New banks fees
on cash withdrawals
A measure to boost digital transformation
Banks have recently set restrictions on cash withdrawals and the collection of checks in Lebanese Lira.
The new commission rates range between 0.2 and 0.4 percent on each withdrawal, and the commission on checks in Lebanese Lira is between LL1,000 to LL1,500.
The commission is imposed on cash withdrawals that are above $5,000. These measures are part of the banks’ strategies to boost the number of customers using digital banking services.
“We are removing commissions on digital banking and ATMs, and imposing them on several operations that are done inside the branches,” said Jocelyne Chahwan, Deputy General Manager and Head of Retail Banking at BLOM Bank.
“Introducing and removing commissions have always been done in banks, and these measures are neither related to a shortage in dollars, nor to get additional revenues,” Chahwan said.
Date Posted: May 30, 2019