Lebanon Businessnews News

Online money transfers
allowed between banks
Caps are placed on amounts

with flexibility toward business

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The Central Bank (BDL) has issued a circular that allows real-time online transfers between customers in two different banks.

The banks’ customers can use their payment cards or bank accounts to perform the transfer operations.

Each customer can send up to LL500,000 ($330 according to the official exchange rate) per day in lira transfers and LL5 million ($3,300) per month.

Transfers in foreign currencies sent by each customer are not allowed to exceed $300 per day and $3,000 per month.

Each customer can receive lira transfers of up to LL1 million ($660) per day and LL10 million per month ($6,600).

Transfers in foreign currencies received by one customer can reach $600 per day and $6,000 per month.

BDL said it may approve higher ceilings for received transfers if the beneficiary is a businessperson or a self-employed professional.

The commission charged by the banks must not exceed 0.5 percent of the value of the transaction, according to the circular

Until now, customers were allowed to send transfer requests online while the transfers were executed through the SWIFT network and so were not performed in real-time.

The banking digital application used in the new online transfer system should be approved by BDL.
Reported by Shikrallah Nakhoul
Date Posted: Jan 21, 2020
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