money to Kuwait
Kevin’s son, Jack, works in the oil industry in Kuwait. Kevin wants to send Jack a $1,000 ahead of birthday. To find the cheapest option, Kevin compares the cost of sending a transfer with two online transfer specialists.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 US = 0.30||1 USD = 0.25 KWD|
|Transfer speed||3–4 days||In minutes|
|Transfer options||Bank deposit||Cash pickup|
|Total KWD received||300 KWT||250 KWD|
Kevin learns that by waiting a few additional days, he can not only send more Kuwaiti dinar to his son but also save $18 in transfer fees.
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Most countries’ exchange rates are flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Kuwait
How do I compare transfer companies when transferring and receiving money via Kuwait?
By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
- Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
How to send money to Kuwait
- Bank transfers. Some major US banks may allow you to send money to Kuwait.
- Money transfer providers. Providers like Ria and XE can help you quickly and easily transfer your money online.
- Providers with cash pickup. Western Union and MoneyGram allow you to send funds for cash pickup at agent locations.
- Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
Steps to send money to Kuwait
- Register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
- Supply your recipient’s name, contact information and bank account details as required.
- Enter the amount of your transfer and complete the transaction.
- Keep track of any receipt you receive so you can monitor the progress of your transfer.
Emergency cash transfers in Kuwait
When you need to transfer funds urgently to Kuwait, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Tips for picking up cash in Kuwait
Whether picking up funds in Kuwait City or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
- Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
- Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
- Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
- Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.
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