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-   -   Bank Account & Money Transfer (https://www.expatforum.com/expats/egypt-expat-forum-expats-living-egypt/59556-bank-account-money-transfer.html)

Horus 4th October 2010 02:05 PM

Bank Account & Money Transfer
 
Hi

I am in the UK is it possible to open a bank account in Egypt whilst I am in the UK?

I have a sum of cash I would need to transfer out of the UK, what is the best method for me to do this and would I have problems? It would be about 170K (rough calculation) and I would also be taking cash

I had thought that perhaps a local solicitor could hold this money for me however I don't want to get scammed

I looked at the National Bank of Egypt (UK) Ltd however they said I can't access my account whilst in Egypt??

Could someone please help?

Shukran ;)

MaidenScotland 4th October 2010 02:14 PM

Why do you not just use an international bank like HSBC, we even have Barclays here in Egypt.
Leave your money in an international account and transfer what and when you need it, you may loose a great deal of money moving it all at once.. watch the exchange rates, a few years ago you could get 11 LE to 1 pound Sterling.. some days now we are lucky to get 8.

Maiden




samertalat 4th October 2010 02:22 PM

I will have to open a bank account at Piraeus Bank so I can get my Pension every moth from the USA , A direct deposit , But I have send them a few Emails and never got an answer . I was thinking to open one , Not sure if I can keep my money in US Dollars like here in Lebanon , And I was told the the $=to 5.70 EG not sure but would like to hear from someone who knows .
I will go direct to the bank there and ask when i get there , But I can also open one in HSBC here , Not sure what will be better ? need an advice and Maidenscotland might have the best answer.
Thank you
God bless
Samer

Horus 4th October 2010 02:30 PM

Edit - I found the answer to my problem with a few phone calls

I open up an bank account in the UK with the National Bank of Egypt

http://www.nbeuk.com/

They are a subsidiary of the bank in Egypt - all they require for me is to open an account in Egypt and send them a fax and for £20 they will transfer all my money

samertalat 4th October 2010 03:47 PM

Quote:

Originally Posted by Horus (Post 378367)
Edit - I found the answer to my problem with a few phone calls

I open up an bank account in the UK with the National Bank of Egypt

National Bank of Egypt (UK) Limited | Egyptian & Arab Banking

They are a subsidiary of the bank in Egypt - all they require for me is to open an account in Egypt and send them a fax and for 20 they will transfer all my money

Great help, I just Emailed them asking them how to go about opening and account ? And if I can keep my money in US Dollars.
Thanks a Million.
God Bless
Samer

flossy207 4th October 2010 08:32 PM

Another bank problem please that needs answering.
I wanted to open an account in hurghada with BNP Bank but I was told I had to have a residency stamp. Is this usual with all banks? Eventually I found one in my passport - but it has now expired. will this expired one be still ok?

Horus 4th October 2010 08:42 PM

Quote:

Originally Posted by samertalat (Post 378437)
Great help, I just Emailed them asking them how to go about opening and account ? And if I can keep my money in US Dollars.
Thanks a Million.
God Bless
Samer

You will get no answer via email I am still waiting and the woman on reception will say "la" (get the glottal stop in LOL) to everything so get her to put you through to an account manager

NZCowboy 5th October 2010 10:40 AM

Horus
I would look at HSBC as with the amounts of funds you would qualify as a Premier customer. In Egypt to be premier you need a combined total balance of the equilivant $100,000US.
Being premier gives you a number of benefits, better interest rates, personal account manager, no fees - including international transfers between HSBC accounts, and if you are premier in Egypt, it also means you are premier in any other country. HSBC will set up accounts in other country before you arrive, with cards etc, so when you land its all working.
Oh the other advantage is you don't que at the bank, most banks in Egypt give you a number as you enter, and its nothing to have 30 people in front of you and waiting half an hour. As Egypt as a cash type society, its not uncommon for the person in front of you to be withdrawing or depositing large sums, 100,000-500,000le, it takes a big bag (wheelie/suitcase) and quite a while to count, as 200le is the biggest note.


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