By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    World Bank agrees $7bn new partnership framework with Egypt
    World Bank agrees $7bn new partnership framework with Egypt
    March 22, 2023
    IFC-supported partnership launched to help increase clean water supply in Egypt
    IFC-supported partnership launched to help increase clean water supply in Egypt
    March 22, 2023
    International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy
    International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  
    March 22, 2023
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    March 22, 2023
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    March 22, 2023
  • Politics
    PoliticsShow More
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
    Al Azhar University partners with Google to empower students with latest learning solutions
    Al Azhar University partners with Google to empower students with latest learning solutions
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: CBE warns of misuse of bank cards, fraud to obtain foreign exchange without need for it
Share
Notification
Latest News
World Bank agrees $7bn new partnership framework with Egypt
World Bank agrees $7bn new partnership framework with Egypt
Business
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Politics Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
Business
Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
Opinion| Türkiye and Egypt: For better times with many opportunities
Politics Opinion
International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy
International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  
Business Technology
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > CBE warns of misuse of bank cards, fraud to obtain foreign exchange without need for it
Business

CBE warns of misuse of bank cards, fraud to obtain foreign exchange without need for it

Hossam Mounir
Last updated: 2022/12/24 at 10:08 PM
By Hossam Mounir 3 Min Read
Share
CBE warns of misuse of bank cards, fraud to obtain foreign exchange without need for it
SHARE

The Central Bank of Egypt (CBE) announced on Thursday that banks must notify customers by any means of communication that it is prohibited to misuse credit and direct debit cards, especially for customers who do not leave the country.

The bank stated that this comes within the framework of it observing that some credit cards and direct debit cards are used in operations outside Egypt, despite the presence of the customers holding these cards inside the country.

It added that it is prohibited to request the procurement of currency for the purposes of traveling abroad without leaving the country, and that banks must review a sample of transactions that took place outside the country, as well as requests to procure currency for travel purposes since the first of December 2022.

The CBE also confirmed that banks should report any suspicious activity or misuse of funds to the CBE so that it may investigate these cutomers.

Furthermore, it said that in the case of customers not traveling or misusing cards, the bank will be directed to suspend the card and inform i-Score to take the necessary measures in this regard.

Earlier, banks have moved to limit the use of their cards abroad to restrict foreign exchange withdrawals.

Banks allow their customers to use their bank cards denominated in Egyptian pounds of various types outside Egypt for purchases or cash withdrawals in the currency of the country in which the customer is located through a global system that allows exchanging any card currency for the currency in which the customer is in while deducting a commission to provide the service.

NBE and Banque Misr have decided to reduce international limits on debit and credit cards for the second time in three months.

This decision coincided with an additional one to increase the commission rate on dollar cash withdrawals and purchases outside Egypt to 10% instead of 3%, along with another commission of 3% of the total value of cash withdrawals only, excluding purchases, for using an ATM outside Egypt, with the addition of a fee of EGP 30 on every withdrawal at NBE and EGP 50 at Banque Misr.

Major private banks took similar steps, including CIB – Egypt, the AAIB, and Dubai National Investment Bank.

You Might Also Like

World Bank agrees $7bn new partnership framework with Egypt

IFC-supported partnership launched to help increase clean water supply in Egypt

International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  

Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 

Egypt aims to attract 30 million tourists in 2028: Tourism Minister

TAGGED: CBE
Share this Article
Facebook Twitter Email Print
Previous Article Engineering Council of Egypt, Saudi Arabia Standards Organisation discuss facilitating granting SASO certificates Engineering Council of Egypt, Saudi Arabia Standards Organisation discuss facilitating granting SASO certificates
Next Article Finbi to complete fair value of Port Said and Damietta Containers within two months Finbi to complete fair value of Port Said and Damietta Containers within two months
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

World Bank agrees $7bn new partnership framework with Egypt
World Bank agrees $7bn new partnership framework with Egypt
Business
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Egypt’s foreign minister phones Algerian counterpart over boosting ties
Politics Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
IFC-supported partnership launched to help increase clean water supply in Egypt
Business
Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
Opinion| Türkiye and Egypt: For better times with many opportunities
Politics Opinion
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?