The Central Bank of Egypt (CBE) issued instructions to banks to open and activate the maximum credit limit granted to the credit card for use abroad, as soon as the customer contacts the customer service center of the card-issuing bank and notifies them of travelling abroad, in accordance with the regulatory procedures applied by the bank.
The Central Bank stated that until the issuing bank receives notification from the customer to activate the credit limit on the card according to the above, there will be a monthly maximum limit for using the credit card according to what each bank decides.
The Central Bank confirmed, in a statement, Tuesday, that the regulatory instructions issued come in order to meet the needs and facilitate individuals’ use of their credit cards to cover their expenses while traveling abroad, especially in light of what has recently been observed of some speculators misusing those cards by making cash withdrawals from abroad without actual travel.
About two weeks ago, local banks stopped using debit cards for external payments, whether for purchases or cash withdrawals, and limited their use to paying in local currency.
The use of credit cards abroad has not stopped, but to use them, the bank must be informed before traveling. It is left to each bank to determine the method of proving the credit card holder’s travel, and the credit limit that will be allowed according to the size of customers’ wallets and cards.
Some analysts said that the country will reduce the limits for using “credit cards” in foreign currency transactions to $250 per month for customers.
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