{"id":582032,"date":"2023-02-10T00:00:00","date_gmt":"2023-02-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/10\/your-guide-to-traveling-abroad-during-an-fx-crisis\/"},"modified":"2023-02-10T00:00:00","modified_gmt":"2023-02-10T00:00:00","slug":"your-guide-to-traveling-abroad-during-an-fx-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/10\/your-guide-to-traveling-abroad-during-an-fx-crisis\/","title":{"rendered":"Your guide to traveling abroad during an FX crisis"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">Traveling abroad soon? Here\u2019s what you need to do to get FX: <\/span><span style=\"\">Traveling <\/span><span>abroad is a c<\/span><span>hallenge for most of us these days after banks <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/09\/major-local-banks-set-withdrawal-limits-on-using-debit-and-credit-cards-abroad-cbe-reportedly-mulls-allowing-ndfs-to-trade-83201\/\" style=\"\">began imposing limits<\/a><\/span><span style=\"font-weight:400;\"> on weekly and monthly international ATM withdrawals and foreign purchases thanks to the ongoing FX crunch. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Here\u2019s how to manage the struggle to get hard currency ahead of your next trip<\/span><span style=\"\">, whether <\/span><span>it\u2019s for business, spring break or the next Eid.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">For starters, know your bank\u2019s rules ahead of traveling:<\/span><span style=\"\"> Don\u2019t complain to the nice people at <\/span><span style=\"font-weight:400;\">Mastercard or Visa \u2014 every bank imposes its own limits, and those limits vary by your card and account type. You\u2019ll also want to be aware of any fees associated with ATM withdrawals or purchases made abroad, and how your bank demarcates the limits (i.e. whether they reset their monthly limits at the beginning of each month, like HSBC, or on a rolling basis, like at CIB).   <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Here\u2019s the breakdown of a few major banks\u2019 ATM withdrawal and credit card purchase <\/span><span style=\"font-weight:700\">limits for FX: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Our friends at <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.hsbc.com.eg\/credit-cards\/foreign-usage-limits\/\" style=\"\">HSBC<\/a><\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">have a <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.hsbc.com.eg\/credit-cards\/foreign-usage-limits\/\" style=\"\">USD 1.5k<\/a><\/span><span style=\"font-weight:700\"> monthly limit on ATM withdrawals abroad <\/span><span style=\"\">for <\/span><span>debit and credit cards,<\/span><span style=\"font-weight:700\"> <\/span><span>while <\/span><span style=\"font-weight:700\">caps on purchases in foreign currency<\/span><span> range between <\/span><span style=\"font-weight:700\">EGP 10-50k,<\/span><span style=\"font-weight:400;\"> depending on card type;<\/span><\/li>\n<li><span style=\"font-weight:700\">CIB\u2019s monthly ATM withdrawal limits <\/span><span style=\"\">abroad are currently at<\/span><span style=\"font-weight:700\"> EGP 2.5k <\/span><span style=\"\">for <\/span><span style=\"font-weight:700\">debit <\/span><span style=\"font-weight:700\">cards<\/span><span> and <\/span><span style=\"font-weight:700\">EGP 2.5-10k<\/span><span> for <\/span><span style=\"font-weight:700\">credit cards<\/span><span>, depending on the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cibeg.com\/-\/media\/project\/downloads\/fees-and-charges\/personal-arabic\/new-international-limits-for-debit-and-credit-cards---a.pdf?utm_source=International%20Spending%20Limit%20Ar%20SMS&utm_campaign=International%20Spending%20Limit%20Ar%20SMS&utm_content=International%20Spending%20Limit%20Ar%20SMS&utm_medium=International%20Spending%20Limit%20Ar%20SMS\" style=\"\">card type (pdf)<\/a><\/span><span>. Its <\/span><span style=\"font-weight:700\">monthly caps on international purchases <\/span><span>range between <\/span><span style=\"font-weight:700\">EGP 20-75k <\/span><span>for <\/span><span style=\"font-weight:700\">debit cards<\/span><span>, depending on account type, and <\/span><span style=\"font-weight:700\">EGP 25-100k<\/span><span> for <\/span><span style=\"font-weight:700\">credit cards<\/span><span style=\"font-weight:400;\">;<\/span><\/li>\n<li><span style=\"font-weight:700\">The National Bank of Egypt (NBE)\u2019s ATM withdrawal limit <\/span><span style=\"\">ranges between<\/span><span style=\"font-weight:700\"> EGP <\/span><span style=\"font-weight:700\">2.5-10k <\/span><span>for <\/span><span style=\"font-weight:700\">debit cards, <\/span><span>depending on card