Several banks operating in the Egyptian market have imposed limits on foreign exchange withdrawal using debit or credit cards outside Egypt, with the aim of relieving pressure on foreign exchange reserves, and also to tighten the screws on the parallel market, after banks spotted some companies and individuals using their cards to withdraw foreign exchange abroad. The National Bank of Egypt has set the maximum daily cash withdrawal limit with two Visa Classic and Standard MasterCard cards, equivalent to EGP 5,000 from the same currency of the country traveling to, and no more than the equivalent of EGP 20,000 per month, compared to EGP 10,000 per day and EGP 40,000 per month before. The maximum daily cash withdrawal with the Visa Gold and Titanium MasterCard cards is the equivalent of EGP 10,000 of the same currency of the country traveling to, and not more than the equivalent of EGP 30,000 per month, compared to EGP 20,000 per day and no more than EGP 60,000 per month before the limits were reduced. The maximum daily cash withdrawal with Visa and MasterCard Platinum cards reaches the equivalent of EGP 25,000 from the same currency of the country to which it is traveled, and not more than the equivalent of EGP 40,000 per month, compared to EGP 50,000 per day and no more than EGP 80,000 per month before reducing the limits. The maximum daily cash withdrawal, with two MasterCard World and Visa Signature cards, is equivalent to EGP 37,500 from the same currency of the country to which he is traveling, with no more than the equivalent of EGP 80,000 per month, compared to EGP 75,000 per day and no more than EGP 160,000 per month before reducing limits. With regard to the MasterCard World Elite and Visa Infinite cards, the maximum daily cash withdrawal amount is the equivalent of EGP 50,000 with no more than the equivalent of EGP 80,000 per month, compared to EGP 100,000 per day and no more than EGP 160,000 per month. The commission for cash withdrawals outside Egypt at the National Bank of Egypt is 3% of the total withdrawal value in exchange for a currency exchange service, while the value of the fees prescribed for each withdrawal is EGP 30. Banque Misr also set a limit for cash withdrawals abroad at EGP 5,000 for ATM cards of the classic, Islamic, and gold types, about $750 for titanium and platinum cards, and $1,500 for World Elite cards. The commission for using ATM cards abroad, whether for buying or cash withdrawal, is about 6% of the value of the transaction. The Commercial International Bank has also approved monthly limits on cash withdrawals abroad for debit cards, that range from EGP 5,000 to EGP 300,000, depending on the type of card. It also set a ceiling for international monthly purchases, whether in-person or online, between EGP 20,000 and EGP 200,000. The bank set weekly international credit card withdrawals between EGP 3,000 and EGP 30,000. HSBC has also set a monthly cash withdrawal limit of $5,000 for both debit and credit cards. The First Abu Dhabi Bank reduced the monthly cash withdrawal limit outside the country using classic debit cards to the equivalent of EGP 10,000 instead of EGP 50,000. Rashwan Hammadi, Acting CEO of the Retail Banking Sector at Commercial International Bank, said that the banks' reduction of cash withdrawal limits for customers outside the country is due to what they have observed of some customers misusing their ATM cards abroad. Rashwan added, in televised statements: "We had the responsibility to legalize cash withdrawals abroad, the customer could previously withdraw the equivalent of EGP 100,000 abroad, but now the limit has been reduced to EGP 5,000, which is equivalent to $250 per month in cash." Maryam Al-Samni, head of the retail banking sector at First Abu Dhabi Bank, Egypt, said that some customers misuse their ATM cards, and therefore we reduced the limits for withdrawals from abroad. She indicated that the fees for withdrawing cash abroad with credit cards have not been changed. She pointed out, in a phone call to a TV show, that banks consult the Central Bank when changing the cash withdrawal fees abroad.
