Clients reported that their banks have added a new service — the ability to transfer funds from credit cards. Previously, this required contacting the customer support service and submitting an application. However, now a high commission is charged for this service, equal to the commission for cash withdrawals at ATMs. This commission can reach up to 300 dirhams, plus a percentage of the withdrawal amount.
Clients noted that the new service via the bank's mobile application works quickly and in real-time, without the need to submit applications. This is convenient, but the high commission raises concerns regarding the overall cost-effectiveness of using this service. Experts advise preferring the regular transfer through the support service with lower installments and a minimal commission.
Banking services manager Mohammed Ghazi noted that transferring funds from a credit card usually incurs fees or percentages in accordance with bank policy. However, a more favorable option may be requesting a transfer through the support service to avoid high commissions and percentages for urgent cash withdrawals.
Experts also pointed out that many banking applications offer simple plans for transferring cash, but the commissions and conditions can be similar to those when contacting customer support. Therefore, it is essential for clients to carefully study the terms and choose the most advantageous options.
Banking expert Tamer Abu Bakr recommends clients to either choose a transfer from a minor administrative fee and low percentages, or through the mobile application with convenient installment plans. He advises to avoid direct transfers from a card to another account without a refund plan, as in this case, high fees are applied and percentages are calculated until the full amount is repaid.
