The National Bank of Egypt (NBE) decided to reduce the foreign exchange cash limit provided to travelling customers.
The bank decided that branch managers will provide only $300 (or its equivalent) to travelling customers, instead of $500. In addition, the general manager of the area a particular branch belongs to can provide only $500 (or its equivalent) to travelling customers, instead of $1,000.
The bank provides cash for foreign exchange only on condition of reviewing its customers’ travel documents for hajj, umrah, or any other purpose, 48 hours before travelling so as to secure the required cash in foreign currency.
Previously, the bank had required that it be informed via a phone call about the date and destination of travel, so that the travelling customers can use their banking card abroad.
On Monday, the NBE lowered the monthly withdrawal cap for debit cards abroad by 50%, to the equivalent of approximately EGP 2,500, compared to the equivalent of approximately EGP 5,000 prior. It also reduced the purchasing limit through cards to EGP 5,000 instead of EGP 10,000.
The bank also cut the purchasing limit through platinum cards by 40%, to the equivalent of EGP 15,000 monthly, compared to EGP 25,000.