opening your bank account in Egypt

 

 

This initiative represents a strategic effort aimed at encouraging individuals, particularly those who are currently unbanked, to conveniently and easily open bank accounts. This action is a fundamental component of the broader national agenda to enhance financial inclusion across Egypt and is executed under the direct supervision of the Central Bank of Egypt (CBE).

Steps for opening bank accounts for Egyptian expats, as part of the "Open Your Account in Egypt" initiative

1.      The customer should first visit the bank's official website to review the initiative's guidelines document, as well as reviewing the terms and conditions of the initiative through the following link

2.      The customer then proceeds to the nearest diplomatic mission or consulate abroad to initiate the account opening process. A mission employee verifies the identification document, obtains the required signatures and stamps on the application forms, and collects the necessary authentication fees.

3.      The documents are authenticated by the Consul or Ambassador and dispatched via diplomatic pouch to the Ministry of Foreign Affairs in Egypt.

4.      The Ministry of Foreign Affairs in Egypt authenticates the signatures of the embassy or consulate representatives and forwards the original documents to the bank. The bank commits to completing the account opening process within three days of receiving the original, authenticated documents.

5.      Once the account is successfully opened, the customer receives a text message containing the new account number on the mobile phone number registered on the application forms.

Details of the Campaign for Opening Al Mongez Accounts in Egyptian Pounds

The campaign offers insurance coverage provided by Misr Life Insurance Company against the risk of death for Egyptian expats, with the bank bearing the full cost of the insurance policies.

This coverage is offered subject to the following terms and conditions:

1- Minimum/Maximum age of the customer: 18/65 years.
2- Insurance benefit: Minimum amount EGP 5,000 and maximum amount EGP 100,000 based on the average credit balance in the account during the month
3- Insurance coverage: Death only.
4- Customers eligible for insurance: Egyptian bank customers working abroad and holding Al Mongez accounts in Egyptian pounds through the embassies of the Arab Republic of Egypt (new customers).
5- In the unfortunate event of death, the heirs are required to complete the following documents and submit them to any branch of the bank: Please note that if the death occurred outside the Arab Republic of Egypt, all documents must be authenticated by the Ministry of Foreign Affairs prior to submission to the bank.

The required documents

1- A certified copy of the death certificate showing the cause of death (translated into Arabic and certified by the Egyptian Embassy).
2- certified copy of the birth certificate or national ID card.
3- certified copy of the police report and the final prosecutor's decision in case of death due to an accident, or equivalent official documents from the country where the insured person worked (translated into Arabic and certified by the Egyptian Embassy).
4- hospital report in case of death occurring in a hospital, or equivalent official documents from the country where the insured person worked (translated into Arabic and certified by the Egyptian Embassy).

Diplomatic Missions for Account Opening

Here is the table detailing the countries and the specific Egyptian diplomatic missions designated for the account opening initiative:

Terms and condition applied