Terms and Conditions for Money Transfer and Payment

1) The Customer agrees that the Bank shall not be responsible for any delay or abstention or completion of the transfer as a result of insufficient funds or error or missing information in the transfer application or transfer order, or incomplete data, or imposition of any restrictions on transfers or if the amount is withheld or confiscated by local authorities or other State authorities or, if there is any suspicion that money laundering is involved or for any other reason beyond the control of the Bank.

2) In the event the Customer agrees to pay the expenses for the corresponding banks, the Bank shall deduct these from the Customer account and the customer shall be bound to pay any other additional expenses claimed by the corresponding banks.

3) In case the amount of the transfer, demand draft, or manager cheque has not been paid, the determination of the amount which the Customer can claim for a refund shall be the average purchase price of the currency used by the Bank on the same day the transfer has taken place. The Customer cannot claim the refund of the amount of the transfer unless he returns to the Bank what he has received in terms of bank cheques or other documents issued by it, and after the Bank has received a final notification from its corresponding bank that the amount of the transfer has not been paid and that the original instructions relating thereto have been cancelled.

4) It is hereby agreed that the Bank and its correspondent banks shall not be responsible for any consequences resulting from any conflict, delay, oversight, or telegraphic error in the transfer instructions or technical, and the Customer agrees that the Bank and its correspondent banks shall not be responsible whatsoever if the payment of the amount is delayed in order to obtain the required confirmation for the correctness of names and statements of the transfer order or payment instructions. The Customer shall compensate the Bank and its correspondent banks for any loss resulting there from; and in all circumstances, the Bank shall not be responsible for any loss resulting from the execution of the transfer or from any error or negligence on the part of any corresponding bank.

5) In the event the Customer requests a money transfers to be made between banks inside Kuwait or UAE the Customer declares his full knowledge that such transfer is based only on the principle of the verifications of the IBAN number of the beneficiary, and the Customer accordingly, releases each of the Bank and the bank of the beneficiary from any liability towards either of them for verifying the name of the beneficiary or his account number in order to complete this transfer.

6) In case the Customer provided the bank with wrong transfer data or in the case the Customer is exposed to any type of fraud or theft in connection to fund transfer procedures or electronic fund transfer, the Customer shall immediately contact the bank call center or contact any branch to report such error or fraud.

Currency Regulations and Policies for Foreign Transfers

Please note the following details the requirements for International Transfers.

1) Upon selecting Correspondent Charges as “Our” then ABK will charge an additional amount based on the Correspondent Bank’s request and charge the amount from your account. However, when “Beneficiary” is selected then the charge amount will be deducted from the amount transferred.

2) Swift International Transfers will take up to 3 business days to process until it is credited into the beneficiary’s account.

3) Local Transfers created before 10:55 pm will be processed within the same business day. However all local Transfers created after 10:55 pm will be processed on the next business day.

4) The minimum transaction amount is always the equivalent of KWD 1 for transfers.

Please note that the following are considered as account number in below respected countries:-

• For Kuwait, Europe, Saudi Arabia, Tunis, Mauritius and Lebanon IBAN is the account number.Beneficiary account number field should contain IBAN where applicable without any space between account numbers.
• For UK and Ireland IBAN and Sort Code (Beneficiary Bank).
• For India: IFSC.(Beneficiary Bank)
• For USA: FW/Routing Number.(Beneficiary Bank)
• For Australia: BSB (Beneficiary Bank)

Payments and eServices

1) ABKPay is a service provided by ABK that facilitates fund transfer from other banks in Kuwait using the KNET portal. The minimum transaction amount is KWD 1 and the maximum transaction amount is KWD 3000 a day.

2) The Cardless Cash Withdrawal service can only be used on a ABK branch ATM. The minimum transaction amount is KWD 1 and the maximum transaction amount is KWD 150 per transaction and KWD 400 a day.

3) US iTunes card/codes purchases are solely provided to be used on the US iTunes store. US iTunes card/codes are nonrefundable once the transaction is successful and the code was dispatched.

Glossary

IBAN stands for International Bank Account Number and is the standard way of distinctly identifying an account in order to improve the efficiency and speed of cross border payments. The IBAN is a combination of numbers and letters, which starts with 2 letters identifying the country where the account is held. The format differs per country. The number comprises maximum 34 alphanumerical characters. This is a unique number belongs to a bank account holder.

The SWIFT code stands for Society for Worldwide Inter-bank Financial Telecommunication.

A SWIFT code must always contain either 8 or 11 alphanumeric characters.

IFSC stands for Indian Financial System Code. In the Structured Financial Messaging System the Indian Financial System Code (IFSC) is being used as the addressing code in user-to-user message transmission. The code consists of 11 characters.

Federal Wire or a Routing Transit Number (RTN) is a nine digit bank code, used in the United States. The routing number is used to identify which financial institution is associated with a particular account.

A Bank State Branch identifying code (often abbreviated and used in conversation as BSB) is a six digit numerical code used within Australia and New Zealand that identifies an individual branch of a financial institution.

The SORT code is the name given by both the British and Irish banking industry to the bank codes that are used to route money transfers between banks within their respective countries via their respective clearance organizations. The sort code, which is a six-digit number, is usually formatted as three pairs of numbers.