type, and <\/span><span style=\"font-weight:700\">EGP 10-20k<\/span><span> for <\/span><span style=\"font-weight:700\">credit cards<\/span><span>. The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.nbe.com.eg\/NBE\/E\/#\/EN\/ProductCategory?inParams=%7B%22CategoryID%22%3A%22CreditCardsID%22%7D\" style=\"\">monthly limits<\/a><\/span><span> on <\/span><span style=\"font-weight:700\">international purchases<\/span><span> range between <\/span><span style=\"font-weight:700\">EGP 10-62.5k<\/span><span> for <\/span><span style=\"font-weight:700\">debit cards<\/span><span> and <\/span><span style=\"font-weight:700\">EGP 10-100k<\/span><span> for <\/span><span style=\"font-weight:700\">credit cards<\/span><span style=\"font-weight:400;\">;<\/span><\/li>\n<li><span style=\"font-weight:700\">Banque Misr\u2019s withdrawal limits <\/span><span style=\"\">for debit and credit cards range between<\/span><span style=\"font-weight:700\"> USD <\/span><span style=\"font-weight:700\">100-400,<\/span><span> depending on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.banquemisr.com\/en\/Home\/SMEs\/Retail-Banking\/Pages\/Cards\/Credit-Cards-Pages\" style=\"\">card type<\/a><\/span><span>. The bank\u2019s <\/span><span style=\"font-weight:700\">monthly caps<\/span><span> for <\/span><span style=\"font-weight:700\">international purchases<\/span><span> range between <\/span><span style=\"font-weight:700\">USD 100-4k<\/span><span>. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.cibeg.com\/en\/business\/cards\/visa-platinum-credit?utm_campaign=sme-mega-campaign&utm_source=google-search&utm_medium=paid&utm_content=cib&utm_term=142195114685&sc_camp=D6B3276DF65542D797FA465C7BC12C4F\" style=\"\">CIB<\/a><\/span><span style=\"font-weight:700\">, <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.nbe.com.eg\/NBE\/E\/#\/EN\/ProductCategory?inParams=%7B%22CategoryID%22%3A%22CreditCardsID%22%7D\" style=\"\">NBE<\/a><\/span><span style=\"font-weight:700\"> and <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.banquemisr.com\/Home\/SMEs\/Retail%20Banking\/Pages\/Cards\/Credit%20Cards%20Pages\/Platinum%20Visa%20-%20Master%20Credit%20Card\" style=\"\">Banque Misr<\/a><\/span><span style=\"font-weight:700\"> have also ramped up FX commission fees to 10%, up from 3%<\/span><span style=\"\"> <\/span><span>previously, for purchases made using debit and credit cards abroad<\/span><span>.<\/span><span> <\/span><span style=\"font-weight:700\">HSBC\u2019s markup fees are currently at 8%<\/span><span style=\"font-weight:400;\">, their customer service center tells us.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">All that to say: You will need some actual FX to pay for a lot of your expenses abroad. <\/span><span>The most you can carry with you during your travels abroad is USD 10k, or its equivalent in other currencies, according to Cairo Airport\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cairo-airport.com\/en-us\/Services\/Passenger-Guide\/Customs-Regulations\" style=\"\">website<\/a><\/span><span> and a Cairo Airport representative we spoke with<\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Are you a foreign resident or visitor landing in Egypt? <\/span><span style=\"font-weight:400;\">Make sure you check in with authorities if you\u2019re bringing in more than USD 10k. You could face hassles leaving the country with more than USD 10k if you don\u2019t register beforehand that you entered the country with that amount.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IF YOU HAVE USD IN YOUR BANK ACCOUNT- You can withdraw as much USD as you <\/span><span style=\"font-weight:700\">want<\/span><span>,<\/span><span style=\"font-weight:700\"> <\/span><span>bank reps say.<\/span><span style=\"font-weight:700\"> <\/span><span>Need EUR instead of USD? They can change them for you too, one representative told us. <\/span><span style=\"font-weight:700\">Our pro tip:<\/span><span style=\"font-weight:400;\"> Make sure to call your bank a day or two before your visit to let them know you intend to withdraw a specific amount to make sure they can make that amount available in time.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DON\u2019T HAVE USD IN YOUR BANK ACCOUNT? You need to jump through some hoops. <\/span><span style=\"font-weight:400;\">Your bank will ask you for:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Your passport<\/span><\/li>\n<li><span style=\"font-weight:400;\">A copy of your plane ticket and other proof of travel<\/span><\/li>\n<li><span style=\"font-weight:400;\">The EGP amount you want to exchange into USD <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Make sure to call your bank well ahead of time to sort out how many days they will need <\/span><span style=\"font-weight:700\">to get the USD ready for you to buy. <\/span><span style=\"font-weight:400;\">Some banks (including CIB and NBE) will only sell you FX 48 hours before you travel, while others (like QNB) allow you to buy FX up to 10 days ahead of your departure date, according to representatives we spoke to.