How to open a bank account in Banque Misr

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September, 2020 February, 2021 October, 2020

GSL reference about the bank

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Main requirements:
- 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 NOT only for local companies: LLC, Free Zone Company, offshore companies (registered in the UAE) and personal accounts for residents and non-residents, but also for foreign ones registered NOT in the UAE;
- the minimum average monthly balance is 10,000 AED (~ 2 730USD), and for the Elite Banking program - 100,000 USD;
- the beneficial owner/manager must visit the UAE for account opening;
- the bank issues bank cards;
- pre-approval procedure: a positive answer means that the account is most likely to be opened;
- incoming payment ~ 20 dirham (~ 5.5 USD) *, outgoing ~ 150 dirham (~ 41 USD) *;
- online banking in English

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

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated — — N/R
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    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 AML legislation is strictly observed

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    2 300 No restrictions 2 300 1 No restrictions
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    Minimum balance, € Minimum average monthly balance is 10.000 AED (~ 2.730USD), and for Elite Banking program - 100,000 USD
    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    35 5 N/A N/A N/A
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    Outcoming transfer, € Outgoing payment fee is 150 AED (~ 41 USD)
    Incoming transfer, € Incoming payment fee is ~ 20 AED (~ 5.5 USD)
    Account maintenance, €/year No limitation
    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 Yes

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    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 Personal; Corporate; Savings; Current
    Chances to open an account Predictable
     
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