€7,500 Annual Limit Set for Foreign Currency Withdrawals
The Bank of Algeria has recently clarified the operational rules for foreign currency accounts, establishing a defined framework for both residents and non-residents. Under these updated guidelines, account holders are granted the freedom to transfer their assets abroad. Concurrently, the central bank has set an annual cash withdrawal limit of €7,500, or its equivalent in other currencies, for funds intended to be taken out of the country, a change from previous regulations that applied this limit per trip.
These comprehensive regulations, building upon existing frameworks such as regulation n° 07-01 of February 2007 and regulation n° 24-05 of October 2024, affirm that any natural or legal person, whether resident or non-resident, is eligible to open one or more sight or term foreign currency accounts with approved intermediary banks. Accounts can be funded through various methods, including international transfers, inter-account transfers, or deposits of foreign banknotes. The Bank of Algeria previously intervened in 2018 to ensure banks upheld the operational freedom of these accounts, addressing instances where some institutions had imposed restrictions or required parallel dinar accounts.
The clarifications extend to the use of international payment cards, which are permissible for use outside Algerian territory. Furthermore, the Bank of Algeria transitioned from disbursing tourist allowances in cash to providing them via international payment cards linked to foreign currency accounts, offering an annual allowance of €750 for adults and €300 for minors. This move by the central bank underscores its commitment to providing clear and streamlined financial services, ensuring efficient management of foreign currency assets for a broad spectrum of individuals.
