The right to exchange money for travel depends on opening a bank account for this reason – New Algeria

Deputy Governor of the Bank of Algeria, Mohamed Ben Bhanhan, revealed that linking the benefit of the right of exchange for travel to opening a bank account is of great importance in organizing the process, protecting the citizen, and ensuring that the grant reaches the real traveler without exploitation or fraud, according to Algerian radio.

During his appearance as a guest on the “Morning Guest” program in the National Addition, today, Thursday, Ben Bahan explained that the decision to raise the value of the exchange right to 750 euros came in implementation of the instructions of the President of the Republic, Abdelmadjid Tebboune, with the aim of enabling the Algerian citizen to travel with dignity, reminding that the previous value did not exceed between 95 and 100 euros, meaning that the increase amounted to about eight times.

The spokesman confirmed that the Bank of Algeria, as the entity legally authorized to conduct exchange operations, issued the instruction regulating the process last July, and has accompanied commercial banks since the launch of its implementation, whether at the level of airports, ports or border crossings, which enabled citizens to benefit from this right without recording any obstacles.

However, the evaluation conducted by the Bank of Algeria several months after implementation revealed, according to Ben Bahhan, irrational behavior represented by the exploitation of the right of exchange by third parties, despite the fact that the instruction, especially in its tenth article, explicitly states that the right of exchange is personal and the citizen must benefit from it.

The Deputy Governor of the Bank of Algeria explained that the new memorandum obligating the citizen to open a bank account and pay the amount in dinars through written payment methods issued by banks, falls within the framework of regulating the process and enhancing financial security, stressing that the measure is not punitive and does not aim to restrict the citizen’s right to exchange.

In this context, he pointed out that opening a bank account has become a simple and available procedure, as the required documents have been reduced, and the account can be opened on the same day, and the national banking network includes about 1,800 banking agencies distributed across the various states of the country, including the border areas.

Bin Bahan stressed that opening a bank account does not conflict with the use of cash, explaining that the national economy depends on cash circulation and bank accounts at the same time, but banking provides greater protection for the citizen, and this process is in line with technological requirements and digitization.

Regarding family travel, the spokesman explained that the current laws allow the guardian to carry out the right of exchange process for the benefit of minor children or those legally sponsored, and opening a bank account is not necessarily linked to a specific professional status, but rather is a relationship of trust between the bank and the customer, which requires knowing the source of the funds in accordance with internationally applicable standards.

The Deputy Governor of the Bank of Algeria explained that the postal account and the bank account do not cancel each other, stressing that the right to exchange is a banking operation that takes place exclusively through banks, which explains the necessity of opening a bank account, without this meaning closing or abandoning the postal account.

He added that the citizen who receives his wages through the postal account can continue to use it normally, while the bank account is used only to pay the amount in dinars for the right of exchange.

Bin Bahan stressed that this mechanism aims to facilitate the citizen’s benefit from the right to exchange money without complicating or affecting his financial habits, pending the generalization of digital transfers between the post office and banks in the future.

Regarding the benefit deadlines, Ben Bahan confirmed that the right to exchange for the year 2025 is valid until July 19, 2026, denying rumors about his arrest at the end of the year.

He explained that the procedure adopted at airports and ports will remain unchanged, as the traveler presents the bank receipt after completing travel procedures to receive the disbursement amount, provided that this right is used within seven days, and in the event of failure to travel, the amount will be returned in accordance with the established procedures.

Regarding Umrah pilgrims, he stressed that Umrah falls within religious tourism, and its owners benefit from the same right of exchange, taking into account exceptional cases, especially when visas are delayed.

As for the Hajj season, Bin Bahan announced that the Hajj grant amounting to $1,000 will be disbursed this year within the framework of complete digitization, calling on the concerned pilgrims to open bank or postal accounts as soon as possible to facilitate the process.

The Deputy Governor of the Bank of Algeria concluded by emphasizing that the aim of these measures is to regulate the right to exchange, protect the citizen, and ensure that he benefits from it with all transparency and dignity.