2023-07-18 09:18:00
12:18 PM Tuesday, July 18, 2023
I wrote – Manal Al-Masry:
A number of banks have lifted precautionary measures when procuring dollars for customers to travel outside Egypt from the beginning of this year, following discovering attempts to manipulate some customers to buy dollars without leaving the country.
The banks’ strictness in procuring dollars for travelers comes to ensure the fact that the customer needs the dollar and not use it for other purposes, such as dollarization represented by speculation on the dollar on the black market.
The banks’ strict measures in managing the currency came following the Central Bank announced the discovery of attempts by customers to buy dollars without the customer leaving the country and the use of payment cards outside Egypt for some customers without leaving Egypt, which suggests the existence of manipulation of foreign exchange.
In recent weeks, some bank branches have begun to appear more stringent than others with regard to procedures for verifying the validity of travel documents, or with regard to the amount that is saved, which reaches a maximum of $500 in a number of them.
The price of the dollar on the black market is currently regarding 4 to 7 pounds higher than the official rate in banks and money changers, to record during the past week between 35 and 38 pounds, compared to 30.95 pounds in banks.
In the following lines, Masrawy presents the procedures of banks in procurement of dollars for clients, which differ from one bank to another in some details:
– Banks unite in requesting papers proving the customer’s travel, which are the airline ticket, passport, and travel ticket.
– Some banks require their customers, along with travel papers, to provide an official receipt for the payment of the airline ticket, and without that, the bank refuses to provide the currency.
– Some banks refuse to arrange dollars until 48 hours before travel.
– Banks are reluctant to arrange currency in the event that the customer has an account in dollars or another foreign currency in the bank.
– Before obtaining the dollar following submitting the official papers, the customer needs approval of the value of the limits available to him from the treasury and international transactions officer at the bank.
– The limits for managing the dollar between banks vary from $ 200 to a maximum of $ 1,500.
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