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Welcome to our Banking Frequently Asked Questions (FAQs) section. Here, we aim to provide clear and concise answers to common queries about our banking services, procedures, and offerings. Whether you're new to banking or a seasoned user, these FAQs are designed to assist you in understanding the ins and outs of our services.
From account operations to mortgages, we cover the key topics to ensure you have all the information you need for a seamless banking experience with NBKI.
A current account is an account you can use to make payments to third parties and which you can draw on without giving us any prior notice. Balances on a current account can be positive or negative (in credit or overdrawn).
- Any person aged 18 years or over
- Anyone looking to manage their day-to-day banking needs
- Anyone who requires a Debit Card, Cheque Book, Notice account or Fixed Term Deposit account with NBKI
- Anyone who wants to apply for a Mortgage with NBKI
This is a savings account which pays you interest and which allows you access to your money without needing to give any prior notice.
- Any person aged 18 years or over
- Anyone who requires control over their day-to-day savings without locking their money for a fixed period.
A notice account is a type of savings account where the account holder is required to give a certain period of notice before withdrawing their funds.
- Any person aged 18 years or over
- Anyone seeking access to more competitive rates
A Fixed Term Deposit Account, also known as a term deposit or time deposit, is a type of savings account where you deposit a certain amount of money for a fixed period of time and earn high interest rates.
- Any person aged 18 years or over
- Anyone seeking access to more competitive rates by committing their funds for a duration of 3, 6, or 12 months.
A Notice Account and a Fixed Term Account are both types of savings accounts, but they function quite differently.
A Notice Account allows you to make withdrawals, but you have to give the Bank a specified notice period before you do so.
A Fixed Term Account, on the other hand, requires you to lock your money away for a specific period of time, also known as the 'term’.
The key difference lies in the access to your funds: a Notice Account offers more flexibility with a delay, while a Fixed Term Account offers higher interest but requires you to commit your money for a certain period.
- Visit us at our branch at 13 George Street, London W1U 3QJ. Our branch is open Monday to Friday (excluding UK bank holidays) between 9:30 and 16:00 UK time
- Visit any NBK branch outside of the UK
- Call us on +44 20 7224 2277 or email us on customerservice@nbki.com
- If you are an existing NBKI customer, you can contact your dedicated Relationship Manager
- Current Account: If you do not initiate a transaction (example: authorise a payment, receive a payment, or use your debit card, withdraw or deposit cash) on your account for one year, the account will become inactive, and you will not be able to use it or use the debit card issued on that account. To activate your account, you will need to contact your dedicated Relationship Manager or call us on +44 20 7224 2277.
- Watani Super Account: If you do not initiate a transaction (example: authorise a payment, receive a payment, withdraw or deposit cash) on your account for 1 year, the account will become inactive and you will not be able to use it. To activate your account, you will need to contact your dedicated Relationship Manager or call us on +44 20 7224 2277.
- Notice Account: If you do not withdraw or credit your Notice Account for 3 years, the account will become inactive and you will not be able to use it. To activate your account, you will need to contact your dedicated Relationship Manager or call us on +44 20 7224 2277.
- You do not need to pay any fees to activate your account.
- This service is available for clients who hold two Instant Access accounts (Current or Watani Super) in the same currency.
- You can specify the minimum balance (any credit balance) to be maintained by the end of every business day in the instant access account and specify which other instant access account will fund it.
- Automatic Inter Account Transfers are free of charge.
- A Direct Debit allows a third party to take money from your account.
- You can specify one or more dates for this to happen.
- The amount can vary, Direct Debits are commonly used to pay utility providers in the UK.
Standing Orders allow you to make regular payments of a fixed amount on a specific date from your Current Account with NBKI to a third party.
You can generate your Current account IBAN by using the IBAN Generator by clicking on NBK TOOLS on our website, alternatively you can contact your Relationship Manager who can provide you with your IBAN.
- SWIFT address is: NBOKGB2L
- Sort Code: 40-51-88
- Payments can be made online if you are registered to Online Banking, or
- You can email your signed payment instructions to your Relationship Manager at NBKI
The term "bank charges" covers all charges and fees made by the bank to customers with regards to certain services and products. These charges may take many forms such as monthly, annual or once a customer initiates a transaction or requests a service.
Withdrawals must be done by the child’s parents or legal guardian.
