Relocation

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”)

or Sales contract (only if the property is already delivered)

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

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

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

Mila El Ghayatti