How to Open a Bank Account in Egypt
Egypt spans northeastern Africa and southwestern Asia. Cairo is the capital city. The Egyptian banking system is regulated by the Central Bank of Egypt. Credit and debit cards are widely accepted. There are bank branches throughout Egypt, many having English-speaking staff. To open a bank account in Egypt, you need to meet certain requirements and usually need to be resident for at least six months. The currency is the Egyptian Pound (EGP), although the U.S. dollar is accepted in many places. If you own a property or work in Egypt then you need to open a bank account. It enables you to pay bills and other services in local currency without the need for currency conversion.
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Instructions
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Apply in person to open a bank account in Egypt. Choose a large bank, as it will have more branches. (See the list of registered banks in the resources section.) Main Egyptian banks include Bank of Alexandria, Cairo Amman Bank and the National Bank of Egypt. Foreign banks such as Barclays Bank and the Egyptian American Bank are also present.
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Select the bank where you want to open your account in Egypt. Call the bank to find out the requirements. Minimum requirements include a passport, proof of address, work permit and residence permit. Get a letter from your employer confirming your identity. Additionally, recent statements from your home bank and passport-sized photographs are useful.
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Visit your chosen bank. Ensure you take your documents. Take a ticket from the machine when you enter the bank. You are allocated a number. Go to the waiting area until your number is called. It is the usual banking system in Egypt and applies irrespective of whether you are opening a bank account or not.
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Complete an application form. Provide your documents (they will be copied and returned).
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Wait to be contacted. You may be asked to return to the bank to collect your bank account details, or the information will be mailed to you. Bank cards need to be collected from the bank.
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Tips & Warnings
Bank opening times are usually Sunday through Thursday, 8.30am to 2.00pm.
Research banking regulations. Ask your bank if you are not clear. Non-compliance with Egyptian banking regulations can have severe consequences.
References
Resources
- Photo Credit egyptian pyramid image by Albo from Fotolia.com
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Comments
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what if someone works with a foreign private organisation or institution like school. will the bank grant opening of an account if he/she want to open one here in Cairo?
