Traveler’s Guide to Recent Bank Regulations
During the past ten days, The Central Bank in Egypt (CBE) issued several statements that initiated a series of bank limitations on cash withdrawals for Egyptians traveling abroad. News of these latest restrictions spread wildly over social media platforms, and most Egyptian banks notified their clients via text messages.
The National Bank of Egypt set the maximum daily cash withdrawal limit for most credit and debit cards to the equivalent of EGP 2,500, and the spending limit to EGP 10,000.
While HSBC’s cash withdrawal limit per month ranges between EGP 15,000, EGP 25,000, and EGP 50,000, which depends on the card type. As for debit cards, the limits are EGP 10,000, EGP 20,000, and EGP 40,000 depending on the card type.
As for Commercial International Bank, the maximum monthly cash withdrawal limit for most debit and credit cards is EGP 2,500, while the maximum limit for spending abroad would be the equivalent of EGP 20,000 for most debit cards and EGP 25,000 for most credit cards. The limits vary based on the type of the card, whether it is prime, titanium, platinum, or other card types.
Back in October, Egyptian banks announced and implemented new regulations regarding foreign currency withdrawals from local currency accounts, in an attempt to preserve the Egyptian pound, and combat US dollar exploitation.
Furthermore, the CBE issued a 10% tax fee on every transaction done using Egyptian bank payment cards abroad to diminish the overuse of e-payment cards.