As the blessed Eid Al-Adha holiday and the June 30th anniversary holiday approach, all bank employees in Cairo and other governorates will have an official leave for 8 days. This means that all banks will be closed from Tuesday, June 27th until Monday, July 3rd. With the banks closed during this period, many people are wondering about the maximum daily withdrawal from ATMs, as these machines have become the only outlet for many individuals.
The Central Bank has clarified the maximum limit allowed for customers to withdraw cash from ATMs. Customers are not allowed to exceed this limit within a 24-hour period. In an effort to encourage customers to use smart wallets for transactions and bill payments instead of dealing in cash, the Central Bank has set the maximum customer withdrawal from ATMs within 24 hours at 20,000 pounds. Customers should not exceed this amount until the end of the 24-hour period. However, customers are allowed to withdraw up to 150,000 pounds from their accounts, but they must do so through a competent bank employee.
In light of the upcoming Eid Al-Adha holiday, Representative Muhammad Abdullah Zain al-Din, a member of the House of Representatives, has appealed for attention to be given to ATM machines. He emphasized the need to ensure that there is enough money in these machines during the holiday so that every citizen can withdraw money without encountering any deficits or malfunctions. There have been numerous complaints from citizens regarding the lack of service and issues with ATMs, and it is crucial that these reforms are implemented before the Eid Al-Adha holiday to prevent citizens from being unable to access their funds.
Additionally, it is important to note the balance inquiry fees from automated teller machines. The National Bank of Egypt charges 1.5 pounds per inquiry, while Banque du Caire charges 5 pounds per inquiry. Banque Misr charges 2 pounds per inquiry, but balance inquiries at Housing and Development Bank are free of charge in every transaction. The Commercial International Bank and First Abu Dhabi Bank also offer free balance inquiries in each transaction. The Arab African Bank charges 3 pounds per inquiry, as does Alexandria Bank. For Emirates NBD, the balance inquiry fee is 2 pounds per inquiry.
As the holidays approach, it is essential for individuals to be aware of these withdrawal limits and balance inquiry fees to ensure smooth financial transactions during this period.
How can customers plan their cash withdrawals effectively to avoid inconvenience during the holiday period?
T, which is set at EGP 10,000 per day. This limit applies to both local and foreign currency withdrawals.
The Central Bank implemented this measure in order to manage the liquidity in the banking system and ensure smooth operations during the holiday period. By setting a maximum daily withdrawal limit, the Central Bank aims to prevent any potential cash shortages in ATMs.
It is important for customers to plan their cash withdrawals accordingly to avoid any inconvenience during the holiday period. Additionally, it is advisable to carry alternative means of payment, such as debit or credit cards, as ATMs may run out of cash due to increased demand.
Customers should also be mindful of their personal safety when withdrawing cash from ATMs, especially during the holiday season when there might be a higher risk of theft or fraud. It is recommended to use ATMs located in well-lit areas or inside bank branches, and to shield the keypad when entering the PIN number.
While the holiday period may present some challenges in terms of access to cash, it is also an opportunity for individuals to explore alternative banking channels, such as mobile banking, online transfers, or using payment apps, which offer convenience and security.
Ultimately, the maximum daily withdrawal limit aims to ensure a smooth and efficient banking system during the Eid Al-Adha holiday and the June 30th anniversary holiday. By adhering to this limit and exploring alternative banking channels, customers can manage their financial transactions effectively and enjoy a safe and hassle-free holiday period.
