An Overview of How to Open a Bank Account in Egypt
Egypt is an expat-friendly destination and is becoming an expat hotspot due to its unique culture. However, several things must be considered before moving to Egypt, including finances. You need to know the basics about the banking system in Egypt. So here's a guide on How to Open a Bank Account in Egypt.
Documents required to open a bank account in Egypt
The documents required to open a bank account in Egypt are:
- Valid national ID or Passport
- Residence permit
- Passport-size photos
- Minimum initial deposit
- A completed application form
In some cases, the following documents are also required:
- Proof of employment
- Proof of residence
- Proof of salary
- Salary transfer letter
Different Banks Available in Egypt
Banks available in Egypt are as follows:
- Arab Bank Egypt
This is one of the largest financial institutions in the entire Middle East. It began in 1930 and now serves almost 30 different countries. It has several branches and ATMs throughout Egypt. Some of the products offered by this Bank include:
- Personal Banking
- Corporate Banking
- HSBC Egypt
This is the world's largest financial institution. It has over 38 million customers worldwide and serves 67 countries, including Egypt. HSBC in Egypt offers the following services:
- Checking and savings accounts
- Online Money transfers
- Bank Audit
Bank Audit, formerly known as the Cairo Far East Bank SAE, has 46 branches throughout Egypt and offers customers a host of personal, business, and corporate banking products. Some of the services offered by this Bank are:
- Current and Savings account
- E-payments and online banking
- Mashreq Bank
Mashreq Bank has more than 30 branches and ATMs. Its popular services include:
- Current and Savings accounts
Steps to Open a Bank Account in Egypt
To open a bank account, the following procedures need to be adhered to:
- Identify the best Bank: To identify the one that best meets your needs, start by investigating and contrasting the various banks in Egypt.
- Identify the account type: Choose the bank account type that is best for you. Investing choices, including stocks, bonds, and mutual funds, are available via certain accounts, although they might have higher costs. However, they can provide more significant returns if they are handled effectively.
- Prepare the required paperwork: You can create an account even if you are not physically present in Egypt if you have personal, professional, or residential ties to the country. However, you can experience increased scrutiny, higher costs, and more documentation requirements as an entrepreneur. Additionally, you might have to abide by laws like the KYC (Know Your Customer) criteria. Maintaining a minimum balance might be required to prevent charges or account cancellation.
- Make Initial Deposit: You will generally need to make an initial deposit after the bank account has been set up. The needed amount may change depending on the type of account you select. The Bank will activate your account when you have finished the required steps and funded the account, at which point you may begin using it.