Timescales for making and receiving payments

Timescales for making and receiving payments

In this document “we/our/us” refers to National Bank of Kuwait (International) PLC.  “You/your/yours” refers to the customer.

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
CHAPS[2] payments to other banks in the UK Same day 14.00
Faster payments to other banks in the UK[3] 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

[1] Bankers Automated Clearing Service
[2] Clearing House Automated Payment Systems, guaranteeing same day delivery for transactions of any size
[3] Faster payments are cheaper than CHAPS payments but with limits on the amount of the payment.

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
 SEPA payments (payments in EUR within the Single European Payment Area [4])  By the end of the next working day.  Note that if the payment is received by a bank outside the UK on a non-working day in that country, it may take an additional day to reach the recipient’s account.  14.00
 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

 
 [4] As of July 2015, SEPA consists of the 28 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), Andorra, Monaco and San Marino.

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.

 Foreign cheques i.e. cheques in currencies other than GBP or drawn on banks outside the UK We will collect the amount of the foreign cheque first and then pay the money into your account.  We may wait a short time before paying the money into your account to make sure that the foreign cheque is not going to be returned unpaid.  If a cheque is in a currency different from that in which your account is held we will convert the cheque into the currency in which your account is held at our exchange rate prevailing on the day of conversion.  

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.