How to open a bank account in Banque Misr

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

September, 2020

Last contact

April, 2024

Last update

February, 2024

Egyptian bank, which was founded in the 1920s, and has been represented in the UAE since 1974;
the bank opens savings (deposit) and business accounts;
the bank opens accounts only for local companies: RAK & Dubai;
the bank opens accounts in AED, USD, EUR, CNY, GBP;
minimum deposit for corporate account AED 25 000 (~ USD 6 800), for personal account – from AED 60 000 (~ USD 16 300) – both invoices are drawn up together; in case of opening a foreign currency account, a deposit of AED 25 000 (~ USD 6 800) is required;
еhe bank has a new VIP division with a branch in Business Bay (Dubai), which is due to open soon and replace the Deira branch; opening conditions: AED 350 000 for personal account + AED 25 000 for corporate account;
the beneficial owner / manager must visit the UAE for account opening;
the bank issues bank cards;
re-approval procedure: a positive answer means that the account is most likely to be opened;
incoming payment – AED 20 (~ USD 5,5), outgoing – AED 100 (~ USD 7) *;
online banking in English

* These fees are indicative and may vary depending on the banking package chosen by the client

GSL rating

Beginning of cooperation

September, 2020

Last contact

April, 2024

Last update

February, 2024

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+44 0 207 822 85 93

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

1974

History

It was founded in Egypt in the 20s of the last century. The international presence of Banque Misr is carried out through its 25 offices in four countries located in the UAE, Lebanon, Germany and France. In the UAE. The Bank was established in the UAE in 1974 under the name of Banque Du Caire and the name was changed to Banque Misr in 2008. Banque Misr has a network of 5 branches across the UAE located in Abu Dhabi, Al Ain, Dubai, Sharjah and Ras Al Khaimah

Personnel

The staff speak English

Bank’s shareholders

Banque Misr - state bank, 100% of its shares belong to the Egyptian government

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

6 320

Minimum balance, €

No restrictions

Transactions permitted per month

6 320

Initial deposit of funds, €

Deadline for the initial deposit, month

Minimum balance, €

Minimum deposit for corporate account AED 25 000 (~ USD 6 800), for personal account - from AED 60 000 (~ USD 16 300) - both invoices are drawn up together; in case of opening a foreign currency account, a deposit of AED 25 000 (~ USD 6 800) is required

Transactions permitted per month

For settlement accounts, the number of transfers is not limited

Initial deposit of funds, €

Down payment is equal to minimum balance

Deadline for the initial deposit, month

Must be entered at account opening

How fast payments are executed

Payments are made on a day or the following day

Tariffs and services

Outcoming transfer, €

Incoming transfer, €

N/A

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

Outgoing payment fee is AED 150 (~ USD 27)

Incoming transfer, €

Incoming payment fee is AED 20 (~ USD 5,5)

Distant access to the account

Online banking in English

Financial products

It is a universal bank. Offers retail, private, corporate and investment banking products and services

Credit/debit cards

The bank issues 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

The beneficial owner / manager must visit the country for account opening

Required

For a corporate account: set of the company’s corporate documents; completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); confirmation of the source of the funds, including with respect to the initial deposit; copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.

For a personal account: proof of identity (passport); proof of address (not older than 3 months); CV; bank reference letter + bank statements for the last 6 months.

The list is not exhaustive. The bank may request any other documents and information

Types of accounts

Savings; Current

Chances to open an account

Predictable

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How to open a bank account in Banque Misr

<img src="https://gsl.org/en/wp-content/themes/gsl/i/single_banks/thumb_up_black_24dp.svg" alt="" data-eio="l"> General information and rating

<img src="https://gsl.org/en/wp-content/themes/gsl/i/single_banks/star_black_24dp.svg" alt="" data-eio="l"> Minimum requirements

<img src="https://gsl.org/en/wp-content/themes/gsl/i/single_banks/request_quote_black_24dp.svg" alt="" data-eio="l"> Tariffs and services

<img src="https://gsl.org/en/wp-content/themes/gsl/i/single_banks/savings_black_24dp.svg" alt="" data-eio="l"> Account opening procedure

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General information and rating

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Account opening procedure