Palestine Monetary Authority

Circular No. 71/2025 To all banks operating in Palestine Date: Sunday, July 06, 2025

Subject: Disbursement of Incoming Remittances to Citizens via Electronic Channels

In its commitment to enhancing digital transformation and providing electronic alternatives to reduce cash transactions when disbursing remittances to citizens, and aiming to facilitate the process for citizens and encourage them to use electronic banking channels and applications to benefit from financial and banking services, banks providing remittance services are requested to comply with the following:

1. Make the service of receiving and disbursing incoming remittances for bank customers available via electronic channels, and advertise this to customers and the public.
2. Obtain written or electronic authorization from the beneficiary, authorizing the bank to receive the remittance and credit its value to their personal account at the same bank.
3. Disburse the incoming remittance under the remittance system in accordance with regulations, and credit its value to the beneficiary's bank account on the date of disbursement as part of the same transaction.
4. The bank may exchange the remittance value for the beneficiary for a different amount than the transfer amount, according to its approved exchange rates, provided that the beneficiary's consent is obtained for this.
5. Implement the necessary measures and controls to provide the service, and take appropriate actions to identify, verify, and mitigate risks associated with the service.
6. Do not charge any fees or commissions for disbursing remittances via electronic channels.
7. Send a notification or SMS message to the beneficiary confirming the crediting of the incoming remittance value to their bank account.

Supervision Group Palestine Monetary Authority

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