What is a Third Party Mandate and how does it work?
A Third Party Mandate ('Mandate') is an arrangement you set up with us that gives someone you trust access to your accounts, so they can do some of your everyday banking like taking out cash, paying a bill or moving money between your accounts. There are certain restrictions in place, which your Relationship Manager will discuss with you in order to protect you if you have more than one account.
You can potentially give them access to your online banking, but you cannot allow them to use your card at the ATM. To undertake a transaction, they can do this at the branch, in writing or by telephone. If they attend the branch, they will need to bring proof of ID and address each time.
You could set a Mandate to give access to a relative, friend or carer. As long as it is someone you trust. You can withdraw the Mandate at any time. You are in control.
What's the difference between a Third Party Mandate and a joint account?
When you open a joint account with someone, all the money (and any debt) in the account is shared between you. You both have the legal right to use the money as you wish. If either account holder dies, the money (or debt) in the account passes automatically to the other person.
A Third Party Mandate is different. Your account and your money stay in your control. The person you give access can operate your account and you can cancel the Mandate at any time. In addition, the Mandate is automatically cancelled if you or the Third Party lose mental capacity or die.
How a Third Party Mandate could help
Whether you need help just once in a while or would like regular support to manage your account, a Third Party Mandate could make life easier for you and the person helping you. However, each person's circumstances are different and you should seek independent legal advice, but we are always happy to discuss matters with you.
You may find a Third Party Mandate useful if:
- you temporarily cannot visit us in branch (for example, if you're not well for a short period of time)
- you have someone who helps you with tasks like paying bills
- you're waiting for a power of attorney to be set up
- you only need limited support rather than help managing all your finances.
How to cancel a Third Party Mandate
Either you or your trusted person can cancel the Third Party Mandate at any time by completing a cancellation form. One of you will simply need to let us know when you want the Mandate to end by either calling us, visiting us in branch or writing to us. Please let us know if there's a specific date when you would like the Mandate to stop or if it should stop straightaway.
As mentioned above, in certain circumstances, we'll automatically end a Third Party Mandate. For example, if you tell us either you or your trusted person has lost mental capacity or if either of you die.
Other ways to get support
If you are not sure a Third Party Mandate is right for you, you may find having a power of attorney in place may suit you better. This could allow someone to manage your finances if you become unable to do so in the future due to mental or physical incapacity.
Whatever support you need, we are happy to discuss matters with you. Further guidance relating to the Third Party Mandate can be provided to you via our Relationship Managers.
Need more help and support?
Please contact us for more information relating to:
Third Party Mandates
Monday to Friday, 9 AM to 5 PM.
Tel: 0207 224 2277
Power of attorney or Court of Protection Orders
Email: courtofprotectionenquiries@justice.gov.uk
Enquiries Tel: 0300 456 4600
Other sources of help
- GOV.UK: Find a legal advisor
- Citizens Advice: Managing affairs for someone else
The amount of money in your account at any time which can settle any payments due.
The same amount in one currency as is in another using the appropriate exchange rate.
A set amount of interest the Bank will pay you for locking your funds away for a fixed period of time.
"Know Your Customer", which generally refers to documentation to confirm your identity, your residential address and other relevant personal information as needed for your bank account.
A type of account which does not pay you any interest on your account balance.
Money paid to you without deduction of UK Income Tax.
The total amount of interest you can earn each year across all your bank accounts without becoming liable for UK taxes.
Putting your money on a fixed or term deposit.
An account which is held within your main account.
An amount of interest paid to you which changes from time to time.
- Identification documents: Civil ID and passport
- Proof of income: Salary certificate, audited financial statements, rental income, and account statements.
- Any documents you have relating to the property.
- Proof of address
No, you can submit your interest in or request for the product from any NBK Group location.
No. You can submit your request while you are in London, and our team will follow up with you. Any documents that need to be signed will be sent to your closest NBK branch for your signature.
Yes, subject to independent legal advice that needs to be obtained to ensure that all parties are aware of their legal commitments.
You must inform the Bank of any changes in your status, including the use of the property. There may be modifications needed in the legal agreement to accommodate the change in the purpose of the property.
Upon meeting the lending criteria and agreeing on the new loan terms, you can transfer your mortgage to NBKI.
You do not need to be an NBKI customer in order to submit your application. However, at the point of loan completion and drawdown, you must hold an account with NBKI.
