👍 Egypt🇪🇬: Central Bank approves new InstaPay feature📱

👍 Egypt🇪🇬: Central Bank approves new InstaPay feature📱

Egyptian app users will now be able to receive money transfers from any country without restrictions.

🔼 Transfer fees will be determined by banks based on the currency and country of origin, and beneficiaries will receive the funds in Egyptian pounds.

🔼 The service will be implemented in phases, starting with transfers from Gulf countries in the next two months.

🔼 According to the updated rules, the maximum amount for a single transaction through the InstaPay app has been set at 70,000 Egyptian pounds. The daily transaction limit has been set at 120,000 Egyptian pounds, and the monthly maximum at 400,000.

🔼 Important note: in August 2024, the Central Bank of Egypt issued a new periodic bulletin, confirming the authorization for banks to open accounts for foreign citizens, including those who do NOT reside in Egypt.

#news #Africa #Egypt

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