4 Steps to obtain foreign currency before traveling outside Egypt

Many Egyptians always seek to travel abroad for several different reasons, and to take this step, it is necessary to prepare for this step by collecting the appropriate foreign currency for travel.

Egyptians wishing to travel have 4 ways to obtain a sum of foreign currency, whether dollars, euros, or any internationally recognized currency before and during travel outside Egypt, especially after some banks tightened the limits of withdrawals and purchases.

And some banks had decided, starting from this October, to reduce the limits for withdrawals from automated teller machines (ATMs) from outside Egypt, using direct debit cards linked to the customer’s account and credit (Credit Card), after discovering what they described as misuse by some customers and conducting more transactions than usual, according to What these banks announced.

Banks allow their customers to use their bank cards denominated in the Egyptian pound of all kinds outside Egypt to purchase or withdraw cash in the currency of the country in which the customer is located through a global “SWIFT” system that allows the exchange of the currency in which the balance of the card used is in the currency of the country in which the customer is located in exchange for a commission deduction to provide the service.

Banks reduced the limits for cash withdrawals, ranging from 50% to more than 90%, as well as purchases at other banks, while keeping the percentage of commissions and service fees unchanged.

4 ways to get currency before and during travel outside Egypt:

1- Purchasing from the banking system: Banks allow their customers to purchase any foreign currency before travel, provided that a ticket, passport and visa are presented to the customer service employee 48 hours in advance.

Banks manage the currency for their clients, provided that the required amount does not exceed one thousand dollars or its equivalent in other currencies of the country to which the customer is traveling, if any, such as the euro, the Saudi riyal, the UAE dirham or the Kuwaiti dinar.

Any customer can buy the dollar or the euro, which is the most widely traded globally when traveling to any country, and as soon as he arrives, he goes to the nearest exchange company to exchange the dollar with the currency of the country that is available to pay his daily expenses.

2- Exchange companies: Customers can buy dollars from the exchange before traveling, as they are allowed to limit cash at the airport, not exceeding 10 thousand dollars outside Egypt.

3- Withdrawal from ATMs outside Egypt: Banks have so far allowed the customer to withdraw cash from any machine outside Egypt using a direct debit card, credit card, or prepaid card in the same currency as the country in which he is located, according to the limits available from the bank to the customer and the type of card used.

Banks have reduced the limits for cash withdrawals outside Egypt from between 5 thousand and 25 thousand dollars per month to 500 dollars, and up to 1500 dollars in some types of cards.

Banks offer this service in return for a commission on exchanging currency and using a machine outside Egypt.

The currency exchange commission ranges between 3 or 4%, in addition to fees ranging from 30 to 50 pounds for each withdrawal.

The commission for using a machine outside Egypt is 3%, and it goes to the bank to which the machine was used.

4- Purchasing from Point of Sale machines: Banks allow the customer to pay his purchases outside Egypt using his card with more flexible limits, compared to cash withdrawals in return for a commission that does not exceed 3% of the value of the total purchases in exchange for currency exchange.