Local Kuwait banks to increase charges for overseas cash withdrawals via ATM cards

Official approvals were obtained in this regard from the relevant regulatory authorities

Businessman taking money at an ATM in the city

Businessman taking money at an ATM in the city

Getty Images/ Westend61

KUWAIT CITY: Starting from next month, new charges will apply on cash withdrawals outside the country via ATM services, reports Aljarida daily.

Local banks have officially informed their customers that there will be an additional charge of KD 1.25 for every cash withdrawal process done outside the State of Kuwait using ATM cards.

According to informed sources, implementation of the new charges comes in line with the services provided by banks through the ATM cards in terms of safety procedures and the necessary protection, as well as the possibility of cash withdrawals from anywhere in the world, which requires the compatibility of card systems and their global approval, and other services.

For reference, the charges were carefully assessed according to the value of the service and its cost to the bank, and official approvals were obtained in this regard from the relevant regulatory authorities.

It is worth mentioning that there is a competitive margin in banking services, either in terms of the number of free electronic services available to customers or the discrepancy in some service charges.

Such charges represent an important and basic source of revenue for the banking sector in general. It increases with the development of services, their value and their impact on meeting customer requirements.

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