Not less than 90 dirhams plus daily interest until paid

Two Bankers: Banks apply cash withdrawal fees to buy stocks and digital currencies with credit cards

Two bankers said that paying telecommunications, water and electricity bills using credit cards is dealt with by banks like purchases, as no fees are charged for them, while cash withdrawal fees are imposed on the purchase of shares and cryptocurrencies.

They added that the cash withdrawal fee differs from the interest that banks usually charge daily on the amount withdrawn.

credit cards

In detail, the banker, Muhammad Ghazi, said that “payment of telecommunications, water and electricity bills and any other bills are considered purchases on which banks do not impose any fees if they are paid using credit cards.”

And he indicated that what requires imposing a fee when using a credit card is withdrawing “cash” from ATMs or through exchange companies, or buying shares or digital currencies, such as Bitcoin and others.

Ghazi added that the cash withdrawal fee varies from one bank to another, but it is usually not less than 90 dirhams, in addition to imposing a daily interest of 3.25% that accumulates daily and is paid monthly until the full amount withdrawn is paid.

pay bills

For his part, the banker, Tamer Abu Bakr, said: “There are no fees imposed by banks to pay various bills using credit cards, whether communications, water and electricity, like normal purchases,” adding: “As for buying digital currencies, stocks, or any investments such as gold. Silver, commodities, or anything related to investing, are charged, just like cash withdrawals.”

And he indicated that it is better for the customer who needs a cash amount, not to resort to withdrawing directly from the credit card, but to request transferring part of it in cash to his account according to a specific payment plan, pointing out that “the fees that are imposed on direct cash withdrawal from the card or used to purchase currencies. Digital or stocks, which are considered large, in addition to imposing daily interest that accumulates until the date of the monthly payment and until the payment of the withdrawn amount is completed.”

Abu Bakr advised dealers to limit the use of credit cards for purchases and pay bills only, to avoid high fees and daily interest.

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