Can a foreigner legally open a bank account in Egypt?
Yes , A foreigner can legally open a personal bank account in Egypt, even in many cases as a non-resident, as long as the bank completes
- identity verification
- source of funds check
- anti-money laundering checks (KYC)
The Central Bank of Egypt confirmed there is no legal ban on non-Egyptians opening accounts if compliance documents are complete.
What documents are required?
The bank usually asks for
Required Documents
- Original valid passport
- Valid Egyptian visa or residency permit
Proof of address in Egypt
- lease contract
- utility bill
- hotel long-stay letter (some banks) , or rental contract
Proof of income or source of funds
- salary letter
- work contract
- company papers
- foreign bank statement
- Tax number (sometimes required)
- Recent passport photos (some banks still request this)
These are legal KYC requirements under AML rules.
Is residency required for foreigners under Egyptian law to open a bank account?
Usually yes for resident accounts , Most Egyptian banks prefer a residency valid for at least 6 months , However, after the CBE clarification, non-resident foreigners may also open accounts, but banks may ask for:
- stronger proof of income
- foreign address
- reason for account opening
- reference from another bank
So legally it is possible with or without residency, but resident accounts are easier.
What is the minimum deposit to open a bank account in Egypt ?
For simple personal accounts, the opening deposit usually starts from
EGP 1000 to EGP 2,500 depending on the bank
Examples from market practice
- basic savings: EGP 500
- current account: EGP 1,000+
- foreign currency accounts: may need more
Some banks also require a minimum monthly balance.
How long does it take for foreigners to open a bank account in Egypt?
Normally , 1 to 3 business days , If the foreigner’s papers are clear
If extra compliance review is needed, it may take
3 to 7 business days , especially for
- non-residents
- business owners
- high-value transfers
- USD accounts
This is because banks must complete enhanced due diligence (EDD).