The Kuwaiti Money, the Fils or the Dinat?

                                       Kuwait set of six coins, 1, 5,10,20,50,100 Fils

Kuwaiti Dinar (KD) KD 20, KD10, KD 5, KD 1, KD 0.500 and KD 0.250

            The Kuwaiti Dinar (KD) is the official currency of Kuwait. The KD (international currency code is KWD) is accepted worldwide and complies with International Monetary Fund regulations. KD 1 is equal to 1000 fils. Notes are issued in denominations of KD 20, KD 10, KD 5, KD 1, KD 0.500 and KD 0.250. Coins are in denominations of 100 fils, 50 fils, 20 fils, 10 fils and 5 fils. Since the beginning of 2003, the dinar has been pegged to the US Dollar. There is a small margin for fluctuation, so the exchange rate will always be somewhere between 289 and 310 fils to the dollar.
Exchange rates are published daily in all major Arabic and English newspapers (Kuwait, 2010).

         Cash is the preferred method of payment although credit cards are generally accepted. Traveler’s cheques are widely accepted although it is recommended that you take travelers cheques in US dollars or UK pounds sterling to avoid additional exchange rate charges. The use of cheques is not common. Foreign currencies can be changed at any of the numerous foreign exchange offices, hotels and banks. A passport is not always required in order to affect a currency exchange, although it would make sense to have it with you just in case (Explorer, 2010).

 Kuwait has an excellent, internationally recognized banking system with a wide range of commercial and personal services including money exchanges and transfers. A number of the banks have first-class online facilities.
The majority of banks are located in the central area of Kuwait City, with branches throughout the country. Kuwait is in the process of granting licenses to a number of international banks to open branches in Kuwait, including BNP Paribas, National Bank of Abu Dhabi, Citibank and HSBC. Banking hours are from 08:00 – 14:00, Sunday to Thursday. Some do open for one evening a week but this varies from bank to bank (Explorer, 2010).

 In addition to the services offered by the banks, there are a number of reputable independent money exchanges in Kuwait. Rates are better than those you would be given at major hotels. These exchanges will also transfer money to an international account for a fraction of the price that a bank will charge. The majority of the exchanges operate Saturday to Thursday, from 08:30 – 13:00 and 16:00 – 19:00. A limited number of exchanges open on Friday afternoons (Explorer, 2010).

 Article Cited:

Kuwait. (2010). Explorer.  Retrieved October 1, 2011, from http://www.liveworkexplore.com/kuwait/general-information.