In early 2024, Egyptian banks revealed new limits for using credit cards abroad, some of them announced on their websites that they would suspend cash withdrawals and limit themselves to purchases, within the framework of the goal of controlling dollar spending abroad. consumer goods, as well as supporting production and the local economy by directing customers to purchase Egyptian products.
It should be noted that banks announced the suspension of the use of modern credit cards abroad for a period of 6 months from the date of issue, and QNB Al Ahli and Alexandria Bank were content to block them abroad for a period of just 3 months, detecting a series of bad practices by some customers.
Banks oblige customers to inform them before travel to obtain full limits for cash withdrawals and purchases outside Egypt on their credit cards, provided they present documents proving travel outside Egypt within a period of 90 days from the opening of such borders, or by sending proof of continued presence abroad if the period of 90 days exceeds. The Central Bank confirmed that if the customer does not comply with the above, the bank, the card issuer, will inform the Egyptian Credit Inquiry Company (I-Score) to put him in the negative list, and he will also be included in the list of customers to which are prohibited from issuing credit cards or using banking services in the future, informing the competent authorities so that they take the necessary actions.
The National Bank of Egypt has set the customer’s monthly cash withdrawal limits on the Standard card at the equivalent of 1,500 pounds in the currency of the country where the customer is located and the equivalent of 7,000 pounds for monthly purchases. It also set a £4,500 cash withdrawal limit on World Elite and Visa Infinite cards and a £85,000 monthly purchase limit, and imposed a 10% fee on total cash withdrawal and purchase transactions outside of the ‘Egypt in exchange for the transfer of currency from your sterling account to the currency of the country in which you are located. Commercial International Bank has imposed new limits on the Business Banking Card for monthly cash withdrawals equivalent to £2,500 and the equivalent of £50,000 for monthly purchases. As for Banque du Caire, it has imposed new limits on the MasterCard World Elite card for monthly cash withdrawals equivalent to £7,500 and £75,000 for monthly purchases from abroad. Ahli United Bank has also set the international cash withdrawal for the Platinum Card to reach the equivalent of £10,000 and the equivalent of £60,000 for purchases.
2024-01-21 00:17:00
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