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Egypt Independent
10-04-2025
- Business
- Egypt Independent
E-transfer fee hike: Banque Misr & Bank of Alexandria follow InstaPay's lead
Banque Misr and Bank of Alexandria have decided to implement a new increase in the fees for money transfers through their electronic applications, as part of the ongoing changes in digital banking policies. At the same time, the National Bank of Egypt announced the continued full exemption from transfer fees through its digital channels (AlAhly Net and AlAhly Mobile) indefinitely, as part of its policy to support financial inclusion. This step comes after InstaPay imposed a transfer fee of 0.1 percent of the transaction amount, with a minimum of 50 piasters and a maximum of LE20. The fee was set at a maximum per transaction of LE 70,000, a daily maximum of LE 120,000, and a monthly maximum of LE 400,000. National Bank of Egypt The National Bank of Egypt is exempting transfers between NBE accounts, transfers from NBE to other banks, and all transactions via digital channels. This comes despite the fact that the basic tariff sets a fee of one per thousand (five LE to LE 75) + three LE per transaction. Banque Misr Following the official announcement of the new InstaPay instant transfer application fees at the beginning of April, Banque Misr surprised its customers in an official post by announcing new fees for electronic transfers conducted via its electronic application 'BM Online.' Banque Misr said in a post on its official Facebook page that the decision to impose new fees comes within its updated terms of service for the app, which aims to achieve greater streamlining of the electronic payment process and make it similar to the fees charged by the InstaPay app. Regarding the new fees, Banque Misr indicated that a fee of 0.1 percent of the transaction value will be applied, with a minimum of 50 piasters and a maximum of LE 20 per transaction, similar to the InstaPay app. For example – to transfer LE 500, the fee is 50 piasters. To transfer LE 1,000, the fee is LE 1. To transfer LE 5,000, the cost is five LE. The user incurs a maximum fee of LE20 when transferring from LE20,000 to LE70,000. Bank of Alexandria Bank of Alexandria has decided to impose 0.15 percent fee on instant transfers made through its electronic application, with a minimum fee of LE10 and a maximum of LE50. This coincides with the new update launched by InstaPay regarding fees and tariffs for its services, which took effect on April 1. Edited translation from Al-Masry Al-Youm
Egypt Independent
07-04-2025
- Business
- Egypt Independent
After InstaPay, fees for money transfers through Applications of 3 Banks
Banque Misr and Bank of Alexandria have decided to implement a new increase in the fees for money transfers through their electronic applications, as part of the ongoing changes in digital banking policies. At the same time, the National Bank of Egypt announced the continued full exemption from transfer fees through its digital channels (AlAhly Net and AlAhly Mobile) indefinitely, as part of its policy to support financial inclusion. This step comes after InstaPay imposed a transfer fee of 0.1 percent of the transaction amount, with a minimum of 50 piasters and a maximum of LE20. The fee was set at a maximum per transaction of LE 70,000, a daily maximum of LE 120,000, and a monthly maximum of LE 400,000. National Bank of Egypt The National Bank of Egypt is exempting transfers between NBE accounts, transfers from NBE to other banks, and all transactions via digital channels. This comes despite the fact that the basic tariff sets a fee of one per thousand (five LE to LE 75) + three LE per transaction. Banque Misr Following the official announcement of the new InstaPay instant transfer application fees at the beginning of April, Banque Misr surprised its customers in an official post by announcing new fees for electronic transfers conducted via its electronic application 'BM Online.' Banque Misr said in a post on its official Facebook page that the decision to impose new fees comes within its updated terms of service for the app, which aims to achieve greater streamlining of the electronic payment process and make it similar to the fees charged by the InstaPay app. Regarding the new fees, Banque Misr indicated that a fee of 0.1 percent of the transaction value will be applied, with a minimum of 50 piasters and a maximum of LE 20 per transaction, similar to the InstaPay app. For example – to transfer LE 500, the fee is 50 piasters. To transfer LE 1,000, the fee is LE 1. To transfer LE 5,000, the cost is five LE. The user incurs a maximum fee of LE20 when transferring from LE20,000 to LE70,000. Bank of Alexandria Bank of Alexandria has decided to impose 0.15 percent fee on instant transfers made through its electronic application, with a minimum fee of LE10 and a maximum of LE50. This coincides with the new update launched by InstaPay regarding fees and tariffs for its services, which took effect on April 1. Edited translation from Al-Masry Al-Youm
Egypt Independent
26-03-2025
- Business
- Egypt Independent
InstaPay updates fees and tariffs for money transfers
