A rush to banking agencies after the presidential decision regarding the 750 euro grant:
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The process takes, under normal circumstances, from 15 days to two months, depending on the request
Banks speed up the issuance of Visa cards within 48 hours thanks to the inventory
The measure enhances the transparency of the travel grant and expands the use of electronic payment methods
On Monday morning, banking agencies witnessed a significant influx of citizens immediately after the instructions of the President of the Republic, Abdelmadjid Tebboune, to disburse the right of exchange for travel abroad, estimated at 750 euros, exclusively via bank cards, as most inquiries focused on how to obtain international payment cards, the conditions for opening accounts in hard currency, and the deadlines for issuing cards.
Banking sources confirmed to Al-Shorouk that a large number of citizens, who had never dealt with international payment cards, went to the windows to inquire about the administrative procedures and required documents, especially with the decision entering into force in the future, which is likely to increase demand for this service in the coming weeks.
Several public and private banks provide international payment cards linked to hard currency accounts, including the National Bank of Algeria, the Popular Credit of Algeria, the Foreign Bank of Algeria, the Local Development Bank and others, in addition to private banks such as Al Salam Bank Algeria, Al Baraka Bank Algeria, Gulf Bank and others, with the type of cards and services provided differing between “Visa” and “MasterCard” and others.
An account in dinars and another in “Dovis”… Mandatory documents for benefiting
In order to obtain the card, most banking institutions require opening a current account in Algerian dinars, and another in hard currency, whether in euros or dollars, with the same bank, depositing an administrative file that includes a copy of the biometric national ID card, a residence certificate, filling out the card application form, and paying the issuance and annual subscription fees, while some banks require additional documents depending on the nature of the customer, such as proof of income for employees or a commercial register for economic clients.
Financial conditions vary from one bank to another, as some institutions require maintaining a minimum balance in a hard currency account or a current account to benefit from the card, while other institutions adopt more flexible conditions, especially for customers who have active accounts with them.
The card allows withdrawal, payment, hotel reservations, and online shopping
International payment cards allow cash withdrawal from ATMs abroad, payment at shops, hotel reservations, and purchase of travel tickets, in addition to shopping on international websites, and their validity period is required to be at least three years.
Regarding the deadlines for issuing the card, the procedures adopted by a number of banks indicate that the process takes, under normal circumstances, about two weeks to a month after completing the file. However, banking sources confirmed to Al-Shorouk that the period may currently reach two months due to increasing demand, at a time when banks have begun measures to reduce delivery deadlines.
The same sources explained that some banking institutions that had previously acquired a significant stock of international cards were able to deliver them within only 48 hours after completing all procedures, by programming and activating the card locally, while other banks were forced to request new batches of cards, which led to lengthening delivery times.
The sources believe that adopting the bank card as the sole means of benefiting from the travel grant will lead to an unprecedented expansion in opening accounts in hard currency, and increase the demand for electronic payment methods, in line with the authorities’ trend towards generalizing digital banking services, limiting the circulation of liquidity, and enhancing transparency in hard currency exchange operations, as well as eliminating the practices that were depriving many travelers of actually benefiting from the right to exchange.
Suleiman Nasser: A positive and expected step that will raise the Algerian’s image abroad
In this context, financial and economic expert Suleiman Nasser said, in a statement to Al-Shorouk, that the President of the Republic’s decision to approve the bank card to disburse the travel grant is a positive and expected step, because it will put an end to a number of violations that were recorded during the past months, and contributed to the depletion of hard currency without achieving the real goal of the grant, which is enabling the traveler to cover his expenses during his stay abroad.
The spokesman explained that a number of people were traveling, especially to neighboring countries, with their family members for the purpose of benefiting from the travel grant only, and then they deliberately did not spend it during the trip and resold it after returning in the parallel market at prices much higher than the official exchange rate. He added that a family of five members could benefit from approximately 3,750 euros, which is a significant amount that was supposed to be directed to cover travel and accommodation expenses, not to turn into a source of speculation and brokerage, which makes adopting a bank card an effective mechanism to reduce this. Practices and protection of the country’s foreign exchange reserves.
Suleiman Nasser pointed out that the decision will also have positive effects on the image of the Algerian citizen abroad, as relying on the bank card has today become the prevailing method globally in financial transactions, while carrying large sums of money, especially in hard currency, is no longer familiar or safe in most countries. He added that the use of the card reflects the development of the Algerian financial system, and gives the Algerian traveler more modern and secure means of payment, in line with internationally established practices.
The financial expert confirmed that the bank card gives the traveler greater flexibility in managing his expenses, as it enables him to book hotels, pay restaurant bills, purchase transportation tickets, shop, and pay electronically through various points of sale or websites, as well as the ability to withdraw when needed, which provides greater comfort to the traveler and reduces the risk of money being lost or stolen, and at the same time ensures that the travel grant is directed to the purpose for which it was allocated.
