Central Bank of Egypt to charge fees on ATM withdrawals

According to a circular issued on June 29th, the Central Bank of Egypt (CBE) has decided to restore fees on cash withdrawal transactions at automated teller machines (ATMs), putting the maximum fees for an off-us transaction at EGP 5.

The CBE also increased the cap on ATM cash withdrawals made outside of the user’s account to EGP 4,000 per transaction.

From July 1 through December 31, the bank has waived all fees and commissions imposed on all EGP money transfers made using electronic channels (the internet, mobile banking, and InstaPay applications). This exemption only applies to natural individuals.

The creation of electronic wallets is free, however only natural persons can transfer funds using mobile wallets, and all customers are exempt from transfer costs for the first transaction of each month.

After that, starting with the second transaction each month for customers of the service provider, fees on transfers of natural people through mobile wallets have been fixed at a maximum of EGP 1 per transaction (on-us transactions).

The post Central Bank of Egypt to charge fees on ATM withdrawals appeared first on PAN Finance.

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