Everything you need to know about the latest restrictions on overseas spending

Everything you need to know about the latest restrictions on overseas spending

Photo Credit: Business Post Nigeria

Last week, several banks in Egypt announced new restrictions on spending abroad, as well as limitations on cash withdrawals.

Some Egyptians were also notified by their banks via text messages.

Announced to be effective the same day, Commercial International Bank (CIB) set the maximum monthly cash withdrawal limit for most debit and credit cards at EGP 2,500, while the maximum limit for spending at the foreigner would be the equivalent of EGP 20,000 for most debit cards. . and EGP 25,000 for most credit cards. Limits vary by card type, whether it’s prime, titanium, platinum, or another variety.

For HSBC, the cash withdrawal limit per month ranges from EGP 15,000, EGP 25,000 and EGP 50,000 depending on the type of credit card. For debit cards, the limits are EGP 10,000, EGP 20,000 and EGP 40,000 depending on the card type.

The National Bank of Egypt set the maximum daily cash withdrawal limit for most credit and debit cards at the equivalent of EGP 2,500 and the spending limit at EGP 10,000.

In addition to the limitations, a 10 percent margin fee was also added for using Egyptian bank cards abroad.

This is not the first time that these restrictions have been applied. In October 2022, Egyptian banks announced and implemented new regulatory measures on foreign currency withdrawals from local currency accounts.

The restrictions, which differ from bank to bank, are intended to deter people from exploiting US dollar withdrawals abroad. This comes as part of measures by the Central Bank of Egypt (CBE) to preserve the hard currency as the exchange rate of the Egyptian pound continues to decline.

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