After CBE Decision: InstaPay Transfer Fees, Maximum Limits Explained

Following the Central Bank of Egypt (CBE) to cut interest rates by 1% on deposits and lending, many have been seeking clarification on the current transfer fees for the InstaPay app, a widely used service with approximately 12 million users. 

While the reduction in interest rates affects general economic conditions, it does not directly impact the transfer fees charged by electronic payment platforms like InstaPay. The transfer fees remain unchanged, and users have been eager to learn more about the specific costs for transactions.

The Central Bank of Egypt’s Monetary Policy Committee announced a 1% reduction in the interest rates, lowering the overnight deposit rate to 20% and the lending rate to 21%. This decision aims to support economic activity and combat inflation.

Breakdown of InstaPay Fees:

Transfer of 500 EGP: Fees = 0.50 EGP

Transfer of 1,000 EGP: Fees = 1 EGP

Transfer of 5,000 EGP: Fees = 5 EGP

Transfer of 20,000 EGP to 70,000 EGP: Fees = 20 EGP (maximum)

For account inquiries or balance checks, the first 10 operations per month are free. However, additional checks beyond this will incur a fee of 50 piasters per operation.

Withdrawal Limits:

With the updates to InstaPay, users are also asking about the revised withdrawal limits. The maximum amount for a single transaction is 70,000 EGP, with a daily withdrawal limit of 120,000 EGP. 

On a monthly basis, users are restricted to a total withdrawal of 400,000 EGP using the InstaPay app, according to the official guidelines issued by the Central Bank of Egypt.

The Central Bank emphasized that these measures aim to balance service quality with the platform's sustainability, ensuring that users can continue to benefit from instant money transfers while maintaining financial system stability.