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Don\u2019t expect to be allowed to buy a ton of USD: Most will sell you just <\/span><span style=\"font-weight:700\">USD 200-USD 1<\/span><span style=\"font-weight:700\">k<\/span><span style=\"\">, <\/span><span>depending on your account tier, according to <\/span><span>bank <\/span><span>representatives <\/span><span>from CIB, HSBC<\/span><span>, NBE, Arab Bank, and QNB AlAhli. A bank clerk will then stamp your passport and write the exact amount you\u2019ve received so that other banks are aware of the amount of FX you have bought, the representatives told us. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But be warned: Many banks won\u2019t sell you USD if you already have USD in your account<\/span><span style=\"\">, <\/span><span>according to bank representatives from HSBC and EGBank.<\/span><span style=\"font-weight:700\"> <\/span><span>If you have less than USD 1k in your account, you must withdraw your USD first and before they will sell you the balance. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">WANT TO MINIMIZE YOUR FX OUTLAY?<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Get a travel agency to book your accommodations + pay in advance: <\/span><span style=\"\">This way, you <\/span><span style=\"font-weight:400;\">won\u2019t have to worry about maxing out your credit card limits before you even arrive at your destination. Remember to phone in and make sure the hotel has actually withdrawn the money, and not just put it on hold until you get there.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Fly local: <\/span><span style=\"\">Book your flights via EgyptAir, which charges in EGP, so you don\u2019t max out your <\/span><span>monthly limit on your flight tickets.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#3- Consider low-budget destinations: <\/span><span style=\"\">Choose your destination wisely so that whatever FX <\/span><span>you are able to drum up takes you a long way. Think of <\/span><span style=\"font-weight:700\">Zanzibar, Tanzania<\/span><span>, or <\/span><span style=\"font-weight:700\">Sri Lanka<\/span><span> if you\u2019re looking for idyllic beaches and vibrant cultures. And you can never go wrong with the stunning, lively city of <\/span><span style=\"font-weight:700\">Beirut, Lebanon <\/span><span>\u2014 where one USD is now equivalent to a record low of LBP 15k. For adventurous travelers, <\/span><span style=\"font-weight:700\">Albania<\/span><span> and <\/span><span style=\"font-weight:700\">Nepal<\/span><span> offer a lot of dreamy landscapes and thriving cultures to explore.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Traveling abroad soon? Here\u2019s what you need to do to get FX: Traveling abroad is a challenge for most of us these days after banks began imposing limits on weekly and monthly international ATM withdrawals and foreign purchases thanks to the ongoing FX crunch. Here\u2019s how to manage the struggle to get hard currency ahead [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":582033,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7289],"tags":[6653,2234,7288,234,7267],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-enterprise-guide","tag-enterprise-weekend","tag-foreign-exchange","tag-the-enterprise-guide","tag-travel","tag-weekend","wpautop","entry"],"acf":{"mongo_id":"e985a26d-733a-42c8-bbc7-513767a01d11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/12\/Travel-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582026],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.0be0416c-d82e-4a37-a6fc-82e254ebb6a1.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Your guide to traveling abroad during an FX crisis - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/10\/your-guide-to-traveling-abroad-during-an-fx-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your guide to traveling abroad during an FX crisis\" \/>\n<meta property=\"og:description\" content=\"Traveling abroad soon? Here\u2019s what you need to do to get FX: Traveling abroad is a challenge for most of us these days after banks began imposing limits on weekly and monthly international ATM withdrawals and foreign purchases thanks to the ongoing FX crunch. 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