The Central Bank launched the InstaPay application in March of the current year 2022, and this is in order to come up with one of the new electronic solutions that work on making financial transactions in an instant where transfers are made from accounts or prepaid cards, and in this report we will explain how the money is transferred from your account Banking outside and inside Egypt.
How to transfer money from your bank account outside and inside Egypt
The application is downloaded through the store, whether from iPhone or Android devices, where it is possible through the application to transfer to bank accounts or prepaid cards, or through the account number, card number, mobile number of customers of paid networks, or the Egyptian account number in the league.
The application provides some services that are represented in the transaction history, balance inquiry, there is a money transfer service, a service for sending and receiving payment requests, and there is an account statement service, in addition to that the application deals with some accounts, whether current or Islamic, savings accounts, as well as salary accounts.
What are the commissions for instant transfers?
The calculation of commissions has been suspended until the end of December, as there is a decision to exempt the fees for paid services that are less than 500 pounds, which reaches a maximum of five transactions per month, and the discount starts at 0.5, which is one pound for ten pounds in each transaction more than 500 pounds, and that It is done after the free transactions have passed.
As for the limits of transactions per day, it reaches 60,000 pounds, and this is the maximum, and it is required that it does not exceed the value of 50,000 pounds in one transaction, as the maximum value per month for the value of the transaction is 200 thousand pounds.