Commercial bank customers now pay 700 kwanzas of the interbank rate –

Since this Monday, January 1st, customers of commercial banks will have to pay 700 kwanzas in interbank commission, if their customers withdraw money from Automatic Teller Terminals (ATM) of other banking institutions.

The measure, which does not affect multicaixa card users, covers all banks that issue payment cards and install ATMs in the country, according to the Interbank Services Company (EMIS).

Previously, the interbank fee for withdrawing monetary values ​​from ATMs from different banks was 350 kwanzas, a commission that, this year, increases to Kz 700, an increase of 100% of the previous value.

The interbank commission is a rate agreed between commercial banks for the reciprocal services provided to each other, without directly impacting the bank customer.

In practical terms, it refers to the amount that one bank pays to another whenever a customer uses another’s ATM.

By the way, the executive administrator of EMIS, Joaquim Caniço, recalls that the respective fee has always existed and “never had an impact on users’ pockets”.