05:00 pm
Tuesday 30 August 2022
I wrote – Manal Al-Masry:
Banks provide the service of managing foreign currencies in cash (including dollars, euros, sterling, or any Arab currency approved by the Central Bank) with maximum limits for customers for the purpose of traveling abroad, according to customer service officials in government or private banks.
Banks provide these amounts to customers after the customer submits a request to one of the bank’s branches to purchase currency, and shows the necessary travel documents to ensure that he needs the currency.
Banks sell foreign currency to customers for the purpose of travel at an average of $2,000 to the customer or its equivalent in any other foreign currency such as the euro, the Australian pound, the Saudi riyal, the Kuwaiti dinar, the UAE dirham, or the Qatari riyal.
And the limits of banks in dealing with the dollar for clients rise to 10 thousand dollars or its equivalent in other foreign currencies according to the country of travel, but this case requires the branch manager to obtain approval from the International Transactions Department and the treasury in the bank for approval, and this depends on the principle of “know your customer”. That is, on his dealings with the bank.
Al-Ahly and Egypt banks also allow the provision of foreign exchange for non-clients, but within narrow limits that do not exceed 300 dollars or its equivalent in other currencies, and after submitting travel papers.
The approval of any bank to supply the dollar to its clients depends on the travel papers represented in the visa and travel ticket, and the client’s passport to sign the bank’s stamp on one of its pages with the amount arranged for the client.
The customer must apply to a bank branch to obtain the dollar 48 hours before receiving the amount, as the amount may not be available at the branch on the same day and therefore needs time to manage it.
To facilitate the customer’s access to the dollar, it is preferable that he have an account in the bank and have opened it for at least 6 months, in order to have priority in managing the currency and get the average or maximum amount of money.
Banks also allow customers to activate their account cards or credit cards for use in cash withdrawals from outside Egypt from one of the ATMs of any bank to obtain cash in the same currency of the country in which they are located through electronic clearing that takes place on the account in moments in return. Discount of 6% commission and administrative expenses on each withdrawal to manage the currency.
And the customer can use the account card in electronic purchases with merchants to be cleared from his account for the same currency of the country in which he is in return for a commission of 3% for managing the currency.