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UK
LIBOR Transition
Interest rate benchmarks are being reformed. London Interbank Offered Rate (LIBOR) and other Interbank Offered Rates (IBORs) will cease to exist and will be replaced with alternate reference rates.
LIBOR Transition Update (October 2021)
LIBOR Transition Update (February 2021)
LIBOR is Being Replaced (March 2020)
Fees and Charges
NBKI Tariff
Outward Payments
| UK Transfers | £30 |
|---|---|
| Other Currencies | £35 |
| International Transfers (in Currency of Country) | £30 |
| International Transfers (Not in Currency of Country) | £35 |
| Sterling or Foreign Currency Draft | £20 |
| Query Message on Outward Payment | £20 |
| Standing Order | No Charge |
| Set up of Direct Debit | No Charge |
| USD Payments to USA | USD 50 |
| USD Payments Outside The USA | USD 60 |
Inward Payments
| Funds Received For Credit to Accounts | No charge |
|---|
Personal/Bank Cheque
| Personal/Bank Cheque Sent For Collection* | £25 |
|---|---|
| Unpaid Cheque or Direct Debit** | £25 |
| Unpaid Return of Deposited Cheque** | £25 |
| Stop Payment of Individual Cheque | £25 |
| Stop Payment of Lost/Stolen Cheque Book | £25 |
*Correspondent bank charges may also be levied
** We may represent a cheque up to three times. Each time a fee will be incurred.
Online Banking Services
| UK Transfers | £15 |
|---|---|
| International Transfers to NBK Offices | £20 |
Overdraft Facilities
| Unarranged - All Currencies | Interest at 20% p.a. (21.94% E.A.R) (Note information below regarding the Monthly Cap) |
|---|---|
| Arranged | Rates by agreement |
Monthly Cap
The monthly cap on unarranged overdraft charges for personal current accounts is £100 for accounts held with NBKI - London.
1. The cap applies to charges made for:
(a) going overdrawn when you, the account holder, have not arranged an overdraft; or
(b) going over/past your arranged overdraft limit (if you have one).
2. This cap covers any:
(a) interest and fees for going over/past your arranged overdraft limit;
(b) fees for each payment your bank allows despite lack of funds; and
(c) fees for each payment your bank refuses due to lack of funds
Note that the monthly cap does not apply to business current accounts and/or current accounts held by companies and other corporate bodies. It also does not apply to personal current accounts held with NBKI - Paris.
Safe Deposit Boxes
Annual rental:
| Small | £300 |
|---|---|
| Medium | £400 |
| Large | £600 |
Short term rental (up to 3 months):
| Small | £150 |
|---|---|
| Medium | £200 |
Visa Debit Card
| Annual Fee Per Card | £35 |
|---|---|
| Replacement of Lost/Stolen Card | £35 |
Other Services
| Annual Fee for Automatic Inter-account Transfer (to Cover Account Activity) | £30 |
|---|---|
| Cheque Book Issuance | £6 |
| Copy Cheque/Letters/Statements/Advices | £5 per item |
| Certificate of Balance | £15 |
| Fixed Term Deposit Breakage | £175 |
Please take note as follows:
E.A.R. stands for Equivalent Annual Rate and represents the annual cost of an overdraft taking into account how often interest is charged to the account. It does not reflect other fees or charges.
NBKI reserves the right to amend, add to or cancel its charges at any time, subject to applicable regulations.
Charges will be applied immediately, at the time of each relevant transaction.
Charges for payments and transfers subject to the Payment Services Regulations 2017 will be additional to, and must not be deducted from, the amount due to the recipient in each case.
Deposit Interest Rates
Automatic Exchange of Information
NBKI meets its automatic exchange of information obligations under US FATCA, UK FATCA (CDOT) and the Common Reporting Standard (CRS).
Timescales for making and receiving payments
Cut off times are shown in UK time. Where we receive payment instructions after the specified cut off time we may not be able to process the payment until the next working day.
In the tables below “working day” for NBKI and other banks operating in the UK means any day of the week except Saturday, Sunday or any English public holiday. When referring to a bank outside the UK (for example when an overseas bank is receiving a payment) it means any day on which the banks in that country are usually open.
