• CBE scraps travel proof requirements for overseas credit card use, aiming to ease services for travelers while maintaining regulatory oversight.
• NBE and CIB cut foreign currency provisioning fees for credit cards to 3%, down from the previous 5% rate.
• AAIB raises the overseas credit card limit to USD 10,000 and doubles foreign currency purchase limits within Egypt.

CBE

The Central Bank of Egypt (CBE) announced an amendment to the regulations governing the use of credit cards abroad. Furthermore, it eased banks’ oversight of credit card use abroad. It no longer requires travelers to present proof of travel in order to use their cards abroad.

This amendment comes as part of its efforts to facilitate banking services for traveling customers. This is while also maintaining regulations  in the use of cards abroad.

Moreover, the CBE emphasized that banks still have the right to monitor card transactions to ensure they are conducted abroad. It further clarifies that if a customer fails to provide the supporting documents, the issuing bank must apply the procedures outlined in clause No. 3 of October 29, 2023, and comply with the amended circular of February 11, 2024.

Previously, in October 2023, the CBE lifted the maximum limits for overseas card use. This was for customers who inform their bank of their travel, provided they submit proof of travel within 90 days.

This was followed by a wave of increases in international credit card usage limits at most Egyptian banks, along with cuts to foreign currency provisioning fees, which had previously reached levels exceeding 10%.

Credit Cards

The National Bank of Egypt (NBE) and the Commercial International Bank (CIB) have lowered their foreign currency provisioning fees for credit cards to 3%.  This is a decrease from the previous 5%. In addition, NBE also raised the maximum cash provisioning limit for traveling customers to match the maximum amount allowed to be carried when leaving Egypt.

Meanwhile, the Arab African International Bank (AAIB) has increased its overseas credit card usage limits to USD 10,000. It also doubled foreign currency purchase limits within Egypt and raised foreign currency cash provisioning limits for travel abroad.