KIAKKWKB

Payment Instructions

General instructions for international payments to banks in KUWAIT:

• Ensure all required bank information is obtained from the Beneficiary, such as SWIFT BIC, IBAN, and beneficiary bank address.
• Non-residents can hold both local and foreign currency accounts in Kuwait.
• There are no foreign exchange controls in Kuwait.
• For Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address. Initials can delay funds receipt.
• For Beneficiary Customer (SWIFT MT103 F59): Include account number, full name (no initials), and address. Initials may delay fund receipt.
• Beneficiary IBAN must be included in the payment instructions.
• Include SWIFT BIC with branch identifier, full name, and address of the beneficiary bank.
• No bank clearing codes in Kuwait for cross-border payments; SWIFT BIC is crucial for routing payments.
• Provide the purpose of payment as recommended (SWIFT MT103 F70).
• Note that markets are closed on Fridays in Kuwait.

IBAN: In Kuwait, the IBAN consists of 30 characters. It starts with the country code 'KW,' followed by a 2-digit checksum, a 4-letter bank code, and a 22-digit domestic account number. Example of electronic format: KW98ABCD7654321987651234567891 and print format: KW98 ABCD 7654 3219 8765 1234 5678 91.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of KUWAIT INVESTMENT AUTHORITY for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from KUWAIT INVESTMENT AUTHORITY, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Related SWIFT-codes

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.