Making Electronic Payments Within the UK (All Payments Types Are in GBP Only Except for Internal Transfers)
| Payment Type | Time It Takes for Payment to Reach the Recipient’s Account | Cut Off Times for Us to Make the Payment That Day |
|---|---|---|
| Internal Transfers (Payments to Your Other Accounts With us or to Accounts Held by Others With us) | Same day | 14.00 |
| Bill Payments Using BACS [1] | Within three working days | 14.00 |
| Payments to Other Banks in The UK | Same day | 14.00 |
| Standing Orders (Using BACS) | Within three working days | 14.00 |
| Direct Debits (Using BACS) | Within three working days | 14.00 |
| Debit Card Payments | Within three working days | 14.00 |
Bankers Automated Clearing Service
For payments in currencies other than GBP, USD, EUR or CAD the cut off time is 14.00 one working day before the payment date.
If you want to make a payment in a different currency than the one in which your account is held we will convert the relevant amount into the currency you have requested, using our exchange rate applicable at the time.
Making Electronic Payments to Those Outside the UK
| Payment Type | Time It Takes for Payment to Reach the Recipient’s Account | Cut Off Times for Us to Make the Payment That Day |
|---|---|---|
| All Other Electronic Payments Outside the UK | These payments will be made by SWIFT transfer and will usually be credited to the recipient’s bank account on the day received, unless received after the cut off time of the receiving bank, in which case the sum will be credited on the receiving bank’s next working day. | 14.00 |
Cash Withdrawals
| Withdrawal Type | When Debited to Your Account |
|---|---|
| At the Counter of Our Branch | Immediately |
| Via Our Branch ATM | Within 3 working days |
| Via Any Other ATM | Within 3 working days |
Cash Paid in
| Where Paid in | When Credited to Your Account |
|---|---|
| At the Counter of Our Branch | Immediately. Any such sums will be available for withdrawal immediately assuming you have sufficient funds to meet the withdrawal. |
Cheques You Write
| Where Cheque is Paid in | When Debited to Your Account |
|---|---|
| Into Our Branch | Same day |
| Specially Presented | On the day we receive your cheque |
| GBP Cheques Paid Into Other UK Banks | Usually two working days after the recipient pays the cheque into their account |
| All Other Cheques | The day the cheque is presented to us for payment. This may take longer than two working days. |
Cheques Paid in to Your Accounts
| Cheque Type | When Credited to Your Account |
|---|---|
| Cheque in GBP Drawn on a Bank in the UK | Two working days later. Note that this is when you receive value. You may not be able to draw on the amount credited until three working days have elapsed. For example, a cheque paid in on Monday would receive value on Wednesday and you could draw on it on Thursday. We will be allowed to reverse the cheque within six working days of it being paid in, for example because there were insufficient funds in the payers account to meet the cheque. |
Electronic Payments Paid to You
| Payment Type | Day Credited to Your Account (If Received by Cut Off Time) | Cut Off Times for us to Credit to You on Day of Receipt |
|---|---|---|
| GBP Payments | On the day of receipt | 15.00 |
| Payments in Other Currencies | On the day of receipt | 15.00 |
If an electronic payment is received in a currency different from that in which your account is held we will refer to you on a case by case basis for your instructions.
Additional fees payable by Retail and Private Banking customers with current accounts
Minimum Balance Charge:
A Minimum Balance Charge is payable monthly in arrears by customers maintaining Accounts (in any currency) with us when the average monthly balance of the Accounts for the applicable month drops below the applicable Minimum Balance. This fee will be charged to your Account during the first week of the month following any calendar month that your total balances are below the agreed Minimum Balance or the currency equivalent at the calendar month end.
Please see above link Deposit Interest Rates for details for Minimum Balance.
Minimum Balance Charge (charged Monthly when applicable):
| Retail Banking | £50 or equivalent |
| Private Banking | £100 or equivalent |
The balance calculation for a month is calculated using the daily average of the total of the credit balances of all your accounts and the total amount deposited with the National Bank of Kuwait (International) Plc.
The Minimum Balance Charge does not apply when you hold a loan with NBKI, or a fund distributed by NBK (London) Nominees.
The Minimum Balance Charge is debited from your Account held with the National Bank of Kuwait (International) Plc..
If the balance in your instant access accounts (Current and Watani Super accounts), is insufficient to cover the Minimum Balance Charge (for example below £100) we will contact you directly to top up your account.
If the due fees are not received within 1 month of notifying you, or after 2 months of not being able to reach you despite our best efforts, we reserve the right to:
-
Debit the accumulated fees from your deposits when they mature (if applicable)
-
To proceed with the closure of accounts in line with our Conditions.
Please our FAQ’s available on our website for further details.
FSCS Deposit Protection
Your eligible deposits with National Bank of Kuwait (International) PLC are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
