New CBE Regulations for Easier Credit Card Use for Egyptians Travelling Abroad

The Central Bank of Egypt (CBE) has issued new regulations to simplify the use of credit cards for Egyptians traveling abroad. According to the instructions, banks are required to activate the maximum credit limit for users traveling abroad as soon as they notify the bank's service center. This is in line with the bank's regulatory procedures. The move aims to cater to the needs of citizens, making it easier for them to use credit cards for expenses while traveling abroad, and prevent misuse of these cards through cash withdrawals from abroad without actual travel. Local banks have started informing their customers about these instructions and how to adhere to them. For credit card users planning to travel, they are required to visit the nearest branch and provide proof of travel at least 48 hours before their departure. This allows the bank to set appropriate limits for their cards during their travel period. A variety of documents such as a valid passport, a confirmed round-trip airline ticket, a valid visa (if necessary), and any other documents deemed necessary by the bank are required for verification. The bank has also clarified that the use of credit cards has been restricted at certain stores, but remains available for other transactions including purchases and cash withdrawals. The new regulations are an important step towards aiding global travel and curbing credit card misuse.