Egypt began a second home for foreigners for a very long time. Some of them bought an apartment and accepted Egypt as a home; it's time to straighten the money. How to open a bank account in Egypt to save or put money for a good percentage? We will tell, and you listen.
For the purpose of accumulation of funds, it is best to open accounts in reliable, large banks of Egypt. Usually they recommend "not to store all the eggs in one basket" or in our case, open several accounts in various banks.
Types of bank accounts of Egypt: Depending on the purpose, bank accounts can be divided into several types:
(CurrentAccount). It is intended for servicing commercial activities or personal expenses / revenues of its owner. For a balance, interest in this account is either not charged at all, or extremely small. A checkbook or a debit card can be tied to the current account;
(CardAccount). It is opened when a credit card is obtained by the client. It serves to account for operations on this map and the subsequent repayment of debt by the Client, usually from the current account;
On the deposit account (FixedDepositacCount),funds should be continuously stored for a certain minimum term and it brings income. It is about 10% per annum. Conditions depend on the amount and term of money "freezing". The income deposit can be 10,000 Egyptian pounds and a million. Conditions are for each depositor.
There are so-called accumulative accounts, where the replaced amount from your current account will be departed monthly from your current account and more. It is assumed that after years it will turn into an impressive state. This way of savings with pleasure, young parents enjoy that would draw up their children worthy.
Money on a private investment account (Private banking Account) is designed for long-term investments in securities. Such an account opens in a specialized branch of the bank or even in a specialized bank engaged in attracting and accommodating private investment. Usually, the bank's employee tells in detail about each account in English.
How to open an account in the Egyptian bank? This procedure is not completely complex. You need to choose a bank and come there with a passport, acting a visa. * *
At the opening of the account, you may need a resident visa. If your tourist visa is valid, then in the migration service, put a residential stamp ( it takes 1 minute) and for a month your visa will no longer be tourist, but a resident status. If you have a plastic card with visa, you don’t need to make a stamp with resident visa.
You need to fill out an application to open an account and attach buying or renting contract.
It is necessary to confirm the origin of the flowing money. This can be an account statement in your country, a statement of income from the company you work for, or data on retirement benefits.
Within a few hours or several days, after checking the data, an account in local currency will be opened. It will also be possible to issue a bank card. It will be given to you within a week, usually a courier is sent.
With this card, you can withdraw money from the account without commission at ATMs of the bank that issued the card.
You can top up your account either by Swift payment from another bank, or come to the cashier and put cash into the account.
If you use Swift to replenish a local card from your home bank, you need to ask the sending bank in advance if it is possible to do this without reason. The reason can be a contract or an invoice for some service.
There is a list of some banks in Hurghada:
Alexandria Bank - Tel: 19033, Address: Nasr Street, Dahar District / Tourist Pass, Memsha, Hurghada
National Bank of Egypt - Tel: 19623, Address: Nasr Street, Dahar District / Tourist Passage, Memsha, Hurghada
Banque Misr - Tel: 19888, Address: Nasr Street, Dahar District / Tourist Drive, Memsha, Hurghada
Bank Audi - Tel: 16555, Address: 167 Section 23 Sheraton Road, Sekkala District, Hurghada
Commercial International Bank (CIB) - Tel: 19666, Address: Le Pasha Hotel, in front of the Grand Hotel, Memsha Street / Nasr Street, Dahar District, Hurghada
Housing & Development Bank - Tel: 19995, Address: El Sinbad Tourist Pass, Memsha, Villages Road, Hurghada
Emirates NBD- Tel: 16664, Address: Banking Area, El Kawther, next to Airport road, Hurghada
National Bank of Abu Dhabi - Tel: 19977, Address: Banking Area, El Kawther, next to Airport road, Hurghada
National Bank of Kuwait (NBK) Tel: 19336 Address: Section 17, Mohamadi Khovaidak St, El Kawther District, Hurghada
HSBC Bank Egypt - Tel: 19007, Address: Banking Zone, El Kawther District / 32km Hurghada-Safaga Road, Makadi District
Working time of banks in Egypt: 8: 30-15: 00
Weekends – Friday, Saturday, all public holidays