Egypt – Banking

Egypt is a country located in North Africa and the Middle East. Its banking system is known for being well-developed, with a variety of services and options available for locals and expats alike. In this article, we’ll answer some common questions about banking in Egypt.

Main Local Banks in Egypt

Some of the main local banks in Egypt include:

1. National Bank of Egypt
2. Banque Misr
3. Commercial International Bank

Major UK and USA Banks in Egypt

Some major UK and USA banks that have a presence in Egypt include:

1. HSBC
2. Citibank
3. Barclays

Accounts and Services for Expats

Many banks in Egypt offer accounts and services specifically aimed at expats. These can include:

1. Foreign currency accounts
2. Credit cards with international acceptance
3. Online and mobile banking services in English

Typical Bank Opening Hours

Most banks in Egypt are open from Sunday to Thursday, from 8:30am to 2:00pm. Some branches may have extended hours or be open on Saturdays as well.

Areas of Concern

One area of concern for expats in Egypt is the possibility of fraud or scams. It’s important to be cautious when sharing personal or financial information and to ensure that you are dealing with reputable institutions.

Another concern is the availability of cash. While ATMs are widely available, it’s a good idea to keep some cash on hand for smaller transactions or emergencies.

Opening a Bank Account

To open a bank account in Egypt as an expat, you will typically need to provide the following documents:

1. Passport
2. Residence permit
3. Proof of address (such as a utility bill)
4. Proof of income (such as a letter from your employer)

Here are the steps to follow:

1. Choose a bank that suits your needs and visit a branch in person.
2. Inform the bank representative that you would like to open an account and provide the necessary documents.
3. Complete any additional forms or paperwork required by the bank.
4. Once your account is set up, you will typically receive a debit card and instructions for accessing online or mobile banking services.

In conclusion, banking in Egypt offers a variety of options and services for locals and expats alike. By being cautious and following the necessary steps, expats can easily open a bank account and manage their finances while living in Egypt.