Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egyptian Banks Issue Debit Cards in US Dollars to Meet Customers' Needs Abroad

Fri 02 Feb 2024 | 06:26 AM
Taarek Refaat

The largest government banks in Egypt announced the issuance and re-issuance of debit cards in US dollars with the aim of meeting the needs of customers in their financial transactions outside Egypt in foreign currency.

The National Bank of Egypt (NBE) announced Thursday the launch of the Visa Platinum direct debit card in US dollars for customers, in cooperation with “Visa”.

The CEO of Retail Banking and Branches at the National Bank of Egypt Karim Souss, pointed out that the launch of the Visa “Platinum” direct debit card in US dollars for customers reflects the cooperation of the two entities, the National Bank of Egypt and Visa, especially since this financial services will help meet the services provided to customers outside Egypt and out of concern for the bank strives to meet all the needs of its customers of all categories and requirements inside and outside Egypt.

He stressed that the Visa Platinum direct debit card in US dollars provides existing and new customers with many exclusive benefits, as it can be issued upon opening an account in US dollars for new customers, in addition to allowing it to be issued to existing customers with accounts in US dollars, with the ability to conduct all financial transactions in foreign currencies. outside Egypt, including purchases, international cash withdrawals, electronic payment, and online shopping around the world within 24 hours of the week, in addition to other benefits internationally.

A week Earlier, Banque Misr also announced making international transactions available on one of its debit cards by the launching of  a Platinum debit in dollars,” after stopping international spending limits on all debit and prepaid cards on October 9, 2023.

The new direct debit card was launched with limits for cash withdrawals outside Egypt in dollars, a maximum of $5,000 per month, and a maximum daily withdrawal limit of $1,000, without fees for withdrawals from abroad in dollars, while it imposes fees on withdrawals in other currencies up to 1.5% of total transaction value.

The Platinum Direct Debit Card in dollars allows purchases outside Egypt with a maximum of $20,000 per month and $5,000 daily. According to the bank’s website, the card is issued on the dollar account only, whether current or savings.

While the Bank of Egypt is still stopping international transactions, including cash withdrawals outside Egypt and international purchases on 10 debit cards, the bank is also stopping international transactions on newly issued credit cards from the date of December 20, 2023 for a period of 6 months, so that the use of cards locally is limited to Egyptian pounds.