02:20 PM
Thursday 07 March 2024
Written by Manal Al-Masry:
The Commercial International Bank (CIB) Egypt announced raising the limit on international transactions for purchases using the credit card inside and outside Egypt, while keeping the withdrawal limits outside Egypt unchanged.
The Commercial International Bank’s decision came in response to instructions from Hassan Abdullah, Governor of the Central Bank of Egypt, to banks yesterday, Wednesday, 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 the maximum limits for purchases using credit cards at the Commercial International Bank after they were raised inside and outside Egypt.
(Prime) sector, in which the customer’s account starts from a minimum of 100 thousand pounds
– Monthly maximum outside Egypt: the equivalent of 25,000 pounds in foreign currency for purchases instead of 15,000 pounds.
– Maximum monthly purchase inside Egypt: the equivalent of 3.5 thousand pounds instead of two thousand pounds in foreign currencies.
The pLUS sector, which starts from a minimum of 100 thousand pounds
– Monthly maximum limit outside Egypt: the equivalent of 50,000 pounds in foreign currencies instead of 30,000 pounds.
– The monthly maximum limit within Egypt: the equivalent of 7.5 thousand pounds in foreign currencies instead of 4.5 thousand pounds.
Wealth sector, which starts from 250 thousand pounds
– The monthly maximum outside Egypt: the equivalent of 105,000 pounds instead of 60,000 pounds in foreign currencies.
– Maximum monthly purchase inside Egypt: the equivalent of 10,000 pounds instead of 6,000 pounds in foreign currencies.
Private sector, which starts from 500 thousand pounds
– The monthly maximum outside Egypt: the equivalent of 175 thousand pounds instead of 100 thousand pounds in foreign currencies.
– The monthly maximum limit within Egypt: the equivalent of 12.5 thousand pounds instead of 7.750 thousand pounds in foreign currencies.
Business sector
– The monthly maximum limit outside Egypt: the equivalent of 85 thousand pounds instead of 50 thousand pounds in foreign currencies for purchases.
– The monthly maximum limit within Egypt: the equivalent of 10,000 pounds instead of 6,000 pounds in foreign currency for purchases.
Corporate sector:
– Monthly maximum limit outside Egypt: the equivalent of 130,000 pounds instead of 75,000 pounds in foreign currencies for purchases.
– The monthly maximum limit within Egypt: the equivalent of 12.5 thousand pounds instead of 7.750 thousand pounds in foreign currencies.
CIB Bank approves a commission on cash withdrawals and purchases in international transactions at the rate of 10% of the total value of the transaction in exchange for transferring foreign currency from the customer’s account in Egyptian pounds to the currency of the country in which he resides, or purchasing from the Internet with a minimum of 20 pounds.
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