You and Egypt: banking on a better future

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The Arab Spring and the changes that swept through the country as a consequence have many people considering a move to Egypt. While its effects are still being felt, Egypt is recovering from the upheaval and looking towards a better future. The economy is struggling, but moves are under way to reverse the decline - including a $4.8 billion IMF loan deal which should help the economy get back on track. Foreign investment is increasing and tourists are returning in their millions - sure signs of growing international confidence in the country. 

Moving to a foreign country can be a traumatic experience if not properly planned. Money can be a worry when you're about to embark on a great adventure. An international bank account may be enough as far as your personal banking needs go until you get on your feet. Luckily, opening an Egypt savings account is fairly straightforward. 

The banking system in Egypt is well regulated and modern with a range of excellent national and multinational banks operating across the country, offering a wide variety of services including online and telephone banking. English and French are widely spoken throughout Egypt's banking sector. 

To open an account in an Egyptian bank, you'll need to provide some official documentation, including your passport, work visa and residency certificate. Also helpful would be a letter from your bank back home, a couple of your most recent bank account statements, a utility bill showing your name and new address, and a couple of passport-size photographs. The more documentation you provide will help speed up the application process. 

Egyptian banks offer the same sorts of accounts as their Western counterparts; where regular payments are made and interest rates determine the levels of return. Low interest rates are typically offered by current accounts used for everyday banking. That's pretty much understood the world over. Your monthly salary is paid and the account balance goes down when used to pay for purchases. Direct debits and other regular payments will also reduce the balance. 

Savings accounts tend to hold higher account balances, often for a set period. Good interest rates are offered on balances bolstered by regular payments, but access to cash will likely be limited; you may not be able to access funds from some accounts until they reach maturity.