Product
?
Select the product in which currency has to be issued
?
Enter the required forex amount OR payable INR amount. As per RBI norms single traveller can carry maximum 250000 USD in a financial year
×
?
Communication Details (Your order confirmation details will be sent on these contact details)
Your details

Total amount to pay for your order (incl. taxes)

Rs.
i
  • As per RBI norms, the GST is applicable as per travellers.
  • This amount is calculated considering one traveller. You can further add/edit travellers in preconfirmation page which can impact the total amount.
  • You may block foreign currency by paying 2% of total transaction value. This blocked rate will be valid for 2 working days.
  • As per RBI norms, the GST is applicable as per travellers.
  • This amount is calculated considering one traveller. You can further add/edit travellers in preconfirmation page which can impact the total amount.
  • You may block foreign currency by paying 2% of total transaction value. This blocked rate will be valid for 2 working days.
  • Disclaimer Note for TCS
    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    (ii) Tax Collection at Source (TCS) at the rate of 20% will be levied under section 206C(1G)(b) of the Income Tax Act on all other remittances not covered in (i) above without any threshold limit in a financial year under the Liberalised Remittance Scheme of the Reserve Bank of India.The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for non-refund of TCS
    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C(1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for TCS
    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    (ii) Tax Collection at Source (TCS) at the rate of 20% will be levied under section 206C(1G)(b) of the Income Tax Act on all other remittances not covered in (i) above, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for non-refund of TCS
    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C (1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
Save Quote
Send Quote

Send Quote

×
×
(+) Add more
you can add maximum of 5 email address.

Dear Customer,the selected currency is not readily available,hence cannot proceed ahead with this transaction. Our expert will contact you for further assistance or you can also call us on toll free no 1800-2099-100.

  Privacy Policy
Already have a Card? Know Your Balance

Kuwaiti Dinar (KWD) - Currency of Kuwait

Buying Rate (INR)
Selling Rate (INR)
Remittance Rate (INR)

Buy, Sell or Transfer Kuwaiti Dinar (KWD) in India at the best exchange rates

About Kuwaiti Dinar (KWD)

The Kuwaiti Dinar, code: KWD, is the official currency of Kuwait. This Kuwaiti currency is the world’s highest valued currency and is pegged to an undisclosed international currency basket. One Kuwaiti Dinar is made up of 1000 Fils. Till date, six series of the Kuwaiti Dinar currency have been printed and are in circulation. Some of the reasons why the Kuwaiti Dinar rate today is so strong include:

1. Fixed rate currency, therefore it maintains its spiked value, despite market fluctuations.
2. Kuwait owns 10% of the world’s crude oil reserves.
3. It is a tax-free country and 95% of exports and government incomes comes through petroleum.

Some facts that you ought to know about the Kuwaiti currency:

    1. The short name for the US Dollar is KWD.
    2. The most frequently used coins are 5 Fils, 10 Fils, 20 Fils, 50 Fils, 100 Fils.
    3. The most commonly used banknotes include 0.25 Dinar, 0.5 Dinar, 1 Dinar, 5 Dinars, 10 Dinars, 20 Dinars

History of Kuwaiti Dinar

The history of the Kuwaiti Dinar (KWD) is quite intriguing. After the Ottoman Empire was defeated, treaties that had been in existence since then were terminated in 1961. This gave Kuwait the autonomy it wanted from the UK.

Next, Kuwait was governed by the British colonial power following the collapse of the Ottoman Empire. As a result, they started using the Indian rupee as a medium of exchange. The Gulf rupee, which was actually pegged to the Indian rupee, arrived as a successor in 1959. Later, the British pound and the Gulf rupee were pegged.

During 1959 and 1966, the Gulf rupee was accepted as legal tender throughout the British protectorates of the Arabian Peninsula surrounding the Persian Gulf. These protectorates included Kuwait, Bahrain, Qatar, the United Arab Emirates, and Oman in modern times.

However, with the introduction of the Kuwaiti dinar in 1960, there was another establishment that took place that year. It was the Kuwaiti Currency Board. The board was supposed to look after the creation of Kuwaiti Currency under the Kuwaiti Currency Law. Thus, the Gulf rupee was replaced/phased out in favour of the Kuwaiti dinar, in 1961 by the Kuwaiti Currency Board.

Yet again, the Kuwaiti dinar was substituted by the Iraqi dinar after Iraq conquered Kuwait in 1990. Apparently, a significant amount of banknotes were confiscated by the invading army. Nevertheless, following liberation, the Kuwaiti dinar was reinstated as the nation's currency, and a whole new fresh batch of banknotes was released, thereby enabling the demonetisation of earlier notes, including the ones that had been stolen.

Today, the dinar is not only used as a medium of exchange in Kuwait; but it is also a legal tender in a number of other Middle Eastern nations, including Jordan, Algeria, and Bahrain. However, despite being one of the most valued currencies globally, the dinar is not frequently exchanged on the foreign exchange market.

Going back, the Kuwaiti dinar was linked to a basket of currencies chosen by the Kuwaiti Currency Board from 1975 to 2003. The Kuwaiti dinar was then tied to the US dollar, back in 2003, at a rate of 0.299631 dinars to 1 dollar. That held true until 2007 when the Kuwaiti Currency Board switched back to a currency basket. This occurred right ahead of the outbreak of the American financial crisis. Since then, this system continues to be in use today. The value of a Kuwaiti dinar as of December 2021 was approximately USD 3.3, making it one of the most valued currencies on the planet.

