There was an increase in purchase orders for the Saudi riyal and the dollar during this month in Egyptian banks and exchange offices, as a result of the increasing demand among some citizens to procure currency in preparation for Umrah trips in the month of Rajab.
This increase is due, according to what bank and exchange officials reported, to Egyptians’ preference for the month of Rajab, which holds a special place in their hearts. These preferences were reflected in financial movement, as many customers relied primarily on credit cards to pay some of their expenses electronically or in cash. out of Egypt.
Through the global SWIFT system, customers can withdraw and buy foreign currency using credit cards, converting the Egyptian pound into a foreign currency instantly and paying a commission of up to 10% of the transaction value, in addition to additional fees.
Due to the pressures of foreign exchange shortages, banks have restricted transactions using credit cards and reduced limits more than once during the past two years, and the international foreign exchange transaction service on new credit cards has been stopped until 6 months have passed since their issuance.
In addition, banks have stopped dealing with direct debit cards outside Egypt, with credit cards being sufficient. The maximum limits for credit card transactions vary from one bank to another, depending on the type of card and the economic level of the customer.
Withdrawal and purchase limits for some leading banks in Egypt:
- Maximum limits for cash withdrawal: the equivalent of 1.5 thousand pounds to 4.5 thousand pounds in Saudi riyals per month.
- Maximum limits for purchases: the equivalent of 7 thousand pounds to 85 thousand pounds in Saudi riyals per month.
- Maximum limits for cash withdrawal: the equivalent of 3,000 pounds to 6,000 pounds in Saudi riyals per month.
- Maximum limits for purchases: the equivalent of 3,000 pounds to 90,000 pounds in Saudi riyals per month.
- Maximum limits for cash withdrawal: the equivalent of two thousand pounds to 6.5 thousand pounds in Saudi riyals per month.
- Maximum limits for purchases: the equivalent of two thousand pounds to 100 thousand pounds in Saudi riyals per month.
It is clear that the increasing demand for foreign currencies in Egypt, especially for the Saudi riyal, reflects a state of readiness and great interest on the part of citizens to perform special religious occasions, as is the case with Umrah in the month of Rajab. This increasing demand reflects the increasing need to manage currency in innovative ways, with reliance on… On electronic payment methods and credit cards.
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