Egypt - Opening a New Egyptian Bank Account

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Procedure

To open a New Bank Account you will need

• A current billing receipt that is not more than three months old {like PHCN,Water co-operation or a LAWMA bill with your address boldly written on it}.
• I.D Card{This could be your national I.D card, driver's License or even a voter's registration I.D card to confirm your citizenship}
• A minimum of 1000. that's all

Step1

• Hit the pavement pavement and make inquiries into any Bank and tell them you want to open an account and then you will be given a form to fill.
• Fill the form accurately with no mistakes, give your current address as stated on the bill as any mistake in the address may hinder them from opening your account.
• If you are confused about any question just ask and they will assist you even if you cannot write properly they will do it for you as long as your details is correct.

Step2

• Just submit the form and voila! that's it. Wait for a week or two for them to confirm your address and your account is opened.

Note

If you know that your residential address is not easily accessible or you have a lot of enemies in your area use your working address and their billing receipt because they wont open your account until your address has been confirmed. The essence of this, is that the bank can be able to reach you if anything goes wrong and also confirm some certain things too. If you are a foreigner and would like to get an account with simple just go to their website that's all.

Try and avoid trips to the bank just prior to vacation days youll find the waiting area crowded with people hoping to make withdrawals before the branch shuts for the holiday.

Standard hours for Egyptian banks are 9 AM to 2:00 PM, though you may find some branches focused on retail services (such as individual savings and current accounts) that remain open until 5:00 PM.

You will find that both savings and current accounts are available from Egyptian banks. Major credit card companies such as MasterCard and Visa also operate in Egypt.

Online and telephone banking are becoming increasingly popular, and the use of credit, debit and cash cards is widespread throughout Egypt. However, cash is still the preferred payment method for everyday transactions.

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Required Documents

• A Duly signed Account Opening form.
• Two specimen signature card
• Two passport Photos
• identification card i.e a national ID, Voters Card or passport.
• Utility bill for resident.
• Mandatory initial deposit of LE 10,000,
• Risk assessment form
• Additional KYC (Know your customer)
• Resident permit in case of foreigner.

Office Locations & Contacts

Ministry of Finance

Mr. Hany Kadryimg

Address: Nasr City

Phone no. 23428886 - 23428010 - 23428830

Fax 26861680 - 2686181

E-mail: [email protected]

Website:http://www.mof.gov.eg

Eligibility

You must be 18 years and above but at times the policies may vary from bank to bank and even between individual branches.

Fees

• a Deposit of LE10,000 for a saving Account
• a Deposit of LE 50,000 for a current account.

Validity

Valid for a longer period of time as long as you keep your minimum deposit on the account

Documents to Use

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Sample Documents

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Processing Time

The Process takes 30 working days

Related Videos

Videos explaining the procedure or to fill the applications. 
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Instructions

The only way to be 100% sure of where you can open an account is to hit the pavement and make inquiries in person. If you know other expats who have bank accounts, ask them for advice on branches that are receptive to foreigners.

Required Information

• Full name of applicant
• Sex, Age and marital status
• Nationality
• Education background
• Utility bill for resident.
• Mandatory initial deposit of LE.1,000,
• Risk assessment form
• Additional KYC (Know your customer)
• Resident permit in case of foreigner

Need for the Document

Opening a new Egyptian Bank account is easy as long as you are an Egyptian and you have a valid Egyptian document.If you are a foreigner you will need to poses a Resident permit.

In spite of the numerous bank branches in major cities, many low-income Egyptians will never open a bank account in their lifetimes.

Many people at times go into banks to open accounts but majority always have this problem of address verification by the bank. Not that they don't provide good details but its just that.

As a foreigner, you may find it difficult to open a bank account in Egypt, though it is certainly possible Most banks require that you have residence valid for at least six months before you open an account, and also require a minimum deposit of several thousand Egyptian pounds.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

https://www.justlanded.com/english/Egypt/Egypt-Guide/Money/Banking

http://www.expatforum.com/banking/banking-in-egypt.html

Others

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