Living and Trading in KWD: FX Guide to Kuwait
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Kuwait with the Kuwaiti dinar
What's in this Kuwait currency guide?
What currency is used in Kuwait?
The official currency of Kuwait (country code: KW) is the Kuwaiti dinar, with symbol د.ك and currency code KWD.
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Frequently Asked Questions
What currency should I use in Kuwait?
The domestic currency in Kuwait is the Kuwaiti dinar.
What is the Kuwaiti dinar currency code and symbol?
The three letter currency code for the Kuwaiti dinar is KWD — symbol is د.ك.
What doe the Kuwaiti dinar look like?
Here is an example Kuwaiti dinar banknote:
Which countries use the Kuwaiti dinar?
It is the domestic currency in Kuwait.
Is the Kuwaiti dinar a closed currency?
No, the Kuwaiti dinar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and KWD?
Here are some popular conversion amounts for USD to KWD (US dollar to Kuwaiti dinar)*.
| USD | KWD |
|---|---|
| $ 3,261 | د.ك 1,000 |
| $ 16,306 | د.ك 5,000 |
| $ 65,224 | د.ك 20,000 |
| $ 326,120 | د.ك 100,000 |
More amounts
*Converted at the current USDKWD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the Kuwaiti dinar
The Kuwaiti dinar (KWD) is the official currency of Kuwait, a country located in the Middle East. Here are a few things to know about the Kuwaiti dinar:
- The Kuwaiti dinar is abbreviated as KWD and is divided into 1000 fils.
- The Central Bank of Kuwait is responsible for issuing and regulating the Kuwaiti dinar.
- The exchange rate for the Kuwaiti dinar is determined by supply and demand in the foreign exchange market.
- Kuwait is a major oil-producing country, with a large portion of the country's GDP coming from the oil and gas industry. The country is also a major financial center and has a growing tourism industry.
- The Kuwaiti dinar is one of the strongest currencies in the world and is pegged to a basket of currencies, including the US dollar, the euro, and the Japanese yen. The value of the Kuwaiti dinar is closely tied to the value of these currencies.
Travel money for Kuwait
Using Wise for Kuwaiti dinar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Kuwaiti dinar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Kuwaiti dinar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the KWD cash locally or even on travel day at the airport.
Getting around in Kuwait.
Kuwait is a conservative country located in the Middle East. Although the government is relatively stable, travelers should be aware of the possibility of political unrest. English is widely spoken, but travelers should be prepared to encounter some cultural differences. The climate is hot and humid, and temperatures can reach over 100 degrees Fahrenheit in the summer.
In terms of weather and environmental concerns, sand and dust storms occur regularly and flooding is not uncommon. Being a Gulf state Kuwait often experiences extremely high temperatures.
Best things to do and see in Kuwait
-Visit Kuwait Towers
-Visit Grand Mosque
-Take a picture with the Statue of Liberty
-Visit Kuwait National Museum
-Ride a camel at the beach
-Visit Souq Al-Kuwait
-Get a henna tattoo
-Visit the Tower of Fate
-Feed the birds at Al- Thuraya Park
-Watch the sunset at Arabian Gulf Beach
Top Travel tips for Kuwait
1. Kuwait is a conservative country, so it's important to dress modestly in public.
2. Kuwait has a temperate climate, so pack light clothing that can be layered.
3. Kuwait is a Muslim country, so be respectful of religious customs.
4. Kuwait is a safe country, but it's important to be aware of your surroundings and keep your belongings close.
5. Kuwait is an expensive country, so save up before your trip.
What's the best way to pay in Kuwait?
There is no one-size-fits-all answer to this question, as the best way to pay in Kuwait will vary depending on the specific circumstances. However, some common methods of payment in Kuwait include using cash, using a debit or credit card, or using an electronic banking transfer.
USD/KWD Market Data
The below interactive chart displays the USD/KWD change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Kuwait - Best Rates
To get a good (and fair) exchange rate when sending money to Kuwait you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Kuwait
When sending money to Kuwait it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Kuwaiti dinar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted KWD amount will be transfered to the recipient account you specify in Kuwait.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Kuwaiti dinar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Kuwait
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Kuwaiti dinar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the KWD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Kuwaiti dinar bank account: A local KWD bank account can make it easier for you to manage your finances and pay bills while you are in Kuwait. It may also be more convenient to use a local KWD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Kuwait. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Kuwait. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Kuwait, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Kuwait.
Cost of living in Kuwait
The cost of living in Kuwait is generally considered to be high compared to many other countries. Kuwait is a major oil-producing country with a high per capita income, and this has led to high prices for goods and services in the country. However, the cost of living in Kuwait can vary depending on a number of factors, including your personal expenses, the area in which you live, and your lifestyle. Some things that may be more expensive in Kuwait include housing, transportation, and food. However, there are also many things that are less expensive in Kuwait, such as clothing and entertainment.
Overall, the cost of living in Kuwait is similar to that of other Gulf Cooperation Council (GCC) countries, such as the United Arab Emirates and Qatar.
Local laws and traditions in Kuwait.
Kuwait is a Muslim country and while not as conservative as many of its Gulf neighbours, you should behave and dress in a respectful way.
Respect local traditions, customs, laws and religions at all times and be aware of your actions to ensure that they do not offend other cultures or religious beliefs, especially during the holy month of Ramadan or if you intend to visit religious areas.
Also, as Kuwait was part of the Gulf War, which was not all that long ago there are still unexploded munitions, including landmines in many rural areas, at beaches and recreational sites. Do not stray from well-travelled roads, stay on clearly identifiable tracks, and exercise great care, because there is a danger of unexploded ordnance even if an area has been officially cleared.
How is the expat life in Kuwait?
The expat life in Kuwait can be challenging at times, but overall it is a great place to live. There is a lot of cultural diversity, and the city is constantly growing and changing. There are plenty of things to do, and the locals are generally friendly and welcoming.
What is doing business like in Kuwait?
The business environment in Kuwait is generally considered to be quite favorable. The government has enacted a number of reforms in recent years to make it easier to start and operate a business. Kuwait is a relatively open economy, and foreign investors are treated relatively equally to domestic investors.
How is the economy in Kuwait?
The economy in Kuwait is very strong. The oil industry is the primary source of Kuwait's revenue and wealth, and the country has a very high per capita income. Kuwait is also a major financial center in the region, and the government has a strong commitment to free market principles.