Banks in the Egyptian market have taken significant steps to enhance credit card services for clients abroad. These measures include raising credit card limits and reducing currency management commissions by 50%.
The initiative was led by three major banks: Commercial International Bank (CIB), National Bank of Egypt (NBE), and Banque Misr. The decision to liberalize the exchange rate and raise interest rates to 6% by the Central Bank of Egypt (CBE) played a crucial role in strengthening USD liquidity and increasing foreign exchange reserves at these banks. As a result, foreign exchange flows have returned to the formal banking system after being diverted to the parallel market.
National Bank of Egypt
NBE has adjusted credit card limits for clients outside Egypt. Clients who have not contacted the bank’s customer service now enjoy higher purchase limits:
- Visa Classic, MasterCard Standard, and Egypt Air cards: Nearly EGP 7,500
- Visa Gold and MasterCard Titanium cards: EGP 37,500
- Visa and MasterCard Platinum credit cards: EGP 60,000
- MasterCard World Elite, Visa Infinite, MasterCard World, and Visa Signature credit cards: EGP 90,000
Cash withdrawal and purchase limits have also been raised:
- Visa Classic, MasterCard Standard, and MasterCard EgyptAir cards: EGP 3,750 for cash withdrawals and the equivalent of EGP 37,500 for purchases
- Visa Platinum, MasterCard Platinum, and MasterCard UEFA Champions League cards: EGP 150,000 for international purchases and EGP 11,250 for cash withdrawals
- MasterCard World, Visa Signature, and MasterCard World Elite cards: EGP 240,000 for purchases and EGP 11,250 for cash withdrawals
Additionally, NBE has reduced currency management fees for credit cards used outside Egypt from 10% to 5%.
Banque Misr
Banque Misr has increased credit card limits by 50% for foreign currency use outside Egypt. The highest category of credit cards now has a monthly purchase limit of EGP 300,000. Furthermore, the commission for foreign currency usage has been reduced to 5% from the previous 10%.
Banque Misr emphasizes its commitment to providing easy and advanced banking and financial services to customers. The bank plays a vital role as a catalyst for national and strategic development, driven by its unwavering belief in sustainability and continuous progress.
Commercial International Bank
CIB has also raised credit card limits for international use both within and outside Egypt:
- Prime and Plus sector clients can now make monthly purchases within Egypt up to EGP 75,000 (previously EGP 50,000) and outside Egypt up to EGP 100,000 (previously EGP 50,000).
- Wealth, Private, Business Banking, and Corporate sector clients have increased monthly limits for international purchases within Egypt to EGP 100,000 (from EGP 75,000) and outside Egypt to EGP 175,000 (from EGP 125,000).
- Wealth sector customers can now make monthly international purchases up to EGP 250,000 (from EGP 175,000).
- Private sector clients have a new monthly limit of EGP 300,000 for purchases outside Egypt (up from EGP 200,000).
- Business banking sector clients can make international purchases up to EGP 175,000 (up from EGP 125,000).
- The Corporate sector’s monthly limit for purchases outside Egypt has been raised to EGP 250,000 (from EGP 175,000).
These adjustments reflect the banks’ commitment to providing enhanced financial services and facilitating international transactions for their diverse clientele.