Processing time can vary depending on the complexity of the request and availability of all required documents. Please refer to our Expected Costs page for more information on average timelines.
The loan approval is valid for three months and can be automatically renewed for another three months. After a total of six months, you will need to submit new financial documents in order to receive a new approval.
It is recommended that you inform your account manager to help establish a solution that both parties can agree on. NBKI supports clients with various types of vulnerabilities, including financial vulnerability. Please refer to our Facing Financial Difficulties page for more information.
There's no need to transfer your salary to the account, but you need to ensure there are sufficient funds in the account to service the loan.
From NBKI's side, there are no financial obligations to settle, but you may still be required to pay related solicitor and surveyor fees.
No. NBKI only partially finances properties for you and your family to use either while on holiday or for renting out to a third party.
Yes, please visit our Agreement in Principle page for further information. However, the final approval will be subject to the completion of a formal facility agreement and other documentation that is satisfactory to the bank.
Yes, the latest you can start repaying is within 90 days from the loan disbursement (drawdown) date. If you are salaried, the standing order date should be aligned with the expected date of your salary payment.
You can include up to four individuals as the named owners. However, it is possible to include additional family members or individuals through the use of a legal document known as a "Declaration of Trust" or "Trust Deed".
The process takes from 4 to 6 weeks provided the property is ready for inspection. Please refer to our Expected Costs page for more information on average timelines.
Prepayments are allowed after the first anniversary of the loan, provided you give NBKI 30 days’ notice in writing.
Any amounts repaid cannot be redrawn.
If NBKI consents to a prepayment before the first anniversary, a fee of 1% of the amount prepaid will be payable, such fee will be payable at the time of such prepayment.
This can be done at no cost provided you close your loan on interest rollover date and after the first loan drawdown anniversary.
No. You will need to utilise a chartered surveyor from the NBKI's approved list to proceed with the survey and/ or valuation of the property.
Yes. NBKI can recommend a solicitor for your transaction. For more information, please contact us or your dedicated Relationship Manager.
Yes. You will need to supply copies of your certified financial accounts prepared by your accountant for a period of three-years prior to application.
No. NBKI only provides partial financing for the purchase of a property to be utilised either as your holiday residence or as a rental property.
A type of loan where the principal balance and the interest is paid in regular amounts at regular times.
A type of mortgage or loan where the interest is paid in regular amounts at regular intervals, and the principal amount is repaid in one amount when the loan matures or expires.
Another person or persons who take out a mortgage or loan together with you.
An agreement with a property manager in which they agree to exercise reasonable skill, care and diligence in managing the property and will cover any losses as a result of failing to do so.
An agreement that repayment of the lender will take priority over everyone else. A first charge is attached to a property at the Land Registry and is removed when the loan or mortgage is repaid in full.
Property and the land it is built on which is owned outright.
A third party individual who agrees to pay any loan or mortgage interest and principal repayments in the event the individuals who take out the loan or mortgage cannot meet the expected repayments.
A property which comes with a right to occupy, for a set number of years and in accordance with a lease agreement.
The number of years we have given for you to have your loan.
A signed agreement with a third party individual to confirm they agree to pay any loan or mortgage interest and principal repayments in the event the individuals who take out the loan or mortgage cannot meet the expected repayments.
An agreement that all rental income received from a property we have given a Buy-to-Let mortgage on will be paid to your account with us.
The number of years left on the Lease of your leasehold property.
A tax paid on the purchase of a UK property.
MICR (Magnetic Ink Character Recognition), is a character recognition technology which helps in faster processing of cheques. Every bank branch is given a unique MICR code and this helps to speed up the cheque clearing process.
Yes, for cheques to be processed, an MICR code is required. The MICR code contains data required to process the cheque.
Only cheques meeting the standard size requirements will be accepted for processing. Cheques should either be 20.3 cm x 7.6 cm or 22.8 cm x 8.9 cm.
Cheque books issued by NBKI comply with all security features and these include:
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Type of paper used which does not allow for cheque to be photocopied
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Special type of ink
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Watermark as part of the cheque
- UV logo
Please contact the individual who has provided you with this cheque and request that they provide you with a new standard cheque. Soon, it will not be possible to process this cheque at any local bank.
No, it is not. Direct sunlight damages the UV security features which would make it impossible for such cheque to be processed by NBKI.
