(MENAFN) Banque Misr, Egypt's second-largest government bank, has unveiled the Visa Platinum Instant Card specifically tailored for dollar accounts. This financial offering allows individual customers holding dollar accounts to engage in purchases, with a cap set at USD20,000 per month. Moreover, users have the flexibility to withdraw cash abroad, with a maximum limit of USD5,000 per month.
Individual customers, whether of foreign or Egyptian origin, have the opportunity to request this Visa Platinum Instant Card, which comes with a five-year validity period. To obtain the card, customers need to pay an issuance cost of USD20, along with an annual fee of USD10. Notably, the minimum requirement for opening a dollar account with Banque Misr is USD100, complemented by account issuance fees of 50 pounds. A 10% commission for currency conversion is applicable if the card is used in a currency other than the US dollar.
A spokesperson from the bank highlights that this initiative serves as a practical solution for customers desiring to conduct transactions in dollars, both within and outside Egypt. This move becomes particularly relevant following the discontinuation of direct debit cards since October of the previous year.
In December, Egyptian banks collectively implemented restrictions on the use of new credit cards abroad. The suspension is effective for up to six months from the card's issuance date. Additionally, certain banks decided to halt the usage of credit cards abroad for a three-month period. Banque Misr's introduction of the Visa Platinum Instant Card emerges as a timely solution, offering customers a viable alternative amid the evolving landscape of international transactions and restrictions imposed by other financial institutions in the country.
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