Factors Affecting Kuwaiti Dinar

The rate/level of demand in the global market determines how strong a currency truly is. In fact, compared to the British Pound, USD, Euro, and other world currencies, the Kuwaiti dinar has a number of advantages over them. Moreover, there is no doubt that Kuwait's oil resources have made the dinar very valuable. Yet, there are a lot more factors that actually influence the Kuwaiti dinar to a great extent. Let's have a look.

1. Significant oil exporter:

Kuwait is a significant oil exporter. Speaking of statistics, about ten percent of the world's reserves, which equals around 104 billion barrels (15 km3), of crude oil were believed to be in Kuwait just a few years ago. Consequently, due to the increasing demand for oil, many nations require dinar to buy it. This in turn does nothing but increases the overall rate of exchange.

2. Prudent use of oil revenue:

In contrast to some African nations including Nigeria and others where revenues from oil sales generally turn out to be a disaster caused by political corruption and mismanagement by public officials, Kuwait is slightly different. The country uses the money obtained from the oil supplies to expand its nation's infrastructure and its microeconomic sectors to boost the overall gross domestic product (GDP). That in turn, makes the Kuwaiti dinar quite strong and stable.

3. Tax-free nation:

Being a tax-free nation, Kuwait's government derives around 75% of its income from the oil sector. This further makes up for 43% of the GDP, 90% of export earnings, and most of the nation's other imports, which mostly consist of clothing and food. These benefits allow Kuwait to fix its currency exchange rate at an elevated level, thereby increasing its income since its exported goods hold far more worth than what it pays for imports. This in turn has direct relations with the strength and stability of the Kuwaiti dinar.

4. Investments:

The government of Kuwait has been making significant investments in the sovereign wealth fund of the Kuwait Investment Authority. This is quite a wise move, given the direction the country is headed in. Kuwait didn't just happen to be there. Its leaders made use of their resources to increase the Kuwaiti dinar's worth with regard to the US dollar and all the other currencies in the global market. All of this pretty much helps explain why the Kuwaiti currency is a really valuable currency.

5. Global Pandemic:

The global pandemic, COVID-19, had a huge impact on the value of almost all the currencies. The US dollar and the Chinese yuan at the time of their respective foreign exchange rates also were affected. This created a direct influence on their exchange rate with the Kuwaiti dinar, which resulted in a significant impact on Kuwaiti importers and exporters as well as the pricing of commodities and inflation rates of the country.

Quick Facts About Kuwaiti Dinar (KWD)

Currency Name Kuwaiti Dinar
Short Name KWD
Nicknames NA
Symbol (s) د.ك
Unit 1/1000, fils
Frequently Used Coins 5 fils, 10 fils, 20 fils, 50 fils, 100 fils
Rarely Used Coins
Frequently Used Bank Notes 0.25 dinar, 0.5 dinar, 1 dinar, 5 dinars, 10 dinars, 20 dinars
Rarely Used Bank Notes
Central Bank, Name & Website Central Bank of Kuwait| www.cbk.gov.kw
Territories that use the currency as a part of their legal tender NA

Currency Exchange in Other Cities

See More Cities

The Kuwaiti Dinar Currency

The currency is in the subdivision of 1000 fils. The rights to issuance of the currency lie within the authority of the Central Bank of Kuwait. The currency coins that are currently in circulation are in the denominations of fils 5, 10, 20, 50, 100. Similarly, the currency bank notes that are currently in circulation are dinars 0.25, 0.5, 1, 5, 10, 20.

How to buy forex online?
Thomas Cook not only offers the best-in-market foreign exchange rates, but also provides you with the best deals on international and domestic flight tickets, hotel bookings, and holiday packages. You can either buy forex from the comfort of your home or visit the nearest Thomas Cook branch. To find the latest KWD to INR rate or other exchange rates, you can use our exclusive, free currency converter now. To buy Kuwaiti Dinar online, follow these simple steps:

To buy Kuwaiti Dinar online, follow these simple steps:
Alternatively, you can even visit the nearest branch and our experts will be there to assist you to ensure a seamless transaction. Still have concerns? Speak to our forex expert today!

Currency Rate Today

Currency Name Buy Rate (Card Rate) Sell Rate
View Detailed Rate card

Frequently Asked Questions

Is Kuwaiti Dinar the highest-valued currency in the world?
Yes, it is. If you have queries pertaining to the currency, then you may contact our representative for expert advice before you make the decision of buying it.
What currencies can I use in Kuwait?
We suggest you either use the Kuwaiti Dinar or forex cards instead of taking other foreign currencies to make transactions unless you are going exchange those for dinar and then use it.
How much money can I carry in/out Kuwait?
You may carry up to KWD 3000, or foreign currency equivalent, in and out of Kuwait. However, in case the amount you are carrying exceeds the given limit, then you must declare the same. Also, to ensure you are aware of the up to date information pertaining to currency regulations, please get in touch with representatives.
If I am travelling to Kuwait, is it more advisable to exchange it here or should I go there, and do it?
We suggest you do it here as you will end up with getting better exchange rates. Log on to our website for more information on the current exchange rates on the Kuwaiti Dinar or get in touch with one of our representations.
I would like to sell some spare Kuwaiti Dinar that I have with me. What rates will I get?
You can certainly sell the Kuwaiti Dinar. It is however important to note that exchange rate at the time you want to sell the currency. Depending on the rate it might happen that you would end waiting a bit longer to see if the rates get any better. If you wish to seek any advice on how to sell the Kuwaiti Dinar, please get in touch with our representatives and they will guide you on the proceedings.