Egypt (EG)
Egypt is one of the world's oldest civilisations — the land of the Pharaohs, the Great Pyramids of Giza, and the mighty Nile River.
Banking in Egypt
Recommended banks, payment culture and credit score basics.
Egypt's banking sector is regulated by the Central Bank of Egypt (CBE). It consists of state-owned banks (National Bank of Egypt, Banque Misr), the largest; private Egyptian banks (CIB, AAIB); international subsidiaries (QNB Al Ahli, HSBC Egypt, Crédit Agricole); and Islamic banks. The sector is generally stable and has been subject to significant reform since 2016. The 2024 EGP devaluation (from ~30 EGP/USD to ~50 EGP/USD, now ~52 EGP/USD as of May 2026) was a major event — most Egyptians and expats now hold some USD/EUR savings as a hedge. Egypt is a heavily cash-based economy but digital payments are growing fast via InstaPay, Meeza card, Fawry, and mobile wallets.
Recommended banks
Commercial International Bank (CIB)
EnglishMonthly fee: No monthly fee for standard accounts; minimum balance EGP 5,000 may apply
Requirements: Passport + residence permit (Iqama) + proof of address + work contract or employer letter. Best private bank for expats — English-language service, best digital banking app in Egypt.
- + Best English-language mobile banking app in Egypt
- + Online banking available in English
- + USD and EUR accounts available
- + Extensive ATM network
- + InstaPay integration
- + I-Score credit reporting (parent company)
- + Good customer service in English at major branches
- - Private bank — fewer branches than NBE/Banque Misr in provincial areas
- - Opening without residence permit is difficult
QNB Al Ahli
EnglishMonthly fee: No monthly fee; minimum balance applies
Requirements: Passport + residence permit + proof of address. Qatar National Bank subsidiary — internationally familiar brand.
- + International banking standards (Qatar National Bank parent)
- + Strong English customer service
- + Good mobile banking app
- + USD and EUR accounts available
- + Competitive international transfer rates via SWIFT
- + Preferred by Gulf-region expats and UN agencies
- - Smaller branch network than state banks
- - Some services require visiting main branches
HSBC Egypt
EnglishMonthly fee: No monthly fee on HSBC Advance/Premier accounts; minimum balance EGP 150,000–500,000 (or USD equivalent) required to qualify; standard accounts from EGP 50/month
Requirements: Passport + residence permit + proof of address + typically a higher minimum deposit. Best for Premier or Advance international account holders.
- + International brand recognition
- + HSBC Premier customers enjoy global service
- + Excellent for international transfers and foreign currency accounts
- + English-first service at all branches
- + Strong private banking for high-net-worth expats
- - Higher minimum balance requirements
- - More limited branch network in Egypt
- - Fees higher than local banks
National Bank of Egypt (NBE)
Monthly fee: No monthly fee; state-owned bank
Requirements: Passport + residence permit + employer letter. Widely accessible across Egypt including rural areas.
- + Largest bank in Egypt — widest ATM and branch network
- + Government salary payments often made here
- + Opens accounts in most governorates
- + Very low fees
- + Reliable for large EGP transactions
- - Limited English language service
- - Less modern digital banking
- - Queues can be very long at popular branches
- - Customer service variable by branch
Arab African International Bank (AAIB)
EnglishMonthly fee: No monthly fee; minimum balance applies
Requirements: Passport + residence permit + proof of address. Good alternative to CIB for expats.
- + Strong English-language service
- + Good digital banking
- + Competitive foreign currency account options
- + Good international transfer service
- + Less crowded branches than state banks
- - Smaller ATM network than CIB or NBE
- - Less well-known than CIB internationally
Payment culture
Egypt is a cash-dominant society. Always carry EGP cash — many traditional restaurants, local markets, street vendors, taxis, and small shops are cash-only. ATMs are widely available in Cairo (EGP 200–2,000 withdrawal limit per transaction at some). Card acceptance is growing at malls, chain restaurants, international hotels, and petrol stations. The Meeza card (launched 2018) is Egypt's national debit card scheme — works at all ATMs and most modern POS terminals. Mobile payments via Vodafone Cash, Orange Money, etisalat Cash, and InstaPay (CBE's instant transfer system, launched 2022) are rapidly growing. Fawry is the dominant bill payment network (utilities, school fees, taxes via Fawry kiosks and app). Egypt does not use IBAN — account numbers and SWIFT codes are used for international transfers.
Cash access
ATMs: widely available in Cairo, Alexandria, and tourist areas. Most accept international Visa and Mastercard. Withdrawal limits: EGP 3,000–10,000 per transaction depending on the ATM. International card fees: EGP 15–35 per foreign card transaction plus your home bank's foreign fee. Airport ATMs: available 24/7 at Cairo International Airport — rates are similar to city ATMs. For large cash needs: withdraw from bank teller windows (requires passport) for amounts above ATM limits. In tourist areas (Luxor, Aswan, Hurghada, Sharm), ATMs are available at hotels and tourist centres. In rural and Upper Egypt areas, ATMs may be limited — always carry sufficient cash when travelling outside major cities.
I-Score
I-Score (Credit Information Center, a subsidiary of CIB) is Egypt's credit bureau. Banks report to I-Score. You can request your credit report through your bank (CIB offers direct access), at I-Score offices (iscore.com.eg), or through registered financial institutions. The I-Score report shows credit history, existing loans, and payment behaviour.
Free annual check: There is no legally mandated free annual credit report in Egypt. I-Score charges a fee (approximately EGP 200–500) for individual credit report requests. Some banks provide free access as part of premium account benefits.
I-Score credit reports are primarily used by Egyptian banks for lending decisions (mortgages, car loans, personal loans). As an expat, you may have no Egyptian credit history initially — this can limit access to EGP-denominated credit. USD-denominated loans may be available to expats based on income proof rather than credit score. Foreign credit scores are not directly transferable to the Egyptian system.
International transfers
International SWIFT transfers are available at all major Egyptian banks. Processing time: 3–5 business days. Fees: EGP 50–200 sending fee plus correspondent bank fees (USD 15–35). There is no IBAN system in Egypt — use the recipient bank's SWIFT code + account number. Foreign currency accounts (USD/EUR) make international transfers easier and avoid forced EGP conversion at unfavourable rates. Wise sends money TO Egypt but the recipient receives EGP at the Wise exchange rate. Receiving large transfers from abroad: Egyptian banks may require documentation of the source of funds for transfers over USD 10,000 (anti-money laundering regulations). USD and EUR accounts can receive international transfers in the original currency.