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CairoScene
2 days ago
- Business
- CairoScene
Egyptian Banks Raise Traveller Cash Limit to USD 10,000 and Cut Fees
Egypt's major banks have raised the traveller withdrawal limit to USD 10,000, lowered credit card foreign currency fees, and lifted travel verification requirements amid improved dollar liquidity. Aug 13, 2025 Egypt's largest banks have increased the foreign currency cash withdrawal limit for travellers to USD 10,000 or its equivalent in other currencies, up from previous caps of USD 2,000 to USD 5,000 depending on the bank and card type. The new ceiling, now in place at the National Bank of Egypt, Bank Misr, and the Commercial International Bank, aligns with the maximum legal allowance for outbound travellers. Customers can withdraw the full amount before departure by presenting a valid flight ticket and visa. In a further easing of restrictions, several banks have reduced foreign currency markup fees on credit card transactions from 5% to 3%. The lower rates are already in effect at the National Bank of Egypt and CIB, while Bank Misr will implement its cut on August 13th, 2025. The Central Bank of Egypt has also removed the requirement for customers to provide proof of travel abroad when using credit cards. The measures mark a significant shift from restrictions imposed from late 2022, when foreign currency outflows were curbed to address a severe dollar shortage, the emergence of a parallel market, and sustained pressure on the pound. At the height of the controls in 2023, overseas spending caps were sharply reduced, in some cases to USD 50 to USD 100 per month for regular customers and a few hundred dollars for premium cardholders, while high markup fees were applied to discourage use.
Al-Ahram Weekly
3 days ago
- Business
- Al-Ahram Weekly
Egyptian banks ease foreign currency, credit card restrictions - Economy
Major Egyptian banks have raised the foreign currency withdrawal limit for travellers to $10,000 or its equivalent in other currencies, according to notifications sent to customers on Tuesday. The banks include the state-owned National Bank of Egypt (NBE) and Bank Misr, as well as the Commercial International Bank (CIB). The previous withdrawal limits ranged between $2,000 and $5,000, depending on the bank and card type. Travellers can now withdraw the full $10,000 in cash before departure by presenting a valid flight ticket and visa. The new limit is in line with the country's maximum legal allowance for outbound travelers. Meanwhile, several banks are also lowering their foreign currency markup fees on credit card transactions. Both the NBE and CIB have cut their fees from 5 percent to 3 percent. Bank Misr has also announced a similar reduction to 3 percent, effective 13 August 2025. Additionally, Bank Misr has increased its foreign currency sale limit for travellers to $10,000, up from $5,000. The Arab African International Bank (AAIB) has also followed suit, raising its overseas credit card usage limit to a similar amount. In a related development, the Central Bank of Egypt scrapped requirements to verify a customer's travel abroad when using credit cards, citing current market conditions. Since late 2022, Egyptian banks have imposed strict limits on the use of credit and debit cards abroad to stem the outflow of foreign currency amid a deepening dollar shortage, a rapidly expanding parallel market, and mounting pressure on the pound. The most significant restrictions were introduced in 2023, when monthly overseas spending caps were drastically reduced. In some cases, these limits were as low as $50–$100 for regular customers and only a few hundred dollars for premium cardholders. Markup fees were also raised to 5%, and banks were required to verify customer travel before approving significant foreign currency transactions. These measures were closely tied to successive devaluations of the Egyptian pound in March and October 2022 and January 2023, which saw the currency lose over half its value against the dollar. With the pound's sharp depreciation of driving demand for hard currency, authorities sought to close loopholes that allowed customers to obtain dollars at the official rate via card use. The easing of these restrictions began only after the March 2024 devaluation, coupled with major foreign investment inflows, which improved dollar liquidity and allowed banks to gradually restore overseas card limits. Follow us on: Facebook Instagram Whatsapp Short link:
