Kuwait is a small, oil-rich country in the Middle East. Its banking sector is highly developed, with a large number of banks and financial institutions offering a wide range of services to customers. In this article, we will look at the main local banks in Kuwait, whether major UK and USA banks have a presence in the country, the accounts and services offered specifically for expats, typical bank opening hours in Kuwait, any specific areas of concern for expats, and the process of opening a bank account in Kuwait as an expat.
Main Local Banks in Kuwait
The following are the main local banks in Kuwait:
- National Bank of Kuwait (NBK)
- Kuwait Finance House (KFH)
- Gulf Bank
- Commercial Bank of Kuwait (CBK)
- Al Ahli Bank of Kuwait (ABK)
Presence of International Banks in Kuwait
There is a limited presence of major UK and USA banks in Kuwait. HSBC and Citibank are the only two major UK and USA banks that have a presence in Kuwait.
Accounts and Services Offered for Expats
Many banks in Kuwait offer accounts and services specifically aimed at expats. These accounts may offer features such as low or no minimum balance requirements, multi-currency options, and free international transfers.
Some of the banks in Kuwait that offer expat-specific accounts and services include:
- NBK International Banking Services
- KFH Expatriate Banking Services
- Gulf Bank International Banking Services
- CBK International Banking Services
- ABK Expatriate Banking Services
Typical Bank Opening Hours in Kuwait
The typical bank opening hours in Kuwait are from 8:30 am to 1:00 pm, Sunday to Thursday. Some banks also offer evening banking services from 4:30 pm to 6:30 pm.
Areas of Concern for Expats
One area of concern for expats in Kuwait is the strict adherence to Islamic banking principles. Most banks in Kuwait follow Islamic banking principles, which means that interest-bearing accounts are not offered. Instead, profit and loss sharing accounts are used, which may not be familiar to expats from non-Islamic countries.
Another area of concern is the high fees associated with some banking services in Kuwait. Expats should research fees and charges associated with accounts and services before choosing a bank.
Opening a Bank Account in Kuwait
If you’re an expat living and working in Kuwait, you’ll need to open a bank account to manage your finances. The process of opening a bank account in Kuwait is straightforward, but there are certain documents that you’ll need to provide. Here are the steps to follow:
Choose a bank: The first step to opening a bank account is to choose a bank. There are several local and international banks in Kuwait to choose from, each with its own range of accounts and services. Do some research to find a bank that meets your needs.
Gather the required documents: To open a bank account in Kuwait, you’ll need to provide the following documents:
- A valid passport
- A valid Kuwait residency permit (Iqama)
- A salary certificate from your employer
- A letter from your employer stating your job title, salary, and duration of employment
- A copy of your rental contract or property ownership deed
- A completed bank account opening form
It’s important to note that the documents required may vary slightly from bank to bank, so check with your chosen bank to confirm what documents are needed.
Visit the bank: Once you have gathered all the required documents, visit the bank to open your account. You’ll need to fill out an account opening form and provide your documents to the bank representative. They will review your application and may ask you additional questions or request more information.
Deposit money: Once your account has been approved, you’ll need to deposit money to activate the account. The minimum amount required to open an account varies from bank to bank, so check with your chosen bank to confirm the amount.
Activate your ATM card: After you have deposited money into your account, you will be given an ATM card. You will need to activate your card by following the instructions provided by your bank.
Set up online banking: Most banks in Kuwait offer online banking services, which allow you to manage your account from anywhere. You can set up online banking by following the instructions provided by your bank.
In conclusion, opening a bank account in Kuwait as an expat is a straightforward process. By following the steps outlined above and providing the required documents, you can open a bank account and start managing your finances in Kuwait.