Is it really necessary to open an Egyptian bank account?

[AshleyP]

Hello, I've read some posts on here which look at opening up a bank account in Egypt, but I'd like some advice on whether it is the best thing in the long run.

I have a 1-bed apartment in Hurghada that is being rented out medium- to long-term.

It is highly unlikely that I shall be in Egypt for the next couple of years.

I have an HSBC account in the UK and I've been quoted £100 to open up an Egyptian HSBC account online. I've read on this forum that HSBC then charges £17 for each transaction into my UK account.

Is it really worth my while opening up an Egyptian account or would it be more economical to let the rent money build up then get the management company to make a payment to my UK account say every 4 months. What would the charges be then?

Would be grateful for your views.

 

[Georgina]

It is good to have money here incase of repairs, etc. to your apartment. If your money is in Egyptian pounds it will earn a good interest rate. I opened my HSBC account in Egypt and you have to keep a minimum amount in the account to avoid charges. The problem was returning to pick up the bank cards when I was just visiting Egypt at the time and not living here full time. The transfers are expensive. Even within Egypt I transferred from a USD account to another bank in Cairo to their USD account and was charged LE280. If you receive the money in the UK you are liable to pay tax. I have never transferred money from Egypt to the UK so not sure how much. Just tried to call HSBC El Gouna to find out their latest interest rates but no answer. They are always busy at that branch.

 

[AshleyP]

Thanks for your reply Georgina