Banks introducing commission for withdrawal of cash from international plastic cards 

Starting from July 27, Kapitalbank has set a 0.7% commission fee, and Ipak Yuli bank has set a commission fee of 1% for withdrawing cash from Visa international plastic cards through cash desks and terminals. 

“Dear customers, we would like to inform you that starting from July 28, 2022, in order to regulate the circulation of foreign currency in cash, the bank has made a temporary decision to impose a 1% fee for cash withdrawals from the Visa/Mastercard/UnionPay cards of the Ipak Yuli bank from the cash desks and ATMs,” the bank said in a statement.

“Last week, when a number of banks began to experience problems with international money transfers, speculators began to focus on international plastic cards to withdraw cash. Because although banks began to face difficulties in giving out cash through money transfers and exchange offices, they did not set any restrictions or commissions for withdrawing cash from international plastic cards. Naturally, speculators have now taken advantage of this freebie. Now customers will have to pay a commission for withdrawing.

In my opinion, banks that are facing other pressures should also start setting commissions for withdrawing cash from international plastic cards,” economist Otabek Bakirov reacted to this situation.

Earlier, it was reported that several banks of Uzbekistan have set restrictions on cash currency up to 2-3 thousand dollars. This is explained by the increase in speculative practices.