Egyptian banks lower dollar withdrawal limits outside of Egypt

A number of Egyptian banks have decided to lower limits on dollar purchases, cash withdrawals and purchases outside of Egypt for the second time in 3 months.

The decision to reduce the limits on the purchase of foreign currency applies to direct debit cards (linked to the customer’s account) and credit cards (for purchases).

The decision by the National Bank to lower the limits coincided with an additional decision to raise fees for dollar withdrawals and purchases outside of Egypt to 10% instead of 3%, according to data tracked by Masrawy through two banks.

The bank also claims, in addition to another fee of 10%, 3% of the total cost of cash withdrawals only, excluding purchases, in exchange for using an ATM outside of Egypt, with the addition of a £30 fee for each withdrawal.

Banks allow their customers to use their bank cards denominated in Egyptian pounds of various types outside of Egypt for purchases or withdrawals in the currency of the country in which the customer is located, through the global Swift system, which allows you to exchange any currency of the card for the currency in which the customer receives in exchange for a discount on a commission for the provision of the service.

The international commercial bank, CIB, has changed the limits for cash withdrawals and purchases outside of Egypt with credit cards or direct debit cards for customers.

The Bank has set the equivalent of £2,500 per month as a maximum cash withdrawal limit on all of its direct debit cards and the equivalent of £2,500 per week for cash withdrawals on all of its credit cards except the World Elite card. , for which the withdrawal limit was set at £30,000 per week.

Banks operating in the local market have begun to reduce withdrawal limits from outside of Egypt with credit cards, in line with the economic conditions of the country, as there is a severe shortage of foreign exchange, prompting the Central Bank of Egypt to take many measures to reduce currency smuggling and eliminate the parallel market.

Source: Masravi