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Do not write or sign over the MICR code at the bottom of the cheque
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Generally keep cheque in a good condition - it should not be folded or stapled to the paper. Make sure that your cheques are not damaged in any way (ie: torn, folded, or crumpled).
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The cheque should not be exposed to direct sunlight nor kept in a hot place e.g. in a car in direct sunlight as this can damage the UV logo.
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Ensure the availability of sufficient funds in the account before issuing cheques (cheques returned due to insufficient funds may lead closure of your account by NBKI)
A debit card is a form of payment where the customer can purchase an item using money that is deposited in his bank account without the need to withdraw it in cash.
All customers that currently hold an active current account with the bank qualify for a debit card. In the case of a new customer, they will receive a debit card instantly when opening the current account at the branch.
The NBK Debit Cards give direct access to your current account and can be used at millions of locations worldwide at ATMs, point of sales and websites.
NBK Debit Cards are now Contactless and will work at Contactless readers throughout the world allowing you to pay for low value items with a simple tap.
You must tell us right away if you think someone might have access to your account, or if your card is lost or stolen.
The numbers to use during office hours 9am to 5pm Monday to Friday are: 0207 224 2217 from the UK
+44 27224 2277* from outside the UK
If your card is lost or stolen, including the situation where your card is stuck inside an ATM please call NBKI outside of office hours at +44 207 317 5513.
How much is the minimum balance charge?
It is dependent upon whether you are a Private or Retail Banking Customer. The expected minimum balance charge will be communicated to each customer individually.
What is the frequency of the minimum balance charge?
If applicable, the minimum balance charge is paid monthly in arrears and will be debited to your account during the first week of every month
When did the first minimum balance charge come into effect?
The first month of assessment of averages balances on your accounts was January 2023, with the first minimum balance charge being debited from accounts, where payable, during the first week of February 2023. The minimum balance charge is a recurring monthly charge, where payable.
I hold a local mortgage loan with the NBKI. Will the minimum balance threshold and minimum balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold a local mortgage loan with NBKI.
I hold an investment with the NBKI (NBK Nominees). Will the minimum balance threshold and balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold an investment with NBKI (NBK Nominees).
How can I pay UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
If you are unable to, or do not wish to top up your balance with NBKI London, to meet the minimum balance requirements, and do not wish to incur the minimum balance charge, you must close your UK account(s) with NBKI. If you are an NBK - Kuwait Account Holder you can use your NBK - Kuwait issued cards which are compatible across the UK.
I am not a NBK - Kuwait cardholder, how can I pay my UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
After closing your UK account with NBKI, the alternatives to pay for UK travel expenses include using your local bank issued cards. Please verify with your local bank that their cards are operational overseas.
How are the average balances computed?
The end of day cleared balances in your current and fixed deposit accounts will be aggregated into GBP and divided by the number of calendar days during the month to arrive at the average balances.
Will my account be charged if I hold average monthly balances of more than the minimum balance but at times, the balances fall below the minimum balance for a few days in the month?
Charges will be based on average balances during the month. Your account will be debited with the minimum balance charge only if the average balance falls below the minimum balance requirement
I hold an NBK Fixed Term Deposit with NBKI of over the minimum balance. Do I also need to maintain a minimum balance in my NBK Current Account?
Aggregate average balances of NBK Current Account and NBK Fixed Term Deposit will be taken into consideration. You do not need to maintain an average balance of the minimum balance in each of these accounts.
I hold an NBK Current Account in other foreign currency (US Dollars). Is the minimum balance requirement applicable to my NBK Current Account in USD?
The minimum balance requirement is applicable on other currency accounts as well. The equivalent average balances of the minimum balance should be held. The exchange rates used to calculate average balances for other currencies will be based on the rates determined by NBKI. If you hold your balances in foreign currencies and they are below the equivalent amount of minimum balance, the minimum balance charge will be debited from your current account in foreign currency on a monthly basis (the exchange rates used to calculate the charge for other currencies will be based on the rates determined by NBKI).
Will the balances in other foreign currencies be taken into consideration for computing the average balance at NBKI?
Yes, these balances in other currencies will be included at the exchange rates determined by NBKI.
Will my balances in other NBK locations count when calculating will be taken into consideration for computing the average balance?
