Banque Misr’s new Visa Platinum Debit Card can be used to make purchases inside or outside of Egypt, as well as withdraw in foreign currency while traveling outside of the country
State-owned Banque Misr (BM) announced a new 5-year debit card exclusively for USD accounts, enabling card owners to purchase goods worth $20,000 while abroad.
Banque Misr’s new Visa Platinum Debit Card can be used to make purchases inside or outside of Egypt, as well as withdraw in foreign currency while traveling outside of the country.
The card is expected to relieve pressure on Egyptian travelers by enabling them to access a larger amount of foreign currency while abroad, as well as providing more flexibility for those looking to shop online from international stores.
BM’s new debit card will have a daily limit of $5,000 for purchasing outside Egypt, with a monthly cutoff of $20,000.
Shopping online from international ecommerce sites has been restricted to a monthly limit equivalent to EGP 400,000 with a maximum use of 5 times a day.
The bank has set cash withdrawal limits for ATM and point-of-sale (POS) transactions while abroad at $1,000 per day, with a monthly limit of $2,000.
To obtain the card, customers are required to pay an issuance fee of $20, along with an annual fee of $10.
BM’s requirements to open a USD account are a minimum deposit of $100 and an account issuance fee of EGP 50, along with a 10% commission for currency management if the card is used in a currency other than the US dollar.
