Many are looking for the maximum daily withdrawal from banks and ATMs and the application of Instabai, after the recent central bank’s decision to reduce the interest rate, for the second time in a row, as the rate of reduction in the last two meetings reached about 3.25%, after 5 years of raising and installing it since 2020.
The Central Central in its last meeting of the Monetary Policy Committee, on Thursday, May 23, decided to reduce the interest rate on the return and lending return for one night by 1% to 24%, and 25%, respectively.
The maximum daily withdrawal from banks and ATM
The Central Bank of Egypt set the maximum daily withdrawal from banks and ATM, in order to preserve the Egyptian banking market, as the border came as follows:
- Withdrawal from banks: The daily maximum of cash withdrawal in local currency is 250 thousand pounds.
- Withdrawal from ATMs: The central bank decided that the maximum daily withdrawal should be about 30,000 pounds in order to facilitate the customers with banks.
The central bank has set the withdrawal fees for each process, in return, the service remains free, in the event that the customer withdraws the bank’s ATM source, and also set the maximum daily cash transactions.
The ATM machines allow all banks the possibility of drawing and depositing 24 hours, but taking into account the maximum cash withdrawal daily, whether through the ATM, or from within the branches, according to the instructions of the Central Bank of Egypt.
The drawing limit from the Instabai application
Immediate withdrawal can be through the “Instabai” application, through the bank account that is recorded on the application. The limits of the withdrawal differ from the application between the maximum withdrawal in one treatment, which reaches 70 thousand pounds, and the maximum transactions per day, which reaches 120 thousand pounds.
