
Terms and Conditions
This Foreign Currency Exchange service
is provided by Bahrain Exchange Company (“BEC”) whose registered office is at Al Hajery Building, Abdul Aziz Hamad Al sager Street, Building No 1, Murgab, Kuwait City, Kuwait PO Box 29149. BEC is a Limited Liability Company (“WLL”) and is authorized by the Central Bank of Kuwait to carry out the business of Remittance and is bound by the Central Bank of Kuwait’s regulation and licensing conditions.
Buyback
Customer’s Civil ID as well as the original receipt for the Buy Back must be provided for validation. KD 2.5 per receipt will be charged for availing yourself of the buyback scheme. Buyback transactions must be redeemed within 30 days of the initial purchase date. Customers can purchase multiple currencies, but each transaction will be considered as a separate Buyback transaction (each currency incurs a buyback charge). The minimum limit for buyback transactions is KD 50 and the maximum limit for buyback transactions stands at KD 1,000. Currency must be returned to the same branch where the buyback transaction was made. If buyback is purchased from an airport branch, unused currency can be returned at any of the airport branches.
Our Liability
In no circumstances shall BEC be liable for any losses, damages or expenses incurred due to the delay, non-delivery, non-payment, under-payment, or without limitation any other event relating to your transaction, unless such event is solely due to the gross negligence or willful misconduct of BEC, and then only to the extent of the principal amount of your transaction, the commission amount and any foreign currency exchange rate benefit. BEC reserves the right not to accept, process or pay for any transaction that it determines in its sole discretion may violate any applicable law. In no event shall BEC be liable for any payment claims for cash payout transactions, once the beneficiary has acknowledged receipt of funds.
Your Responsibilities
You acknowledge that: a) you will not use BEC’s services for any unlawful purpose; b) you are responsible for providing the correct data which we require to complete your transaction; and c) you are required to produce documentary evidence proving source of funds/income, purpose of transaction, details of beneficiary and any other details in support of your transaction as and when required by BEC and/or the authorities.
Cancellation & Refund Policy
- Cancellation Policy
- Automatic Cancellation:
Customers are required to pick up their booked currency within 24 hours from the time of booking. If the currency is not collected within this period, the transaction will be automatically cancelled. - Voluntary Cancellation:
Customers can opt to cancel their booking voluntarily by visiting the designated pick-up location prior to the order being processed. Once the order has been processed, cancellations will not be accepted. - Failure to Comply with KYC and Regulatory Norms:
BEC reserves the right to cancel the currency booking order if the customer fails to comply with Know Your Customer (KYC) requirements or regulatory norms as set by the Central Bank of Kuwait. In such cases, the transaction will be cancelled, and the refund will be processed in accordance with the procedures outlined below.
- Refund Process
- Refunds will be processed 24 working hours after the cancellation request is made. This delay is necessary to verify the funds have been debited from the customer’s bank account and credited to BEC’s account.
- Refunds for cancelled transactions will be made in one of the following ways:
- For amounts less than 500 KD, the refund can be provided in cash at the pick-up location.
- For amounts above 500 KD, refunds will be issued via bank cheque or transferred directly to the customer’s bank account.
- Subject to Clause 3 (“Our Liability”), BEC will refund the principal amount at the prevailing BEC buying rate at the time the refund is processed.
- BEC will refund the principal amount at the prevailing BEC buying rate on the date the refund is made. Please note that fluctuations in exchange rates may affect the amount refunded compared to the original booking value.
- How to Request a Refund
- To initiate a refund, the customer must visit any of BEC’s branches and present:
- Proof of purchase (booking confirmation or receipt)
- Original photo identification (Civil ID card or passport)
- Refund requests will be evaluated and processed at BEC’s discretion.
Rates and Charges
The foreign currency exchange rate applied to the transaction will be the prevailing rate when the transaction is made. Commission charges may change from time to time and without advance notice. The foreign currency exchange rate and commission charge will be as displayed on the transaction receipt.
Data Protection
BEC will take all reasonable steps necessary to ensure that your data is treated securely and in accordance with this clause. BEC will use the information provided by you for the purpose of fulfilling our obligations to you and in order to comply with any legal obligation.
Governing Law
These Terms and Conditions shall be read and interpreted according to the laws applicable in the State of Kuwait and we hereby submit to the jurisdiction of the courts in the State of Kuwait.
Customer Service Manager
Bahrain Exchange Company (BEC)
Al-Hajery Building, Abdul Aziz Hamad Al Sager Street
Building No 1, Murgab, PO Box 29149, Kuwait City, Kuwait
Tel: +965 1824000 or
Email: InfoCust@bec.com.kw