No, NBKI is a UK subsidiary, subject to its own local regulatory and operating environments. The average balance is computed based on aggregate balances held with NBKI only.
What happens if I have no available balances in my NBK Current Account?
If the minimum balance charge is applicable and your current account balance is below the applicable minimum balance charge, we will contact you to top-up your account to cover the charge. If you do not top up your account balance in a timely manner or fail to hold enough funds in your account to meet the monthly minimum balance charge on an ongoing basis, we will close your account in accordance with our terms and conditions.
If I am not able to meet the minimum balance requirement and do not wish to incur the minimum balance charge, how do I close my account?
We will be sorry to have you exit your relationship with us. We can, however, assist you in closing your account if you choose to do so. You will be required to provide us with signed authorisation to close your account and transfer the balance to your specified bank account.
I hold a mortgage loan with the NBKI London. Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold a mortgage loan with NBKI London.
I hold an investment with the NBKI London (NBK Nominees). Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold an investment with NBKI London (NBK Nominees).
What is the frequency of the Minimum Balance Charge?
If applicable, the charge of £100 will be debited to your current account during the first week of every month, if the average balances on your accounts for the preceding month was below £300,000.
When was the first Minimum Balance Charge be payable?
The first month of assessment of averages balances on your accounts was January 2023, and the first Minimum Balance Charge was debited to accounts, where payable, during the first week of February 2023. The minimum balance charge is a recurring monthly charge, where payable.
How can I pay UK travel expenses if I do not want to top-up my balance or pay the Minimum Balance Charge?
If you are unable to, or do not wish to top up your balance with NBKI to £300,000, and do not wish to incur the Minimum Balance Charge, you must close your UK account(s) with NBKI. If you are an NBK Kuwait account holder you can use your NBK Kuwait issued cards which are compatible across the UK.
I am not a NBK Kuwait card holder, how can I pay my UK travel expenses if I do not want to top-up my balance or pay the Minimum Balance Charge?
After closing your UK account with NBKI, the alternatives to pay for UK travel expenses include using your local bank issued cards. Please verify with your local bank if their cards are operational overseas.
How are the average balances computed?
The end of day cleared balances in your current and fixed deposit accounts will be aggregated into GBP and divided by the number of calendar days during the month to arrive at the average balances.
Will my account be charged if I hold average monthly balances of more than £300,000 but at times, the balances fall below £300,000 for a few days in the month?
Charges will be based on average balances during the month. Your account will be debited with the Minimum Balance Charge only if the average balance falls below the Minimum Balance Requirement.
I hold fixed deposits with NBKI London of over £300,000. Do I also need to maintain a minimum of
£300,000 in my current account?
Aggregate average balances of Current and Fixed Deposit Accounts will be taken into consideration. You do not need to maintain an average balance of £300,000 in each of these accounts.
I hold a Current Account in other foreign currency (US Dollars). Is the Minimum Balance Requirement applicable on my USD current account?
The Minimum Balance Requirement will also be applicable on other non-GBP currency accounts. The equivalent average balances of £300,000 in the relevant currency should be held. If you hold your balances in foreign currencies and they are below the GBP equivalent amount of £300,000, the charge equivalent to £100 will be debited to your current account in foreign currency on a monthly basis. The exchange rates used to calculate average balances for other non-GBP currencies and the monthly charge will be based on the rates determined by NBKI London.
Will the balances in other foreign currencies in NBKI be taken into consideration for computing the average balance?
Yes. These balances in other currencies will be included at the exchange rates determined by NBKI.
Will my balances in other NBK locations be taken into consideration for computing the average balance?
No. NBKI is a UK subsidiary subject to its own local regulatory and operating environments. The average balance is computed based on aggregate balances held with NBKI only
What happens if I have no available balances in my current account?
If the Minimum Balance Charge is applicable and your current account balance is below the applicable Minimum Balance Charge, we will contact you to top-up your account to cover the charge. If you do not top up your account balance in a timely manner, or fail to hold enough funds in your account to meet the monthly Minimum Balance Charge on an ongoing basis, we will close your account.
If I am not able to meet the Minimum Balance Requirement and do not wish to incur the Minimum Balance Charge, how do I close my account?
We will be sorry to have you exit your relationship with us. We can however assist you in closing your account if you choose to do so. You will be required to provide us with your signed authorisation to close your account and transfer the balance to your specified bank account.