Egyptians who want to save or invest in foreign currency can open a US dollar account in some of the local banks. This service allows customers to deposit foreign transfers, purchase certificates of deposits, or make deposits in foreign currency. Here are some of the benefits and requirements of opening a US dollar account in Egypt’s banks.
Benefits of opening a US dollar account
Opening a US dollar account can have several advantages for customers, such as:
- Protecting their savings from inflation and currency fluctuations
- Earning competitive interest rates on their deposits
- Accessing online banking services and international transactions
- Having the option of opening a joint account with another person
- Enjoying 24/7 accessibility to their account through phone banking, online banking, ATMs, and branches
Requirements of opening a US dollar account
To open a US dollar account, customers need to provide some documents and meet some criteria, such as:
- Having a valid resident permit or passport
- Bringing passport-size identity photos
- Having a minimum deposit of $100 or its equivalent in foreign currency
- Filling and signing an account opening form at the bank branch
- Paying any fees or charges that may apply
Banks that offer US dollar accounts
Some of the banks that offer US dollar accounts in Egypt are:
- Banque Misr: This bank offers different periodicity of interest disbursement on the account, ranging from monthly to annual. The interest rate varies between 2.138 percent and 3.133 percent annually.
- The National Bank of Egypt: This bank disburses the interest on the account in US dollar annually. The bank also allows opening a joint account in US dollars.
- Banque du Caire: This bank has a minimum amount for calculating the return of $20. The bank also provides e-commerce services for online businesses.
Customers can visit the websites of these banks or contact their customer service for more information about opening a US dollar account.
