The Federation of Egyptian Banks denied circulated news regarding withdrawal commissions from banks' automated teller machines (ATMs), describing it as completely baseless information.
Furthermore, the Federation affirmed in a statement, Wednesday, that there are no withdrawal commissions when using the issuing bank’s automated teller machine network, as it is a free service for customers of each bank.
“Commissions apply only when using debit cards, prepaid cards, and salary cards for other bank machines other than the bank issuing the card, with a prescribed commission of EGP 5,” it added.
It pointed out that cash withdrawal commissions relate to credit cards only when used in cash withdrawals from ATMs.
Earlier, a number of banks operating in Egypt approved commissions when withdrawing cash from the purchases card, at a rate ranging from 2 to 5 percent of the value of the money withdrawn, with the end of the period specified by the Central Bank’s decision to exempt customers from cash withdrawal commissions as part of the measures it took to confront Coronavirus to motivate the public and automate transactions to reduce crowding on bank branches.