Banking officials say usage of UAE inter-bank switch is low

Banking officials say usage of UAE inter-bank switch is low
Tags: Bank / Credit Union, EFT Networks
February 27, 2002

ABU DHABI -- Usage of the United Arab Emirates inter-bank switch continues to be low despite the membership of 41 of the UAE 46 banks in the country, banking sources told the Gulf News.

According to the bankers, most customers prefer to use their own banks' ATMs because either they are unaware of the switch or they do not want to incur the fee of two dirham charged for using it.

The charges are two dirham for using the facility in the UAE, while it is six dirham if it is used in other Gulf Coast Conference (GCC) countries.

Customers of the 41 banks can use their ATM cards at any of the member banks' machines.

The UAE switch connects 840 ATMs in the UAE and 829 ATMs through GCC networks.