Egypt Introduces Withdrawal Fee for ATMs

The Egyptian Council of Ministers Media Center released a statement following widespread controversy in recent hours about the introduction of fees for withdrawing funds from all bank cards through ATMs.

The Council denied the information that the Central Bank decided to introduce a commission for withdrawing funds from all bank cards through ATMs in the amount of 20 to 50 pounds.

The center said: “The news was circulated on some websites and social media pages that the Central Bank had decided to introduce a fee for withdrawing funds from all bank cards through ATMs in the amount of 20 to 50 pounds, and the media center of the Council of Ministers contacted with the Central Bank of Egypt”, which denied these reports, stressing that the introduction of new fees for cash withdrawals from prepaid bank cards and direct debit cards through ATMs (ATMs) where withdrawals are made free of charge (without any through ATMs associated with the issuing bank and with a fee not exceeding £5 from any other non-bank device.

He pointed out that for credit cards, which constitute about 7% of the total number of bank cards in the Egyptian market, the cash withdrawal fee for them is determined by the bank that issued the card in order to use these cards for their intended purposes, and motivating the Society to use it in e-procurement processes instead of cash transactions, urging citizens not to be led by this fake news, while drawing information from its official sources.

Source: RT