Quick action.. The National Bank raises the limit for international “Credit Card” transactions

02:40 PM

Thursday 07 March 2024

Written by Manal Al-Masry:

The National Bank of Egypt announced raising the limits of international transactions using credit cards for cash withdrawal and purchases outside Egypt, in a quick move in response to the instructions of the Central Bank.

The bank’s decision came after Hassan Abdullah, Governor of the Central Bank of Egypt, asked banks to open the borders of international transactions using credit cards.

The Central Bank’s request coincided with its announcement of a return to the policy of liberalizing the exchange rate of the pound, leaving the determination of its value to the mechanism of supply and demand against the dollar and other foreign currencies, in a corrective step aimed at eliminating the black market.

Banks have reduced the limits of transactions using credit cards outside and inside Egypt more than once over the past two years due to the foreign exchange pressures they are suffering from and the spread of the black market for currency trade.

In the following lines, Masrawy provides details of international transactions using credit cards for withdrawal and purchases outside Egypt after they have been uploaded.

– Classic and Standard cards: The monthly purchase limit increased to the equivalent of 25 thousand pounds in dollars instead of 7 thousand pounds.

– While withdrawal limits were increased to 2,500 pounds instead of 1,500 pounds.

– Gold and Titanium cards: The purchase limit increased to the equivalent of 37.5 thousand pounds in foreign currencies instead of 15 thousand pounds.

– While the cash withdrawal limit increased to 3,500 pounds instead of 2,000 pounds.

– Platinum Card: The monthly purchase limit was increased to the equivalent of 100,000 pounds in foreign currencies instead of 50,000 pounds.

– While the cash withdrawal increased to 7,500 pounds from 4,500 pounds.

– “World” and “World Elite” cards: The monthly purchase limit increased to the equivalent of 160,000 pounds instead of 85,000 pounds.

– While the cash withdrawal limit increased to 7,500 pounds instead of 4,500 pounds.