03:43 PM
Friday 03 February 2023
I wrote – Manal Al-Masry:
Banks approve a 10% commission deduction on the total value of purchase transactions in dollars from external internet sites using bank payment cards (debit and credit), which is the same commission applied to customers traveling outside Egypt in exchange for purchasing dollar currency, from his account in pounds.
Banks also approve for customers residing in Egypt the same daily and monthly maximum limits applied to Egyptians traveling outside Egypt when purchasing from the Internet to foreign stores that sell their products in dollars using bank cards.
Banks look at customers when using their bank cards to buy from external internet sites that sell their products in dollars using debit cards as one look for travelers outside Egypt, as they are all a commission for currency management by debiting from the customer’s account in pounds to dollars.
These commissions and maximum limits on purchase transactions from Internet sites in dollars using bank cards are not applied to purchase transactions in pounds from the Egyptian Internet whose products are sold in the local currency.
Last December, banks such as Al-Ahly, Misr and CIB decided to raise the purchase commission rate for using bank cards for purchases outside Egypt to 10% instead of 3%.
Banks allow their customers to use their bank cards denominated in Egyptian pounds of various types outside Egypt, or to purchase from external internet sites for purchase or cash withdrawal in the currency of the country in which the customer is located through a global swift system that allows the exchange of any currency of the card in the currency in which the customer is in exchange for a commission discount to provide the service.
In October 2022, banks began tightening purchase and withdrawal limits outside Egypt after discovering mistransactions from customers at a time when the country was suffering from the pressures of the currency crisis due to the negative consequences of the Russian-Ukrainian war, which caused the exit of $22 billion in indirect foreign investments from Egypt.
In the following lines, Masrawy provides details of monthly purchase transactions from websites that sell their products in dollars, using credit bank cards (for purchases) and direct debit (DBT) linked to the customer’s account in the 3 largest banks in Egypt.
National Bank – Limits of use with credit cards:
Limits of credit cards for purchases from the National Bank
The classic card: the equivalent of 10,000 pounds in dollars per month.
The golden card: the equivalent of 25,000 pounds in dollars per month.
The Platinum Card: the equivalent of 62.5 thousand pounds in dollars per month.
World Card: the equivalent of EGP 100,000 in dollars per month.
World Elite Card: the equivalent of EGP 100,000 in dollars per month.
Al Ahli Bank – Limits of direct debit cards for purchase:
The classic card: the equivalent of 10,000 pounds in dollars per month.
The golden card: the equivalent of 25,000 pounds in dollars per month.
The Platinum Card: the equivalent of 37.5 thousand pounds in dollars per month.
World Card: the equivalent of EGP 50,000 in dollars per month.
World Elite Card: the equivalent of 62.5 thousand pounds in dollars per month.
Banque Misr – Limits for monthly purchases using credit cards:
Card (Classic): 100 dollars per month.
Gold Card: $200 per month.
Titanium Card: $500 per month.
Visa and MasterCard Platinum Card: $1,500 per month.
World Elite Card: $3,000 per month.
Banque Misr – Limits for monthly purchases using instant debit cards:
Classic: the equivalent of $100 per month.
Gold Card: equivalent to $200 per month.
Titanium Card: $500 per month.
Platinum Card: equivalent to $1,500 per month.
World Card: the equivalent of $4,000 per month.
World Elite Card: the equivalent of $4,000 per month.
CIB Bank – Credit Card Limits:
– Classic: the equivalent of 25 thousand pounds in dollars per month.
Gold: the equivalent of 25,000 pounds in dollars per month.
Titanium: the equivalent of 50,000 pounds in dollars per month.
Platinum: the equivalent of 75,000 pounds in dollars per month.
World Elite: the equivalent of 100,000 pounds in dollars per month.
CIB Bank – Direct Debit Card Limits (DBT) CIB
– Prime, Youth, Prime m and Loan cards: the equivalent of EGP 20,000 in dollars per month.
Plus Titanium: the equivalent of 50,000 pounds in dollars per month.
– Wealth Platinum Card: the equivalent of 75,000 pounds in dollars per month.
– Visa Business Platinum Card: the equivalent of EGP 75,000 in dollars per month.
