Have you ever wondered how to open a bank account in Egypt? If you own a property in Egypt then the answer is likely YES! Regardless as to whether you live their yourself permanently, use the property as a holiday home for yourself and your family, or even if you own a property in Egypt to rent, you could (and maybe should) open a bank account in Egypt.
There are several benefits to opening a bank account in Egypt as a property owner. It is likely that your annual property fees such as maintenance fees will be paid in Egyptian Pounds. Having an Egyptian bank account makes it easy to pay in this currency and you won't have the bank fees added like you would if paying from a UK bank account for example.
Maybe you are renting your property out and are taking local cash bookings in Egypt. Having a bank account there means you can pay this money straight into the bank account, keep it safe, documented and working for you. Which brings me to another benefit. Interest Rates.
Interest Rates in Egypt at the moment (and for some time now) have been far superior than anything you will get from a UK bank account. When you open a bank account in Egypt you can benefit from this so your money begins working for you. With new banks accounts being able to benefit from interest rates of 12.5% paid every three months at the moment, many foreign investors who are buying over a long interest free payment plan are actually covering the cost of their property just from the interest they are making in their Egyptian Bank accounts.
A great example of such a property investment would be Tiba View. This property comes with a payment plan right through to June 2021 and repayments start from as little as £22 a week it is easy to see why astute investors are opening bank accounts in Egypt and buying more property.
How to open a bank account in Egypt?
So you now know why you may want to open a bank account in Egypt, but how do you actually go about it. What do you need to open and Egyptian Bank Account? Each bank may have very slightly different criteria but when Rivermead Global discussed this issue with Bank Audi in Hurghada, this is what they said you needed.
1- A 6 Months Visa
2- Proof of address in England.
3- Proof of address in Egypt. (This comes in the form of a property contract)
4 - Bank statement within last 3 months.
If you are still still working in England then the bank statement will need to show your income.
A representative of Bank Audi said there is a new account that you can start with 10000 LE and that will give you interest of 12.5% every 3 months. They call it Diamond account.
The standard Audi Bank account is opened with 5000 LE and once opened you can then have other currencies such as GBP, USD, EUR. These a/c's are joined to the basic a/c but the currencies can be drawn as they are deposited. I.E if you put £500 you can draw up to £500, you don't have to draw it in EGP.
A word of advice, if you send £ from English bank account make sure the English bank includes the reason for the transfer or the Egyptian central bank hold the money until they have the relevant paperwork. It can be easier to bring the cash in person when you visit Egypt and then deposit. However, if you're taking more than £5000 out of England make sure there is documentation to show where the money came from as you may be stopped and asked.