Five services will be implemented in banks starting tomorrow, Sunday, including many benefits for citizens, with the aim of gaining the confidence of customers and encouraging them to limit the use of traditional currencies (the pound), as part of the efforts made to improve financial inclusion, especially in developing payment systems, with the aim of strengthening the structure The infrastructure to increase the efficiency of banking transactions and make them available at reasonable prices.
Banking services
As of tomorrow, requests to transfer funds through bank accounts will be executed within two hours of the time of the customer’s request, and the transfer order will be sent to the beneficiary’s bank on the same working day in addition to receiving requests from customers sent during the working hours of the branches or via electronic channels 24 hours. Every day, and the need to log in to the beneficiary’s account on the correct date of the same business day, or according to the sender of the transfer request, and within a maximum period of one hour from which the bank receives the transfer order.
The Central Bank stated that these decisions also include increasing the number of daily settlement sessions for the electronic clearing house system of Banque Misr for Technological Advancement from two to 4 sessions starting from February 1, canceling the fees that the beneficiary bank charges for incoming transfers, and reducing the cost of bank fees collected from clients. Those who wish to transfer funds when using electronic payment methods (such as banking applications) are less than those prescribed for paper transfers provided through branches.
Finally, the Central Bank of Egypt required local banks to disclose commissions and expenses related to the service of money transfers by possible means, such as announcing them in the customer reception rooms at the bank’s headquarters, branches or website, or in various media outlets or in private correspondence and newsletters sent to customers.
It is recommended that customers be informed of these fees and commissions as a cash value, for transfers made through branches or electronic channels.
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