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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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, €
    1
    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

    25
    Outcoming transfer, €
    5
    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

    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
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    2 500
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    N/A
    2 500
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    1
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