How do you open a bank account in Egypt?
- See the data table below for detailed numbers
- Check the FAQ section for common expat questions
- Use our free assessment to get personalised results
Egypt has a unique banking culture that catches many expats off guard.
Banking Overview in Egypt
| Feature | Details |
|---|---|
| Currency | Egyptian pound (EGP) £ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Egypt
Foreigners can open bank accounts in Egypt. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Egypt. While you may be able to send money to Egypt, full local account features may not be available. Check their website for the latest on Egypt-specific services.
N26
N26 is not currently available in Egypt. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Egypt, consider these factors:
- Exchange rate: The currency is EGP. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Egypt is approximately €143 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
- Note that each bank has its own policy regarding the opening of a bank account for foreign nationals. Bank advisers should give you more information about these upon inquiry.
- In general, you are required to produce the following to be allowed to open a bank account in Egypt:
- Important telephone numbers in Egypt
- Relocation will be an important part of your expatriation project to Egypt. Here are some guidelines to help you.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Get Your Free VerdictFrequently Asked Questions
What happens to my bank account if I leave Egypt?
Most banks in Egypt allow you to keep your account open even after leaving, though some may require an address in Egypt. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
Can I open a bank account in Egypt as a foreigner?
Yes, foreigners can open bank accounts in Egypt. The difficulty level is rated as medium. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Can I get a credit card as an expat in Egypt?
Credit card availability for expats in Egypt depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
Can I receive my salary in a foreign bank account in Egypt?
Technically yes, but most employers in Egypt prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Is mobile banking widely available in Egypt?
Yes, most major banks in Egypt offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.