The Egyptian Minister of Supply and Internal Trade, Ali Moslehi, on Sunday inaugurated the Third International Gold and Jewelry Exhibition NEBU, which saw the launch of the first ATMs used to withdraw gold bars within Egypt.
Al-Masry Al-Youm explains everything you need to know about using these ATMs to purchase gold bars.
How does an ATM gold machine work?
The Advisor to the Minister of Supply and Internal Trade for gold affairs Nagy Farag said that this service has been available across the world for over 10 years.
During a telephone interview with “Sada al-Balad” channel, Farag explained that: “The gold bar is requested from the ATM machine, placing the money at the current price of gram in Egypt, and immediately upon taking the money, the citizen gets the required gold bar in the grams they specified.”
The service provided by the ATM gold machine is common and helps in saving, he said, and is now available in Egypt starting Sunday at one of the commercial malls, and will be available throughout more malls soon.
One of the most important features of an ATM gold machine is that it will be available 24 hours a day, seven days a week, and allows customers to buy gold within the budget they specify.
A gold ATM usually provides eight options for the quantity of gold, starting from one gram to 100.
How to buy from the ATM gold machine
- Place your debit, credit or smart card from any bank into the ATM.
- Select the specific option to buy gold.
- Then select the price and gold.
- Enter the password.
- The ATM gold machine will release the bar you ordered.
Edited translation from Al-Masry Al-Youm