{"id":613765,"date":"2024-01-21T00:00:00","date_gmt":"2024-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/21\/nbe-becomes-the-latest-bank-to-cut-credit-card-fx-limits\/"},"modified":"2024-01-21T00:00:00","modified_gmt":"2024-01-21T00:00:00","slug":"nbe-becomes-the-latest-bank-to-cut-credit-card-fx-limits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/21\/nbe-becomes-the-latest-bank-to-cut-credit-card-fx-limits\/","title":{"rendered":"NBE becomes the latest bank to cut credit card FX limits"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Egypt\u2019s largest bank has lowered its FX withdrawal limits: <\/strong><span style=\"background-color: transparent;\">TheNational Bank of Egypt (NBE) has lowered <\/span><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/1643.pdf\" rel=\"noopener\">credit card limits (pdf)<\/a><span style=\"background-color: transparent;\"> on foreign exchange transactions executed at home and abroad, according to its <\/span><a target=\"_blank\" href=\"https:\/\/www.nbe.com.eg\/NBE\/E\/#\/EN\/ProductCategory?inParams=%7B%22CategoryID%22%3A%22CreditCardsID%22%7D\" rel=\"noopener\">website<\/a><span style=\"background-color: transparent;\">..<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new limits abroad: <\/strong>NBE trimmed the monthly limit on FX purchases made whilecardholders are abroad to the equivalent of EGP 7k-85k, depending on credit card type, down from EGP 10k-100k. It also lowered the monthly ceiling on cash withdrawals abroad to the equivalent of EGP 1.5k-4.5k from EGP 2.5k-10k.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new limits at home: <\/strong>The bank reduced local FX transactions to the equivalent of USD 50-250 depending on the card type, down from a standard USD 250 across the board. The same limits will be applied for customers abroad who didn\u2019t notify the bank of their travel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The new limits come on the heels of similar restrictions imposed by <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/176a2de9-e391-4221-8734-8ad36f8e0c19\" style=\"\" rel=\"noopener\">CIB, Abu<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/176a2de9-e391-4221-8734-8ad36f8e0c19\" style=\"\" rel=\"noopener\">Dhabi Islamic Bank (ADIB)<\/a>, and others. The central bank has been tightening its grip on FX transactions in recent monthsamid an FX shortage. A <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42e7bef5-11d5-451a-a2cf-977c0a9d98dc\" style=\"\" rel=\"noopener\">six-month bar on FX transactions<\/a> for newly issued credit cards was issued last month in addition to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e68118bf-ed08-46df-a7d6-46dc4559afec\" style=\"\" rel=\"noopener\">credit card<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d240d47-331c-491e-8011-e5092d22dfdb\" style=\"\" rel=\"noopener\">debit card<\/a> restrictions for FX transactions that began in October.<\/p>\n<p class=\"tag-border-left\"> IN OTHER BANKING NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new high-yield CDs have attracted a combined EGP 380 bn in NBE and Banque Misr<\/strong>as of last Thursday, <a target=\"_blank\" href=\"https:\/\/www.almasryalyoum.com\/news\/details\/3080163\" style=\"\" rel=\"noopener\">Al Masry Al Youm<\/a> reports, citing Banque Misr Chairman Mohamed El Etreby and an unnamed banking source.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong>NBE and Banque Misr <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca07962e-49c3-4cb5-ab1d-89a6443c7602\" style=\"\" rel=\"noopener\">introduced<\/a> two record-high 12-month CDs paying out annual interest rates of 23.5% and 27.0% earlier in the month, after CDs worth around EGP 500 bn introduced by the two banks last year <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\" style=\"\" rel=\"noopener\">began<\/a> maturing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIB is also out with its own high-yield CDs:<\/strong> Commercial International Bank (CIB) hasrolled out a trio of fixed high-yield three-year certificates of deposit (CDs), according to the bank\u2019s <a target=\"_blank\" href=\"https:\/\/www.cibeg.com\/en\/personal\/accounts-and-deposits\/deposits\/certificate?\" style=\"\" rel=\"noopener\">website<\/a>. The bank\u2019s new 20% yield CD has a minimum buy-in of EGP 100k, its 21% yield requires a minimum booking of EGP 1 mn, and to get their highest interest rate of 22%, customers need to put in a minimum of EGP 5 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cuts come amid a push by the central bank to curb FX spending<\/p>\n","protected":false},"author":1,"featured_media":613766,"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":[7350],"tags":[204,271,72,2234,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-foreign-exchange","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"a4b87cf2-1f01-4937-b64d-116f9544e012","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1662.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"National Bank of Egypt becomes the latest bank to cut credit card limits on FX spending","related_issue":[613758],"teaser":"The cuts come amid a push by the central bank to curb FX spending","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.a5cd0680-586f-4568-8416-789231111ee2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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\u2026","rel":"","context":"In &quot;THE ENTERPRISE GUIDE&quot;","block_context":{"text":"THE ENTERPRISE GUIDE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-enterprise-guide\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/Travel-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549943,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/major-local-banks-set-withdrawal-limits-on-using-debit-and-credit-cards-abroad-cbe-reportedly-mulls-allowing-ndfs-to-trade\/","url_meta":{"origin":613765,"position":2},"title":"Major local banks set withdrawal limits on using debit and credit cards abroad + CBE reportedly mulls allowing NDFs to trade","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"At least four major banks have in recent days imposed limits on foreign exchange use in what pundits say is a move to conserve hard currency. The changes come at the same time as the central bank is reportedly debating whether to allow the introduction of on-shore non-deliverable forwards (NDFs)\u2026","rel":"","context":"In &quot;FOREIGN EXCHANGE&quot;","block_context":{"text":"FOREIGN EXCHANGE","link":"https:\/\/enterpriseam.com\/egypt\/category\/foreign-exchange\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/150.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620061,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/15\/nbe-raises-limits-on-fx-transactions\/","url_meta":{"origin":613765,"position":3},"title":"NBE raises limits on FX transactions","author":"enterpriseam admin","date":"15 May 2024","format":false,"excerpt":"NBE credit card holders will now have a monthly FX spending cap of the equivalent of EGP 5-60k","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1065.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626178,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/26\/banque-misr-and-nbe-follow-cib-in-halving-fx-commissions-and-raising-credit-card-limits\/","url_meta":{"origin":613765,"position":4},"title":"Banque Misr and NBE follow CIB in halving FX commissions and raising credit card limits","author":"enterpriseam admin","date":"26 June 2024","format":false,"excerpt":"Banque Misr and the National Bank of Egypt are halving their FX commissions to 5%","rel":"","context":"In &quot;FX WATCH&quot;","block_context":{"text":"FX WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/fx-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1625.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616685,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/banks-trade-usd-1-9-bn-in-two-days\/","url_meta":{"origin":613765,"position":5},"title":"Banks trade USD 1.9 bn in two days","author":"enterpriseam admin","date":"10 March 2024","format":false,"excerpt":"The EGP lost almost 37% of its value against the greenback after the float","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/711.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=613765"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613765\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613766"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613765"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613765"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}