Kuwaiti banks are considering imposing fees on online transfers between local banks as part of a proposal aimed at offsetting the costs of digital transformation and operational demands. Currently, online transfers between different banks are offered free of charge, while in-branch transactions incur a fee of 5 dinars. Under the new proposal, banks would begin charging fees ranging from 1 to 2 dinars per transaction for interbank online transfers, while keeping existing in-branch fees unchanged for transfers within the same bank. Each bank would set its own rate within the proposed range based on its strategic priorities. Proponents of the plan argue that the rapid increase in digital transactions, particularly for commercial payments, has placed a significant operational burden on banks, which have yet to monetize these high-volume transactions. Some industry experts have suggested applying fees specifically to transfers conducted through platforms like “Wamd” or similar services, which process a substantial portion of commercial payments, often reaching the daily transfer limit of 3,000 dinars. While personal transfers typically involve smaller amounts, the growing reliance on digital payment services has led to a broader shift toward online transactions. Customers have increasingly opted for digital transfers due to their convenience, security, and […]