Kuwait banks raise ‘link’ transfers to 10K dinars

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KUWAIT CITY, Sept 15: Local banks have already started doubling the upper limit for immediate financial payment transfers carried out by individual customers through financial links, or what is known as the “link” service, to reach 10,000 dinars per month, reports Al-Rai daily. They indicated that the Central Bank of Kuwait is considering unifying the upper limit of these operations, whether executed by the same bank or from an account with another bank, noting that the target change for the upper limit will be double the maximum allowed for individuals per month, and 3 times the value of daily transfers in force in some banks through link payments.

The sources reported that the limit set for settling financial payments to settle the transactions of medium and large institutions and companies differs from individuals, given that their need to settle their financial transactions is greater.

The sources pointed out that setting a higher ceiling for instant money transfers via the “Link” is limited to the recipient of the funds, while the sender has no limits, given that his payments are from a specific source, unlike the receiving customer whose account needs to be monitored and banking follow-up to ensure the safety of the money flows to him.

The sources said the supervisory regulator noted that the limits of payments that are implemented through links or what is known as “links” differ from one bank to another because they are determined at the request of the bank. For example, there are banks that allow their customers to export “links” at a value of up to 3,000 dinars per day, while the majority of banks allow their customers to receive money through “links” set at 1,000 dinars per day, and with a monthly value of no more than 5,000 dinars.

This news has been read 16376 times!