Current accounts in Egypt

There are numerous banks in Egypt that offer current accounts given the role the country plays in Africa. Being one of the earliest civilizations as well, and the history of banking as an industry, you would expect banking in Egypt to be at the forefront.

Being a largely Islamic nation, most banks will provide Sharia compliance in accordance with Sharia Law in the Koran. And also with the large number of tourists, most banks will allow you to open current accounts in foreign currency. If you’re looking to open a new current account, or perhaps this is your first one, you should check out these banks and determine which is the right one for you:

National Bank of Egypt (NBE)

As one of the largest banks in Egypt, this bank provides current accounts to Egyptians, companies, foreigners and even minors, but the account is placed under the custody of a guardian or parent. It is also possible to open a join current account which involves more than one account holder.

Current accounts at NBE requires a minimum deposit of EGP 500 for individuals and EGP 5000 for companies which is reasonable. For accounts in foreign currency, the minimum deposit is $100 or its equivalent in another currency. Along with these requirements, you get to enjoy a free chequebook and debit card with the account.

Current accounts at NBE do not have strict Sharia compliance, which means loans will have interest charged. On the other hand, you get a percentage return annually on your deposit, especially with an account in foreign currency.

Abu Dhabi Islamic Bank (ADIB)

If Sharia compliance is a must for you, then ADIB has got you covered. ADiB current accounts have all the benefits enjoyed at NBE, plus the availability of over 70 branches within the country. The only difference, in fact, other than the Sharia compliance, is that ADIB requires a minimum of EGP 2,500 or $500.

Commercial International Bank (CIB)

Another major Egyptian bank, CIB has got plenty of branches around the country and over 600 ATMs which makes banking with them very efficient. You do get an ATM card and chequebook with the account, but this bank also has free internet banking, further pushing it ahead in efficiency. Other than that, there really isn’t much difference with the other bank accounts.

Union National Bank Egypt (UNB-E)

Current accounts at ths bank do not bear interest annually, as per Sharia law, but then loans too have no interest levied. To open a current account with UNB-E, you need at least EGP 2,000 or 1,000 in foreign currency; or EGP 5,000 for corporate customers. However, the account can still operate with as little as EGP 15 pounds which is beneficial to the youth.

HSBC Egypt

For those who want even more efficiency, HSBC Egypt seems to have covered all the bases from internet, mobile and phone banking services which are available 24/7. On the other hand, your current account has to have a minimum operating balance of EGP 10,000 or a minimum gross monthly salary of EGP 5,000. Other charges include the EGP 30 deducted for opening the account and EGP 7 deducted quarterly for maintenance.



About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *