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For the First Time in 3 Years..Egypt’s Central Bank Introduces InstaPay Fees Starting April
Ooop..InstaPay Transfers Will Now Have Fees Starting April 1st!
If you’ve been using InstaPay for instant bank transfers, here’s an important update! Starting April 1st, the Central Bank of Egypt will introduce fees on transfers made through the app for the first time since its launch three years ago.
What Are the New InstaPay Fees?
- Transfers: A 0.1% fee per transaction, with a minimum of EGP 1 and a maximum of EGP 20.
- Balance Inquiry & Mini Statements: First 10 requests per month are free. After that, each request will cost EGP 0.50 (50 piasters).
This decision comes as the Central Bank’s fee exemption period for bank transfers via InstaPay, internet banking, and mobile banking ends at the end of March.
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What Is InstaPay?
Launched in March 2022, InstaPay is Egypt’s first licensed instant money transfer app, letting you send and receive money 24/7 between bank accounts. The app has grown massively, with over 12.5 million users and 1.5 billion transactions worth EGP 2.9 trillion in 2024 alone!
So, if you rely on InstaPay, keep these new changes in mind before your next transfer! 🚀
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