Egypt – Banking

What are the main banks in Egypt?

Egypt’s financial sector encompasses a broad mix of private and state-owned banks, playing an integral part in the country’s economic life. These institutions collectively provide everything from basic personal accounts and consumer lending to large-scale corporate financing.

The National Bank of Egypt (NBE) stands as the country’s largest financial institution, boasting assets in excess of $170 billion, a network of 640 branches, and a customer base of nearly 19 million. Global Finance has consistently ranked NBE among Egypt’s safest banks. You can learn more at nbe.com.eg.

Banque Misr (BM) was founded in 1920, making it the first bank in Egypt to be entirely financed and owned by Egyptian nationals. Today it operates a network of more than 600 branches across the country. Visit Banque Misr at banquemisr.com.

The Commercial International Bank (CIB) holds the distinction of being Egypt’s largest privately listed bank. Forbes Middle East placed CIB at the top of its Egypt rankings, citing a market valuation of $4.7 billion, profits of $619 million, and total assets of $17.4 billion. Find out more at cibeg.com.

QNB Alahli traces its origins to 1978 when it operated as NSGB Bank, before being rebranded in 2013 following the QNB Group’s majority acquisition. It now ranks as Egypt’s second-largest private bank, serving approximately 2 million clients through a network of over 200 branches and more than 900 ATMs. Visit qnbalahli.com.

Banque du Caire was established in 1952 and today operates 248 branches and 1,640 ATMs, with a customer base exceeding 3 million. Visit bdc.com.eg.

Other significant players include the Arab African International Bank (AAIB), the Housing and Development Bank, the Faisal Islamic Bank of Egypt, and the Abu Dhabi Islamic Bank Egypt (ADIB). Islamic banking institutions are a notable feature of Egypt’s financial landscape; as a general rule, they do not offer interest-bearing products such as conventional credit cards or standard savings accounts. Always verify current branch availability, applicable fees, and service offerings directly with each institution or through the Central Bank of Egypt’s official website.

Do any major international banks operate in Egypt?

A number of well-known international banking groups have an established footprint in Egypt, operating either through fully licensed local subsidiaries or under branded local entities. It is worth noting that international banking networks can shift over time — always verify the current status and available services directly with the bank in question.

HSBC Egypt functions as a fully licensed bank in Egypt, providing retail current accounts, savings products, and wealth management offerings to both residents and non-residents. More information is available at hsbc.com.eg. Branch staff can be reached on weekdays between 9:30am and 3:30pm, while telephone support is available every day from 9am to 11pm.

Emirates NBD Egypt is the Egyptian arm of the Dubai-headquartered Emirates NBD Group and has established itself as one of the more rapidly expanding banks in the personal finance segment. Emirates NBD Egypt recorded a personal loan portfolio growth rate of 15.2% during Q1 2025. Visit emiratesnbd.com.eg.

First Abu Dhabi Bank Egypt (FAB Misr) — formerly operating as Bank Audi Egypt — is another Gulf-backed institution with a growing retail presence. FAB Misr was ranked sixth among Egypt’s fastest-growing banks for personal finance in Q1 2025. Visit fabmisr.com.

It is worth noting that the local operations of certain banks previously active in Egypt have since changed hands — for instance, Barclays Egypt was acquired by Attijariwafa Bank, and BNP Paribas Egypt was taken over by Emirates NBD. Crédit Agricole Egypt continues to operate as a fully licensed retail bank and has reported one of the strongest return-on-equity figures among banks in the Egyptian market. Always confirm the current status of any international bank before depending on its services.

Do banks in Egypt offer accounts or services specifically for expats?

Both domestic and internationally affiliated banks in Egypt offer products well-suited to foreign nationals, including foreign-currency accounts and dedicated support for non-resident customers. The regulatory environment for expat banking has become clearer in recent years following guidance issued by the CBE.

In August 2024, the Central Bank of Egypt issued a bulletin confirming that banks are authorised to open accounts for foreign nationals, including individuals who are not resident in Egypt. The bulletin made clear that no regulatory barrier prevents banks from opening and administering accounts for non-resident foreign clients, provided that applicable rules and procedures are followed.

This encompasses full compliance with legislation and regulations set by the Central Bank, as well as the requirements of the Anti-Money Laundering and Terrorist Financing Unit. This clarification built upon an earlier bulletin from April 2019, which had been prompted by complaints from foreign customers who had been refused accounts by certain banks despite being eligible to open them.

The majority of major banks — among them NBE, Banque Misr, CIB, and HSBC Egypt — offer accounts denominated in US dollars or euros alongside Egyptian pound accounts, making them particularly practical for expats who receive overseas income. HSBC Egypt, for example, asks expatriate residents and non-residents for an original passport bearing a valid entry visa, along with evidence of address (such as a utility bill, phone bill, or tenancy agreement) and proof of employment (an HR letter for those in employment, or a tax card for the self-employed).

Some banks also provide premium or international banking tiers aimed at higher-income or higher-asset foreign customers, though the specific fee structures and minimum balance requirements differ from one institution to another. Always confirm the current terms and eligibility criteria directly with your preferred bank, as these can change. The Central Bank of Egypt is the definitive source for up-to-date regulatory guidance.

What are typical bank opening hours in Egypt?

Egypt’s working week runs from Sunday through Thursday, a pattern that differs from the Monday-to-Friday schedules common in many Western countries. Newly arrived expats should factor this into their banking arrangements from the outset.

Standard branch hours at most banks in Egypt are approximately 9:00am to 3:00pm, Sunday to Thursday. Certain branches — especially those located in major commercial districts, shopping centres, or larger cities such as Cairo and Alexandria — may stay open longer into the afternoon or early evening. HSBC Egypt, for instance, offers in-branch and call-back availability from 9:30am to 3:30pm on weekdays, while its telephone service runs daily from 9am to 11pm.

The majority of banks are closed on Friday and Saturday, as well as on Egyptian public holidays. These include national commemorations such as National Day and Revolution Day, along with religious observances tied to the Islamic calendar, the dates of which shift each year. If you have time-sensitive banking needs close to a public holiday, it is advisable to plan ahead.

Egypt’s real-time payment infrastructure — including the Instant Payment Network (IPN) and InstaPay — operates continuously, processing transactions at any hour of the day regardless of public holidays or standard banking cutoffs. Internet and mobile banking services are widely available at all major banks, meaning routine tasks like transfers, bill payments, and balance inquiries can be completed at any time without visiting a branch.

What do expats need to know about the banking system in Egypt?

There are several important ways in which Egypt’s banking system differs from those in countries like the US, UK, Australia, or Canada. Getting to grips with these distinctions before you arrive can spare you unnecessary delays and frustration.

Regulatory oversight: The Central Bank of Egypt is constitutionally recognised as an independent regulatory body responsible for formulating and overseeing the implementation of monetary, credit, and banking policy, as well as supervising the performance of banks. Its mandate is to uphold the soundness of the monetary and banking system and maintain price stability in accordance with Central Bank and Banking System Law No. 194 of 2020.

Deposit protection: Unlike schemes such as the FSCS in the UK — which protects up to £85,000 per person per institution — or the FDIC in the US, which covers up to $250,000, Egypt does not currently operate a widely publicised independent deposit insurance mechanism comparable to these models. The CBE’s remit includes overseeing banking sector stability and handling crises within the system. Consult the CBE website for the most current guidance on depositor protection, and check with your individual bank regarding the safeguards that apply to your specific account.

Currency and foreign exchange: Egypt has seen periods of considerable currency volatility. The CBE moved to float the Egyptian pound in November 2016, a watershed moment that represented a shift towards a more market-driven exchange rate. For expats whose income or expenses are in foreign currencies, fluctuations in the Egyptian pound can materially affect the real value of pound-denominated savings. Foreign-currency accounts in USD and EUR are available at most major banks and are frequently used by foreign nationals for this reason. The CBE is responsible for managing Egypt’s foreign currency reserves and regulating the foreign exchange market.

Language: Most major banks in Cairo and Alexandria provide customer service in both Arabic and English. However, certain branch documents, ATM interfaces, and forms may be predominantly in Arabic. Opting for a bank with well-developed English-language digital banking — such as CIB, HSBC Egypt, or Emirates NBD — can make day-to-day financial management considerably smoother for those not yet proficient in Arabic.

Digital infrastructure: Digital transformation and financial technology are central to Egypt’s drive towards broader financial inclusion. The CBE, as overseer of the formal banking sector, and the Financial Regulatory Authority (FRA), which regulates non-banking financial services, are both actively promoting this agenda. Internet and mobile banking work reliably at the larger institutions, though the quality of digital services can differ between banks and vary by region.

Cash culture: While digital wallets are gaining traction and helping bring previously unbanked populations into the financial system, cash continues to dominate across much of Egypt’s economy. Expats are advised to keep cash on hand for smaller purchases, markets, taxi fares, and informal transactions — particularly in areas outside the major urban centres.

How Do I Open a Bank Account in Egypt as an Expat?

For most foreign nationals, opening a bank account in Egypt is a relatively straightforward process at any of the major banks, so long as you arrive with the right documents. The CBE has made clear that banks are obliged to accept applications from non-residents, meaning you should not encounter an outright refusal. The following step-by-step guide outlines what to expect.

1. Choose your bank. Take time to compare the major banks operating in Egypt (see above) and identify the one that best fits your circumstances — weighing up factors such as branch accessibility, the quality of English-language support, the strength of the digital banking offering, and the availability of foreign-currency accounts. Internationally recognised names like HSBC Egypt and Emirates NBD may feel more familiar if you have previously banked with their parent groups.
2. Gather your documents. To open a bank account in Egypt you will generally need: a form of identity (a passport for foreign nationals), proof of address (a utility bill or rental agreement), and evidence of income (an employment letter, payslip, or recent bank statement). Expatriate residents and non-residents must present an original passport with a valid entry visa. Where a passport does not reflect your Egyptian address, you will also need supporting proof of residence — such as an electricity bill, telephone bill, or a tenancy contract issued or notarised by a government or public body.
3. Check residency requirements. Banks commonly request documentation confirming your residency status when opening an account for a foreign national. If you are in Egypt on a work visa or residence permit, have those documents ready. Non-residents are permitted to open accounts under CBE regulations, though individual banks may follow their own internal procedures — it is worth phoning or emailing ahead to confirm exactly what is needed.
4. Visit a branch. The account-opening process almost always requires an in-person visit to verify your identity and sign the relevant paperwork. In both Cairo and Alexandria, the major banks generally have central branches staffed with English-speaking employees.
5. Make a minimum deposit (if required). Minimum deposit thresholds vary depending on the bank and the type of account. As a point of reference, Banque Misr’s basic current account carries a minimum balance of EGP 100 (as of the time of writing), while foreign-currency and premium accounts typically require considerably more. Always confirm the current figures with your chosen bank before attending your appointment, as requirements are subject to change.
6. Complete KYC (Know Your Customer) checks. As part of the account-opening process, you will be required to fill in anti-money laundering compliance forms — standard procedure throughout Egypt’s banking sector in line with international norms. The CBE is developing an electronic Know Your Customer (E-KYC) system that will eventually allow customers to open accounts and authenticate transactions online, though in-branch verification remains the standard approach for expats at present.
7. Activate your account and set up digital banking. After your account is opened, you will receive a debit card, usually within a few working days. Register for internet or mobile banking, and — if you have an Egyptian SIM card — sign up for InstaPay to enable real-time transfers. Participation in InstaPay requires an active account with one of the scheme’s member banks, which encompasses most major commercial banks as well as a number of Islamic and microfinance institutions.

For the most current requirements and relevant forms, visit the official website of your chosen bank and the Central Bank of Egypt. Requirements can and do change, and individual banks may apply supplementary criteria beyond the standard CBE guidelines.

What banking and payment apps are widely used in Egypt?

Egypt has built one of the most dynamic digital payments ecosystems in Africa and the Middle East, supported by substantial investment in CBE-led infrastructure and a thriving fintech sector.

InstaPay is the go-to app for everyday payments. Launched in 2022, InstaPay is the primary consumer-facing application running on Egypt’s Instant Payment Network (IPN). It allows users to connect their bank accounts and transfer money in real time using simple identifiers such as a mobile number or a personalised Instant Payment Address (IPA). By 2024, the platform’s total annual transaction value had climbed to $53 billion, reflecting the speed at which Egyptians have embraced instant payments.

As of 2025, InstaPay caps individual transfers at EGP 70,000 per transaction, with a daily ceiling of EGP 120,000 across all transactions and a monthly limit of EGP 400,000 per bank account. In April 2025, InstaPay introduced a nominal fee structure, calculated at 0.1% of the transaction amount with a minimum charge of EGP 0.50 and a maximum of EGP 20 per transfer. Always refer to official CBE and InstaPay communications for the most up-to-date fee information.

Fawry is Egypt’s leading fintech payment platform. With a user base exceeding 35 million, Fawry integrates mobile payments and e-commerce through an extensive nationwide network of payment agents. It handles bill payments, mobile top-ups, insurance premiums, and a variety of other services — and because it is accessible at physical retail agents across the country, it remains useful even for those without smartphones. In 2024, Fawry announced a partnership with local payment service provider PayMe, enabling expatriates to make Egypt-based financial transactions and bill payments from overseas.

Egypt’s major banks also publish their own mobile banking applications. Phone Cash, offered by the National Bank of Egypt, and BM Wallet from Banque Misr support bill payments and merchant transactions, sitting within a broader digital wallet ecosystem that has become the country’s fastest-growing payment method. In December 2024, NBE, Banque Misr, and CIB activated card tokenisation services, enabling customers to add their payment cards to Apple Pay.

International apps: Services such as Wise (formerly TransferWise) and similar international transfer platforms can be used for cross-border transactions involving Egypt, though their functionality may be subject to local currency controls and regulatory conditions. PayPal’s availability in Egypt has historically been restricted — Egyptian-registered accounts have generally been unable to receive funds from abroad, though this position may evolve. Always check the current status of any international payment platform directly with the service provider and in light of prevailing CBE regulations. Revolut does not currently hold a licensed banking entity in Egypt.

The Financial Regulatory Authority (FRA) is the body responsible for overseeing non-banking financial services in Egypt and is the appropriate point of reference for regulatory questions concerning fintech platforms and digital wallets that fall outside the CBE’s direct remit.

How can expats manage money between Egypt and their home country?

Handling finances across borders from Egypt calls for careful planning, particularly given the risks associated with currency volatility and the importance of using authorised, compliant transfer channels.

International bank transfers (SWIFT): Every major bank in Egypt supports international wire transfers through the SWIFT network, enabling you to send and receive funds in foreign currencies. Transfers generally take between two and five business days to complete. Fees differ from bank to bank and may include charges levied by the sending institution as well as any intermediary banks involved. Comparing the offered exchange rate against the mid-market rate will give you a clearer picture of the total cost.

Exchange rate considerations: The Egyptian pound has undergone significant fluctuations in recent years. When converting foreign currency into EGP, the exchange rate at the moment of conversion will have a direct bearing on the amount you ultimately receive. Maintaining a foreign-currency account (in USD or EUR) at your Egyptian bank gives you greater flexibility over the timing of conversions and can help limit losses during periods of unfavourable rates.

Remittances and InstaPay: InstaPay is reshaping the remittance landscape, allowing expatriates to send money directly to Egyptian bank accounts within seconds. The CBE announced that from January 2025 InstaPay would begin accepting inbound remittances from Gulf countries, with transferred funds initially received in Egyptian pounds. Egypt has also joined Buna, the Arab Monetary Fund’s regional payment system, which facilitates faster and more cost-effective international settlements.

Third-party transfer services: Providers such as Wise, Western Union, and MoneyGram are all active in Egypt and may offer competitive exchange rates on specific transfer corridors. Rates and availability vary, so comparing your options at the time of each transfer is worthwhile. The National Bank of Egypt has entered into an agreement with UAE-based LuLu Exchange that leverages RippleNet’s blockchain technology to improve transaction speed and reduce the cost of certain remittance routes.

Reporting and compliance: Egypt maintains regulations governing the movement of currency across its borders. Bringing more than USD 10,000 — or the equivalent in any other foreign currency — into Egypt must be declared at customs. Large outgoing transfers may be subject to review by your bank and must comply with CBE foreign exchange rules. If you are tax-resident in another country, bear in mind that you may be required to declare foreign financial accounts under your home country’s tax reporting obligations. For authoritative and current guidance, consult the Central Bank of Egypt and seek advice from a qualified tax professional with expertise in both Egyptian regulations and those of your country of tax residence.

Frequently Asked Questions

Can a foreigner open a bank account in Egypt without being a resident?

Yes. In August 2024, the Central Bank of Egypt confirmed that banks are authorised to open accounts for foreign nationals, including those not residing in Egypt, making clear that no regulatory restrictions prevent the opening and management of accounts for non-resident foreign customers provided that applicable rules and procedures are observed. In practice, requirements differ from bank to bank, so contact your preferred institution directly to find out about their specific process for non-resident applicants.

What documents do I need to open a bank account in Egypt as an expat?

You will generally need proof of identity (a passport for foreign nationals), proof of address (such as a utility bill or rental agreement), and evidence of income (an employment letter, payslip, or recent bank statement). Expatriate residents and non-residents must present an original passport with a valid entry visa, alongside proof of residence and — where relevant — proof of employment such as an HR letter. Some banks may ask for additional documentation, so check with your chosen institution before your visit.

Are there minimum balance requirements for bank accounts in Egypt?

Yes, minimum balance requirements apply to most accounts, and these vary according to both the bank and the type of account. Foreign-currency and premium accounts generally carry significantly higher minimum balance thresholds. Always confirm the current requirements directly with your bank before opening an account, as these figures are subject to change.

Is digital banking reliable in Egypt?

Digital transformation and fintech are central to Egypt’s strategy for expanding financial inclusion, and the major banks all offer mobile and internet banking platforms. The InstaPay system enables real-time transfers at any hour of the day. That said, the quality of digital services can vary between institutions. Selecting a well-established bank with a robust digital platform — such as CIB, HSBC Egypt, or Emirates NBD — will generally deliver the most consistent experience.

Can I hold a foreign-currency account in Egypt?

Yes. The majority of major banks in Egypt offer accounts denominated in US dollars (USD) and euros (EUR) in addition to Egyptian pound accounts. These are especially practical for expats who earn in foreign currencies or who want to reduce their exposure to Egyptian pound volatility. Specific terms, minimum balance requirements, and interest rates vary between institutions — check directly with your chosen bank for current details.

What is InstaPay and can expats use it?

Launched in 2022, InstaPay is the flagship consumer application built on Egypt’s Instant Payment Network (IPN), and has rapidly become the primary tool for real-time payments in the country. It enables users to link their bank accounts and send or receive money instantly using a mobile number or a unique Instant Payment Address (IPA). To use InstaPay, you need an active account at one of the participating banks in Egypt — which includes most major commercial and Islamic banks — as well as a valid Egyptian mobile number. Expats who hold a resident bank account and have an Egyptian SIM card are eligible to use the service.

Is there deposit protection for bank accounts in Egypt?

Egypt does not currently operate an independent deposit guarantee scheme directly comparable to the FSCS in the UK or the FDIC in the US. The Central Bank of Egypt fulfils a systemic oversight function, with responsibilities that include managing crises within the banking sector and safeguarding financial stability. For the most authoritative and up-to-date information on depositor protection, refer to the Central Bank of Egypt’s official website and review the terms and conditions of your individual bank.

Can I use international payment services like Wise or PayPal in Egypt?

International transfer services such as Wise and Western Union can be used to send and receive money to and from Egypt, although their availability and specific features may be affected by local regulatory conditions. PayPal’s functionality in Egypt has historically been limited, particularly with regard to receiving international payments. Always verify the current status of any service directly with the provider and in light of the prevailing CBE regulations before relying on it for routine financial management.

What is the working week for banks in Egypt?

Egypt’s standard working week runs from Sunday to Thursday, and bank branches operate across these days. Most branches are closed on Fridays, Saturdays, and public holidays. However, online and telephone banking services, as well as the InstaPay platform, are available around the clock, seven days a week.