Living in another country can be quite a challenge. Below is a guest post submitted by a reader about how to do banking in Egypt, however, many of the tips mentioned below could be applied to living in other countries as well.
The Challenges You Will Face In Egypt
Buying food and clothes, the use of public transport, school enrolment, bank accounts, the language barrier – the list goes on and on. These are probably just a few of the many worries and concerns any Western family might have prior to setting up a new home in Egypt. But with the worry will also come anticipation, exhilaration and maybe the sense of embarking upon some huge adventure.
Concerns over banking are likely to center around ease of access to your hard-earned cash. However, there’s really nothing to worry about because Egyptian banking services are every bit as good as their Western counterparts. And you’ll recognize some familiar names, too. Go online and check out Egypt savings accounts from HSBC, or current accounts from Barclays. Both banks have dozens of branches and ATMs spread throughout Cairo, Alexandria and many of the other major towns and cities in Egypt.
Consider An International Bank Account
So now that you’re fairly happy about the state of Egyptian banking, you might want to consider opening an international bank account before you set off. Good idea! It’ll give you access to a range of international services, including money transfers and payments. Indeed, an international account might be all you’ll ever need. But needs, however, do tend change over time. Once settled in your new home, you may find you want a little bit more from your bank. Perhaps your children want to open a savings account of their own.
The definition of a savings account is much the same in the Middle East as it is in Europe or the United States. However, when it comes to children, rules can vary from country to country. In Egypt, children are only allowed to open a savings account under the name of a parent or legal guardian. Children must also wait until they are 18 years and older in order to make a withdrawal from the account without parental permission.
On the whole, opening any type of account while living in Egypt is a relatively straightforward affair. The type of account you choose will likely depend very much on what your aims and priorities are over both the short and the long term. It might be a good idea to talk to your bank at some point about your financial arrangements and plans for the future. Good that English is so widely spoken throughout Egypt, don’t you think? Unless you’re a fluent Egyptian Arabic speaker, talking interest rates and account balances through an interpreter might just prove a bit of a trial!
No matter where you live and work, opening a bank account requires documentary proof of who you say are. It’s exactly the same in Egypt. Before you walk into a bank, perhaps it would be best to check precisely what their requirements are in terms of official documentation. A quick telephone call to the bank should suffice. Or check online. Stops any disappointment.
As a minimum, you’ll need to show your passport, work visa and residency certificate. You’ll certainly be required to produce some kind of utility bill – an electric bill should do just fine providing it has your name and address on it. A letter from your bank back home might also prove useful as will three recent bank statements. And that should be it. Simple!
No Comments