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ABK Launches Quick Money Transfer Initiative to Egypt

10 May 2022

        ABK Launches Quick Money Transfer Initiative to Egypt

Al Ahli Bank of Kuwait (ABK) is pleased to be offering customers a money transfer solution for those wiring funds to Egypt. Its new service ensures that funds can be transferred to ABK-Egypt accounts within the same day or the next working day, subject to the banking hours in Kuwait and Egypt. This new initiative demonstrates ABK’s commitment to strengthening its banking services to all segments of the community, particularly the Egyptian community, which is one of the largest Arab groups in Kuwait.

Designed to streamline cross-border remittances, ABK’s newly launched initiative is set to allow Egyptian customers to avail of the best transfer rates on Kuwaiti Dinar to Egyptian Pound conversions. The service is seamless and available at key customer touchpoints, including ABK’s branches and online and mobile banking platforms. For remittances done through ABK online and mobile banking, the Overseas Telex or Swift fees will be waived. ABK customers who are Prestige Salary account holders or Al Raed Salary account holders can avail of these services, in addition to the suite of benefits already associated with these accounts.

Speaking on the launch, Mr. Loai Muqames, CEO of ABK – Kuwait said, “Reports have shown that the country of Egypt ranks in the top five in terms of countries that receives remittances. As many of our loyal customers are Egyptians residing in Kuwait, ABK designed this new service to ease the process for those who are transferring funds back to Egypt. ABK’s Egyptian customers can benefit from seamless and efficient services and get the best transfer rates on conversions, enabling them to effectively manage their remittances for planned or emergency transfers, knowing that their funds will be received immediately. One of the attractive features of this service is that remittances conducted through ABK online and mobile banking will have a zero-processing fee. This service is open to Egyptian nationality holders residing in Kuwait between the ages of 21 to 60 years old. You can be an existing account holder, or a new account holder to use the service.”

“At ABK, we are dedicated to delivering on our ‘Simpler Banking’ promise. This new campaign underpins our commitment to ensuring our services are seamless, secure and convenient through a suite of touchpoints. Developing innovative solutions is pivotal to achieving this goal,” added Mr. Muqames.

For over five decades, ABK has showcased robust financial expertise and a relentless focus on customer-centricity to deliver the best-in-class banking services to its customers. ABK strives to continuously develop diverse solutions to meet individuals, corporations, and governments’ dynamically changing financing needs.