GUIDE ON EMIGRATING TO EGYPT

Egyptian money

Money makes the world go round, so before going abroad it’s a good idea to look into the currency of your chosen destination.

Although foreign currencies can be changed into Egyptian Pounds at currency exchange kiosks at airports and banks (among other places) transferring your funds at the right time and getting the best exchange rate possible can save you money and really help your global transition. If you’re emigrating it’s really recommended that you seek advice from a trusted currency broker. A good one to use is: http://www.torfx.com/

 

Currency

Since the mid 1800’s the currency used in Egypt has been the Egyptian Pound (EGP).

1 Egyptian Pound can be divided into 100 piastre and 1 piastre can be divided into ten milliemes.

Egypt remains very much a cash-driven country with credit and debit cards only infrequently used in smaller outlets. Generally speaking, coins are not used in transactions as much as notes, although pound coins and 25/50 piastre coins are in circulation and accepted for payments.

Although ATM machines are numerous in large cities like Cairo and Alexandria they are much less common in smaller cities and can be practically non-existent in rural areas. Many ATM machines accept cards from larger foreign banks but the exchange rate you get can vary slightly from machine to machine and there will be a charge for any conversions made.

Banks

Opening a bank account in Egypt as a foreigner can be much more difficult than in other nations, though this does vary based on the bank and even the branch. The majority of banks will demand that a potential account holder has a minimum of six months residency and is able to make a sizable deposit on opening the account.

Before attempting to open an Egyptian bank account it’s a good idea to do your research, check out what’s available to you and what conditions you’ll need to meet.

Current accounts and saving accounts can both be opened by foreigners who have met the requirements.

English is spoken by the majority of Egyptian bank staff, but in busier branches and at busier times the wait to see a cashier can be long a long one!

Typically banks in Egypt open at 9 am and close at 2 pm, although some larger branches may stay open later.