Banque Misr introduces new USD debit card allowing purchases up to $20,000

BM has set cash withdrawal limits for ATM and point-of-sale (POS) transactions conducted outside the country using this new debit card at $1,000 per day and $2,000 per month, the source, who requested anonymity, added.

The Visa Platinum card, which is valid for five years, has been made available to both Egyptians and foreigners, an informed source at the bank told Ahram Online.

To obtain the card, customers are required to pay an issuance fee of $20, along with an annual fee of $10.

To open a US dollar account with Banque Misr, a minimum deposit of $100 is required, along with an account issuance fee of EGP 50. Additionally, there is a 10 percent commission for currency management if the card is used in a currency other than the US dollar.

This new dollar debit card serves as a solution for customers who aim to make purchases in dollars, either domestically or internationally, especially considering the suspension of debit card usage during the previous period, the source added.

Speaking to AO, banking expert Hany Abul-Fotouh expressed his opinion that this card will not strain the bank's foreign liquidity, as it is linked to the customers' dollar accounts and the size of their foreign currency savings.