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New Kisok machines enable money transfer to all nations across the world

Kuwait has introduced the latest device, namely the Kiosk machine, to transfer money to all countries across the world.

The Kiosk machine recognizes all customer data through Civil ID card reader and finger print reader. This process ensures that only a current customer who has completed KYC related formalities can access the terminal for transaction.

With this machine, an existing customer can transfer the amount in any currency to an existing beneficiary across the world, in line with terms and conditions by Central Bank of Kuwait.

The current rule emphasizes that transfer of up to KD3000 in cash and KD10,000 through K-Net is permissible. With this machine, an individual can also transfer the amount in 3 seconds based on technology adopted by the recipient bank when the transaction has been done by the customer.

The Al Mulla International Exchange Company is operating these machines in their select branches on a pilot exercise for money transfer.

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