New Banque Misr Debit Card Allows US Dollar Purchases Up to USD 20,000

State-owned bank Banque Misr has announced the availability of a new debit card exclusively for US dollar accounts called Visa Platinum. Account holders with the card will be able to make purchases within Egypt as well as abroad, with a monthly spending limit of USD 20,000. Transactions from outside the country will be subject to a daily limit of USD 1,000 and a monthly limit of USD 2,000. 

The Visa Platinum card carries a validity of five years and has been made available to both Egyptians and foreigners. To obtain the card, customers must have a US dollar account with Banque Misr, which requires a minimum deposit of USD 100. The card itself will cost USD 20 in issuance fees and an annual fee of US D10, and using the card for transactions in currencies other than the US dollar will incur a 10% commision charge.

The new debit card presents a solution for those making dollar purchases either domestically or overseas, following the restriction placed on foreign currency spending by Egyptian banks. It is hoped that the card will encourage customers to save in foreign currency, easing the strain on the bank’s foreign liquidity, as the parallel market value of the US dollar continues to surge, exceeding double its official exchange rate value.