How to open a bank account in Banque Misr

Beginning of cooperation	Last contact	Last update
September, 2020	December, 2021	October, 2020

GSL reference about the bank *

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

How to open a bank account in Banque Misr

GSL reference about the bank *

Bank's characteristics

General information and rating

Minimum requirements

Tariffs and services

Account opening procedure

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