Banque Misr and Bank of Alexandria have decided to implement a new increase in the fees for money transfers through their electronic applications, as part of the ongoing changes in digital banking policies.
At the same time, the National Bank of Egypt announced the continued full exemption from transfer fees through its digital channels (AlAhly Net and AlAhly Mobile) indefinitely, as part of its policy to support financial inclusion.
This step comes after InstaPay imposed a transfer fee of 0.1 percent of the transaction amount, with a minimum of 50 piasters and a maximum of LE20.
The fee was set at a maximum per transaction of LE 70,000, a daily maximum of LE 120,000, and a monthly maximum of LE 400,000.
National Bank of Egypt
The National Bank of Egypt is exempting transfers between NBE accounts, transfers from NBE to other banks, and all transactions via digital channels.
This comes despite the fact that the basic tariff sets a fee of one per thousand (five LE to LE 75) + three LE per transaction.
Banque Misr
Following the official announcement of the new InstaPay instant transfer application fees at the beginning of April, Banque Misr surprised its customers in an official post by announcing new fees for electronic transfers conducted via its electronic application “BM Online.”
Banque Misr said in a post on its official Facebook page that the decision to impose new fees comes within its updated terms of service for the app, which aims to achieve greater streamlining of the electronic payment process and make it similar to the fees charged by the InstaPay app.
Regarding the new fees, Banque Misr indicated that a fee of 0.1 percent of the transaction value will be applied, with a minimum of 50 piasters and a maximum of LE 20 per transaction, similar to the InstaPay app.
For example – to transfer LE 500, the fee is 50 piasters. To transfer LE 1,000, the fee is LE 1. To transfer LE 5,000, the cost is five LE.
The user incurs a maximum fee of LE20 when transferring from LE20,000 to LE70,000.
Bank of Alexandria
Bank of Alexandria has decided to impose 0.15 percent fee on instant transfers made through its electronic application, with a minimum fee of LE10 and a maximum of LE50.
This coincides with the new update launched by InstaPay regarding fees and tariffs for its services, which took effect on April 1.
Edited translation from Al-Masry Al-Youm
