Kuwait Banks Propose Fees on Online Interbank Transfers

  • 09/03/2025

Kuwaiti banks are exploring the possibility of charging fees for online interbank transfers, with proposed rates ranging from 1 to 2 dinars per transaction. This move aims to help banks offset the costs of ongoing digital transformation and service enhancements. Currently, interbank transfers conducted online are free of charge, whereas branch-based transfers incur a 5-dinar fee.

Sources indicate that the proposed fees would apply exclusively to online transactions between different banks, with each institution setting its own rate within the designated range. The growing volume of electronic transactions, particularly in commercial payments, has prompted banks to reassess their fee structures. Some industry professionals advocate for imposing fees on platforms like "Wamd", which handle substantial daily transactions, though this suggestion has not gained widespread support due to potential impacts on smaller users.

The rise of digital banking services has significantly boosted online transactions, with customers favoring their speed, security, and convenience. Banks argue that the high operational costs of maintaining these services necessitate additional revenue streams. However, the Central Bank of Kuwait remains cautious, emphasizing the importance of financial inclusion and sustained digital adoption.

While the banking sector largely agrees on the need for online transfer fees, regulatory approvals and broader consumer impact considerations will play a crucial role in determining the final decision. The proposal seeks to balance technological investment with maintaining an accessible and efficient financial ecosystem.

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