How to open a bank account in Arab African International Bank

GSL reference about the bank What is it?

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

GSL rating

Beginning of cooperation

October, 2022

Last contact

April, 2024

Last update

February, 2024
  • the bank was founded in 1964 as the first Arab multinational bank;
  • AAIB set a record of rapid dynamic growth, becoming the fastest growing bank in Egypt in terms of size and profitability since 2004;
  • the bank opens savings (deposit) and checking accounts;
  • the bank only opens accounts for local companies: Mainland (preferred), Free Zone Company (more difficult for compliance), personal accounts for residents;
  • do not open accounts for non-Emirati companies (very strict compliance);
  • don’t work with brokers;
  • minimum balance for account opening – AED 25 000 (~ EUR 6 200)*;
  • a visit of account signatory in UAE is required for account opening;
  • available currencies: AED, USD, EUR, GBP, JPY, EGP, CHF;
  • do NOT issue corporate bank cards;
  • pre-approval before starting the process of opening an account (very strict) – a positive answer in this case allows you to say that the account is very likely to be opened in the end;
  • transfer fee is AED 75 (~ EUR 19)*;
  • Internet Banking in English;
  • Account Opening Time: at least 1-2 weeks

*The rates shown here are approximate, as they may ultimately vary depending on the customer’s choice of service program at the bank

GSL rating
Beginning of cooperation
October, 2022
Last contact
April, 2024
Last update
February, 2024
Your Consultant
Поиск консультанта...

Поиск консультанта...

General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1964
History
Arab African International Bank was founded in 1964 as the first Arab multinational bank. Since 2004, the fastest growing bank in Egypt in terms of size and profitability
Personnel
There are English-speaking employees
Bank’s shareholders
Two major shareholders: the Central Bank of Egypt and Kuwait Investment Authority (49,37% each)
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
Compare banks

    Minimum requirements

    6 300
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    6 300
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance for account opening - AED 25 000 (~ USD 6 800)
    Transactions permitted per month
    For current accounts there are no restrictions on the number of transfers
    Initial deposit of funds, €
    The initial payment is equal to the minimum account balance
    Deadline for the initial deposit, month
    Initial payment is made immediately upon account opening
    How fast payments are executed
    Платежи исполняются день в день

    Tariffs and services

    19
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    The transfer fee is AED 75 (~ USD 20,5)
    Incoming transfer, €
    The bank does not charge for crediting
    Distant access to the account
    There is Internet-banking in English
    Financial products
    Arab African International Bank provides retail, corporate and investment banking services in Egypt and internationally
    Credit/debit cards
    Do NOT issue corporate bank cards

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    A visit of an account signatory to the UAE is required to open an account
    Required
    For legal entity: License; Memorandum and Articles of Association; Director's Resolution on account opening and appointment of account manager; completed Company Profile; completed bank form forms for company and owner; bank statements of company account for last 6 months (if company is new, bank statements of other company of owner may be provided); copies of current contracts with counteragents; office lease agreements, cash flow chart, ownership structure chart, etc.

    For a natural person (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + bank ID for account signatory; proof of address (not older than 3 months) (Tenancy for account signatory); CV; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of UAE

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    N/A
    N/A
    2 500
    239
    1
    Need a consultation from a specialist?
    Share on social media:

    Add a comment

    By clicking the «Send» button, you agree to the processing of personal data in accordance with the terms of our privacy policy

    RU EN