The instant payment network, InstaPay Egypt, has released a new update to its fees and tariffs. InstaPay is a modern financial service offered by banks to facilitate instant money transfers between bank accounts. When will the new fees be applied? Egyptian banks are scheduled to begin imposing fees on InstaPay transfer services, starting April 1. These fees include the following: Money transfers : A fee of 0.1 percent of the transaction value is charged, with a minimum of one LE and a maximum of LE 20 per transaction. : A fee of 0.1 percent of the transaction value is charged, with a minimum of one LE and a maximum of LE 20 per transaction. Non-financial services: These include balance inquiries and mini-statement requests. A fee of LE 0.5 per request will be charged, with users being granted 10 free requests per month per mobile number. New service fees InstaPay has set new fees for transfers through its app at 0.1 percent of the transaction value, with a minimum of 50 piasters and a maximum of LE20 per transaction. The app will allow 10 free balance or mini-statement inquiries per month for each customer, with a fee of 50 piasters applied for each additional inquiry. This step comes in light of the significant expansion from the InstaPay app since its launch in April 2022, where transfer and inquiry services have been provided free of charge for the past three years. Daily withdrawal limit The Central Bank of Egypt recently announced withdrawal limits for the InstaPay app, after amending the maximum daily and monthly transaction limits and the maximum single transaction limit on the digital app. Withdrawal limits from InstaPay Egypt app vary between a maximum single transaction withdrawal of up to LE 70,000 and a maximum daily transaction limit of LE 120,000. Over the course of a month, withdrawals using the InstaPay app must not exceed LE 400,000, according to a circular published on the Central Bank's official website. Edited translation from Al-Masry Al-Youm
Al-Ahram Weekly
28-01-2025
- Business
- Al-Ahram Weekly
Tax overhaul - Economy - Al-Ahram Weekly
MPs approve three draft laws that seek to offer incentives to small investors, simplify procedures and speed up the settlement of tax disputes Following lengthy discussion on Sunday, the House of Representatives approved three tax-focused draft laws offering new incentives to small-scale enterprises, unifying and improving tax services and speeding up the settlement of disputes. 'The drafts aim to improve the financial performance of the state and promote investment,' said House Speaker Hanafi Gebali. He expressed the hope that the laws would enhance Egypt's ability to attract international investment. According to Finance Minister Ahmed Kouchok, the three laws are the first phase of a package of measures that will overhaul the tax system and ease the burden on taxpayers. 'The package has been discussed with key economic players and, on the basis of these discussions, has been amended to meet the needs of taxpayers and investors,' said Kouchok. MPs gave final approval to a 15-article draft law granting tax incentives to businesses with an annual turnover of up to LE20 million. The original draft submitted by the government had placed the threshold at LE15 million. It was raised at the request of Abdel-Hadi Al-Qasabi, parliamentary spokesman of the majority Mostaqbal Watan Party, who argued the increase was necessary given high inflation rates and the depreciation of the Egyptian pound. A report prepared by the Budget Committee said the draft bill seeks to support small and micro enterprises (SMEs) while expanding the tax base and integrating informal businesses into the national economy. Article 7 states that businesses with an annual turnover below LE20 million will be exempted for five years from financial development fees, stamp tax, company registration fees, land registration fees and tax, and fees linked to credit facilities and mortgage contracts. Article 8 exempts the same businesses from capital gains tax on the sale of fixed assets and production machinery and Article 9 contains a blanket tax exemption on profits. Article 4, however, exempts companies that generate 90 per cent of their annual turnover from consultancy services from the provisions of the law. Mohamed Suleiman, head of the House's Economic Affairs Committee, said the draft legislation is in line with Egypt's 2014 constitution which requires that the government support small and micro-scale enterprises and start-ups. He pointed out that 'small-scale enterprises contribute 80 per cent of Egypt's GDP and play a leading role in creating job opportunities, meeting local market needs and boosting exports.' Several MPs objected to Article 3, which stipulates that businesses must join the Egyptian Tax Authority's (ETA) Electronic Invoice and Receipt System to benefit from the package of tax incentives. MP Talaat Abdel-Qawi criticised the law far including NGOs and civil society organisations involved in development projects as part of the private sector for tax purposes even though they are non-profit entities. He argued that many NGOs will find the requirement that they join the ETA's Electronic Invoice and Receipt System burdensome. In response, Kouchouk said exempting entities from the Electronic Invoice and Receipt System would undermine the government's strategy to expand financial inclusion. MPs also approved a draft bill that will allow taxpayers who failed to submit their tax reports by the deadline to file them without facing financial penalties. A government-drafted explanatory note said taxpayers who fail to submit their tax reports on time currently face fines of up to LE1 million. Article 3 of the new law will allow taxpayers who failed to submit their tax returns for 2020, 2021, 2022, and 2023 to do so without incurring penalties. The third law aims to expedite the settling of tax disputes within the framework of the ETA's shift to a digital system. Deputy Chairman of the Budget Committee Mustafa Salem said the value of late tax payments had reached LE400 billion and 'hopes are high that the new law will help recoup this sum ahead of the ETA moving to a fully digital system.' Kouchok told MPs that by streamlining the way in which tax disputes are resolved, the 11-article law will contribute to creating an attractive investment environment and building greater trust in the tax system. 'The law will also help the ETA settle accumulated tax disputes while moving away from a paper to a digital system,' said Kouchok. He argued that the draft laws open a new chapter in the relationship between the ETA and the business community, based on partnership and support, and will allow the ETA to focus on upgrading its services and expanding the tax base to benefit the state, investors, and citizens. * A version of this article appears in print in the 30 January, 2025 edition of Al-Ahram Weekly Short link:
