Tuesday March 5th, 2024
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Egypt’s Banks Tighten Limits for Foreign Currency Credit Card Spending

The new limits aim to regulate the use of credit cards for foreign currency transactions amid concerns of misuse.

Cairo Scene

Egypt’s Banks Tighten Limits for Foreign Currency Credit Card Spending

Several Egyptian banks have tightened the limits on foreign currency spending through credit cards. The Commercial International Bank, Egypt's largest private bank, notified clients that it had decreased the monthly limits for cash withdrawals and purchases made in foreign currencies.

The CIB reduced the maximum amount that can be withdrawn from ATMs abroad each month to EGP 2,000 for basic cardholders, and EGP 6,500 for premium customers. The bank also lowered the limit for non-cash purchases made overseas, capping it at EGP 15,000 monthly for basic cards and EGP 100,000 for platinum accounts.

Other banks in Egypt have taken similar steps, with the Abu Dhabi Islamic Bank Egypt informing customers that it had cut the monthly foreign currency withdrawal limit for its business, classic, gold and titanium credit cards to USD 50, down from a previous range of USD 100 to USD 500. Platinum card users now have a limit of USD 100 for cash withdrawals abroad each month, down from USD 300 previously. 

Egyptian financial institutions have been lowering credit card limits on foreign currency spending during the past year amid dwindling foreign reserves, with the Central Bank of Egypt announcing similar restrictions in October 2023.

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