How to Open Bank Account in Egypt?
A practical guide to the real process and required documents for opening a bank account in Egypt as a foreigner
Yes, foreigners can open a bank account in Egypt — and it’s a relatively straightforward process if you prepare the right documents
REQUIRED DOCUMENTS
To open a personal bank account, you will typically need:
- Valid passport
- Valid visa (tourist or residence)
- Egyptian phone number
- Rental contract (must be stamped by the Real Estate Registration Office “Shahr El Aakary”)
- Bank statement from your home country covering the last 6 months
- HR letter or proof of income (optional but sometimes requested)
Some banks may also ask you to open a certificate of deposit — a fixed-term deposit that offers monthly or annual interest
INTEREST RATES IN EGYPT
In Egyptian Pounds (EGP):
Banks offer 21–27% annual interest on fixed-term deposits
In USD or EUR:
A few banks offer deposits in foreign currencies with 3–5% annual interest
Banks offer 21–27% annual interest on fixed-term deposits
In USD or EUR:
A few banks offer deposits in foreign currencies with 3–5% annual interest
Important Tip:
If your income is in a foreign currency, avoid converting it into EGP to buy certificates.
Due to inflation and currency devaluation, this might result in long-term financial loss.
HOW LONG DOES IT TAKE?
Opening a bank account usually takes 1 to 3 business days
Most banks also provide online banking and mobile app access
Most banks also provide online banking and mobile app access
BANKS THAT ARE FOREIGNER-FRIENDLY
These banks are known for working smoothly with non-Egyptians:
- National Bank of Egypt
- Suez Canal Bank
- Abu Dhabi Commercial Bank (ADCB)
If you are planning a move or property purchase in Egypt, having a local bank account will make your daily life and financial management much easier