The Central Bank of Egypt announced amending the maximum daily and monthly transactions and the maximum single transaction on the InstaPay digital application, according to the rules governing instant payment application services.
The Central Bank’s decision came due to the increasing number and value of transactions on the National Instant Payment System, which reflects the need to increase the daily and monthly limits for transactions on the application to accommodate all segments of users.
The withdrawal limits from InstaPay Egypt application vary between the maximum withdrawal limit for a single transaction, which reaches LE 70,000, and the maximum transaction limit per day, which reached LE 120,000.
As for a whole month, the withdrawals should not exceed LE 400,000 through the use of the digital application InstaPay, according to the circular published on the official website of the Central Bank.
What is InstaPay?
The InstaPay application allows you to directly access all your bank accounts and transfer money instantly through your mobile phone.
It provides a number of services to users and features, including:
- Linking all different bank accounts of customers in one mobile application.
- Instant transfer from your accounts within the banks registered on the network in Egypt.
- Instant transfer within the accounts of the Egyptian Banks Network, digital wallets and Meeza Card.
- Inquiring about the account balance.
- Issuing a mini bank statement.
- Adding multiple bank accounts within the Egyptian Banks Network.
Steps to transfer money via InstaPay
- Open the application and then click on “Send Money”.
- In the next step, click on “Phone Number”.
- After clicking on the phone number, click on the “Bank Account” sign.
- After completing the previous steps, enter the required data, which is “Phone Number, Amount” and then click on “Next”.
- Review the transfer data.
- Enter the six-digit IPN PIN, then click on “Enter”.
- The transfer will be successful.
Edited translation from Al-Masry Al-Youm
