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Discussion Starter · #1 ·
I'm in final negotiations regarding a Job in Cairo.
I intend to keep a property in the UK and rent in Egypt, so trying to decide what is the best option for bank accounts.
1) keep uk account
2) open offshore (if who with)
3) open local Egyptian account

is it best to be paid in USD or GBP - any views on the best way to manage accounts or move money between accounts.
I want to have a working account to use in Egypt and put most funds back into Sterling.
 

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HSBC, Barclays, Citibank (worst rates and fees), Credit Agricole, etc. all exist in Egypt.

Each bank can offer multiple accounts based on each currency and/or type of account (savings, checking, etc.)

In terms of what currency to be paid in, that is a risk you need to figure out on your own.
1) what did you negotiate your salary basis on? GBP, USD, EGP? Personally, I would have picked GBP or USD a far more stable currency than EGP.

2) In terms of GBP or USD. These are some major decisions, but I look at it from a point of view where will you end up using your savings eventually (i.e. in which country). Playing it safe is to simply have it all in GBP. If you are a betting person, then you'll start to have to think about all the various currencies and decide.

For example, GBP dropped from 2.1USD per 1 GBP (back in late 2008) all the way down to 1.377 and now it is slowly going back up at 1.66. So if you were being paid in GBP about 2 years ago until today, you would be very upset as the GBP lost a lot of value against USD. Now on the otherhand, if the GBP continues to rise for the next few years, then you are probably better off sticking with GBP. In short, this is a risk you have to figure out.
 

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Discussion Starter · #3 ·
Salary was negotiated in GBP but has been converted to USD in the proposed contract.
The only downside (apart from xrates) is that I will spend in GBP or EGP so will be paying fees to change from USD.
 

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Agua,

My salary is paid into my bank account in the U.K in sterling.
I am guessing you will still have outgoings in the uk so you will need money in an account to pay these outgoings.
I pay no tax on my earnings. The inland revenue has me registered as living and working abroad.
I just draw money from an atm when I need it, I draw the maximum allowed to keep down the withdrawal costs. I find this the easiest way.
You may find when renting that you will be charged in US dollars, but dollars are easy to buy here so that should not be a problem. In fact if you landlord has an overseas account they may ask you to pay by direct debit from the UK into their account. If your company is paying your rent then probably will provide your rent money in dollars but sterling will never be refused. I pay my doctor in sterling.
You will find that every time you buy something here you will convert the amount into sterling in your head, I for one couldn't be doing the Egyptian pound into dollars then to sterling lol
Best of luck on your move.
 

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I agree with MS, buying foreign currency is easy. There is a relatively big black market for it too, so just watch out who you pick to do your dealings with.

On a completely different note, is that a shiny little red shield by your name MS? Congratulations!
 

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just one thing,the interest u get on EGP is at least 7% yearly while on other currencies is about 1% now
i get payes in USD but shift all to EGP ,the ratio betweeen then has been almost constant for several yrs now
 
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