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Situated at the tip of the Persian Gulf, Kuwait has a history dating back several thousand years. An oil-rich country with a population of more than 4.2 million people, Kuwait is also a temporary home to thousands of US military personnel operating in the region.
If you ever need to send money from Australia to Kuwait, or from Kuwait to Australia, 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.
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One option when sending an international money transfer is to send a telegraphic transfer from your Australian bank account to a Kuwaiti bank account. However, 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 now regularly offer a better deal on transfers. These companies, such as OFX and WorldFirst, 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 fee | $20 | $0 |
| 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.
Make sure to consider the following features when considering the pros and cons of money transfer companies:
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.
With hundreds of thousands of agent locations, Western Union and MoneyGram are the world’s two largest providers of international money transfer services. Some popular cash pickup locations in Kuwait are listed below, but make sure to phone ahead to confirm locations and opening hours. Photo ID and a transaction number will also be required when picking up funds.
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:
