Apply For Opening a New Egyptian Bank Account in Egypt
- To create an account with a New Bank Account you will require
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- A current invoice receipt that is less than 3 months old. This includes bills from Water co-operation, PHCN or LA.
- I.D Card
- Minimum of 1000. That’s it!
- Step1
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- Get on the on the pavement, and call any Bank and inform them that you’d like to establish an account. After that, you will receive an application form to fill out.
- Make sure you fill out the form in a precise manner without any mistakes. Provide your current address , as it appears on the invoice as any error in the address can prevent the opening of your account.
- If you’re unsure about any issue, just ask them and they will be able to help even if you’re not able to write correctly. They will take care of it for you so you provide your information accurate.
- Step2
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- Fill out the form, and you’re done! that’s it. You must wait for one or two weeks for them to verify your address and account is now open.
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Note
- If you suspect that your residence address isn’t easily accessible, or there are a lot of adversaries in your neighborhood, they will make sure you have your work address as well as their bill receipt, as they will not be able to start your account until the address has been verified. The reason for this is to ensure that your bank will be in contact with you in case something goes wrong and confirm particular things. If you’re a non-native and are looking to open an account with ease, just visit their website and it’s that simple.
- Beware of going to the bank on vacation days. You’ll see the waiting room filled with people who want to withdraw funds prior to the time that the bank closes to celebrate the holidays.
- The normal hours of operation of Egyptian banks are 9 am until 2:00 pm, however there are some branches that are focused on commercial services (such such as savings accounts for individuals accounts and current accounts) which are open until 5:00 pm.
- There are two types of accounts available: current and savings accounts are available at Egyptian banks. The major credit card companies, such as MasterCard and Visa are also operating in Egypt.
- Telephone and online banking are becoming increasingly popular and the acceptance of credit, debit as well as cash card is common across Egypt. Cash is the most popular method of payment for all transactions.
Required Documents For Opening a New Egyptian Bank Account
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- A properly signed Account Opening form.
- Two specimen signature card
- Two passport Photos
- Identification card i.e identification card, national ID card, voters Card as well as a passport.
- Utility bill for residents.
- The initial deposit is mandatory and must be LE 10,000,
- Risk assessment form
- Additional KYC (Know the identity of your customer)
- Resident permit for foreign nationals.
Office Locations and Contacts
- Ministry of Finance
“Mr. Hany Kadryimg
Nasr City Address Nasr City
Telephone number. 23428886 – 23428010 – 23428830
Fax 26861680 – – 2686181
E-mail: finance@mof.gov.eg
Website:http://www.mof.gov.eg
What are all the Eligibility
You must be 18 or older, however at times the rules may differ between banks or even between branch locations.
Fees
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- an amount of LE10,000 as a deposit for the Savings Account
- an amount of LE 50000 for an account with a current balance.
Validity
The offer is valid for a longer duration of time, so long as you maintain your minimum deposit on the account.
Processing Time
The process can take 30 days to complete.
Instructions
The only way to be certain of the location you will need to establish your account is to walk the road and ask questions in person. If you know any expats with bank accounts, seek their advice on branches that accept foreigners.
The Information You Need
- Name of the applicant
- Marital status
- Nationality
- Background in education
- Utility bill for residents.
- The initial deposit is mandatory and must be LE.1,000,
- Risk assessment form
- Additional KYC (Know the identity of your customer)
- Permit to reside in the case of foreign national
The document is needed
- The process of opening a brand new Egyptian Bank Account is straightforward provided you’re an Egyptian and possess an original Egyptian document.If it is a non-native, you’ll require the Resident Permit.
- Despite the many banks in the major cities, many poor Egyptians won’t have a bank account opened in their lives.
- A lot of people go to banks to open accounts however the vast majority have the problem of having to verify their address from the institution. They may provide adequate information but they do that.
- If you are a non-native, you might have a difficult time trying to open accounts with banks in Egypt although it’s certainly possible. Most banks require an address that is valid for at minimum six months prior to opening an account. They also require the minimum deposit to be at least thousands of Egyptian pounds.
External Links
https://www.justlanded.com/english/Egypt/Egypt-Guide/Money/Banking
http://www.expatforum.com/banking/banking-in-egypt.html