Accordingly, the CBE has set new limits for cash deposits and withdrawals from banks and ATM machines.
Ahram Online provides answers to clients’ FAQs.
Q: What are the new daily limits for cash deposits and withdrawals?
A: EGP 10,000 for individuals and EGP 50,000 for enterprises, except for entrepreneurs’ withdrawals for their due disbursements.
Q: What are the new daily limits for cash deposits and withdrawals carried out through ATM machines?
A: EGP 5,000.
Q: Why has the CBE taken these moves?
A: - To avoid overcrowding in branches and before ATM machines, particularly during payroll and pension disbursement.
- To implement health procedures and maintain a safe distance to help contain coronavirus.
- To urge clients to rely on electronic payment methods and banking transfers instead of cash, especially that fees on electronic transactions have been halted for six months.
Q: Which transactions are exempted from the new procedures?
A: - Government deposits for electricity, natural gas, water, and oil bills with a commitment to daily deposit limits.
- Public and private sector enterprises.
- Cheques submitted to the CBE’s set-off.
- Cheques worth more than EGP 10,000 will be cashed with EGP 10,000 and the rest over several days. An option to open a new account for the client or to transfer the rest of the sum to the client’s account in other banks without fees is possible.
- Credit card dues and attached liabilities, including letters of credit.
Q: For how long will the new limits be applied?
A: The CBE said the new limits are provisional, and will be applied for at least 15 more days.
Q: What are the current working hours of banks?
A: Banks open for clients from 9.30 am to 1.30 pm. For employees, the working hours extend from 9 am to 2 pm.