Top 10 Banks in Egypt

Whether you are starting a business in Egypt, getting your first job, or have savings to secure, opening a bank account can be useful.

The banking sector in Egypt is massive, with many local and international banks with a firm footing in the industry. Different banks lead the market in different categories.

However, choosing the right bank can be cumbersome. Since this is not a "one solution fits all" situation, we have compiled a list of the top 10 banks in Egypt to make things easier for you.

Overview of Banking in Egypt

Egypt's banking sector is full of national and international financial institutions and it plays a crucial role in the nation's economic development. With a mix of private and state-owned institutions, it provides services ranging from personal accounts and loans to corporate financing.

Along with local and international banks, Islamic banks are another common differentiator for banks in Egypt. These banks usually don't offer credit cards, savings accounts, and other interest-associated dealings.

Document Requirements

To open a bank account in Egypt, you usually need the following documents:

• Proof of Identity (National ID for Egyptians or passport for foreigners)

• Proof of Address (utility bill or rental agreement)

• Proof of Income (employment letter, salary slip, or bank statement)

• Passport and residency permit (for foreigners)

• Tax ID Number (if applicable)

• Initial deposit for the chosen account

Top Banks in Egypt

1. BDO Unibank Inc. (Banco de Oro)

Founded in 1968, BDO Unibank Inc. is headquartered in Makati, Philippines. It is a Private institution. Banco de Oro is operational in multiple countries and is categorized as a National with international operations bank.

It offers you a wide range of banking services and is widely recognized and trusted across Egypt. Banco de Oro is considered a pioneer in the banking sector, offering all primary banking services, including Personal, Corporate, Investment, Digital Banking.

2. Banque Misr

Headquartered in Cairo, Egypt, Banque Misr was founded in 1920 as Egypt's first dedicated Islamic bank. Although relatively new, Banque Misr has made quite a name in Egypt's banking sector.

A National with international presence bank that mainly operates and adheres to providing its services to the domestic market. Banque Misr's services include Retail, Corporate, Investment, Islamic Banking.

Regarding fees and charges, Banque Misr does not charge a maintenance fee for your accounts as long as you maintain the minimum required balance. Banque Misr is also known for its wide network of branches, which has expanded to 600+ branches.

3. CIB Commercial International Bank

CIB Commercial International Bank was founded in 1975 and is headquartered in Cairo, Egypt. As a Private bank with a National with international presence presence, CIB Commercial International Bank offers a broad range of banking services. These include Personal, Corporate, Investment Banking, catering to both individual and corporate clients.

Known for its premium services, CIB Commercial International Bank typically charges account maintenance fees for various services. Its Largest private sector bank in Egypt is a hallmark of its appeal.

4. National Bank of Egypt

National Bank of Egypt was founded in 1898 and is headquartered in Cairo, Egypt. As a State-owned bank, it operates primarily within National with international branches. National Bank of Egypt offers a broad range of services, including Personal, Corporate, Investment, Digital Banking.

Though fees apply for certain services like ATM withdrawals and international transfers, National Bank of Egypt is praised for its Largest bank in Egypt with an international presence.

5. Bank of Alexandria

Bank of Alexandria was founded in 1957 and is headquartered in Cairo, Egypt. It is a Private bank, operating National with international branches. Bank of Alexandria offers services like Personal, Corporate, Investment, Retail Banking and is recognized for Strong international network.

6. Banque du Caire

Banque du Caire was founded in 1952 and is headquartered in Cairo, Egypt. It is state-owned and categorized as a national bank, focusing primarily on the domestic market.

Banque du Caire offers a wide variety of services, including personal, corporate, and investment banking, with an increasing emphasis on digital and mobile banking.

7. HSBC Bank Egypt

Founded in 1870, HSBC Bank Egypt is headquartered in Cairo, Egypt and is state-owned. It plays a crucial role in managing international's financial operations and focuses on personal banking and investment banking.

8. QNB Alahli

QNB Alahli was founded in 2005 and is headquartered in Doha. As a Private bank categorized as International, QNB Alahli is well known for its customer service and emphasis on small and medium-sized businesses.

9. Faisal Islamic Bank of Egypt

Faisal Islamic Bank of Egypt was founded in 1979 and is headquartered in Cairo. As a Private bank with a National presence, Faisal Islamic Bank of Egypt offers a wide range of banking services, including Islamic banking and personal banking.

10. United Bank of Egypt

United Bank of Egypt was founded in 1957 and is headquartered in Cairo. As a State-owned bank with a National presence, United Bank of Egypt offers a wide range of banking services, including Personal and corporate banking.

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Conclusion

This guide should be your go-to review when looking for options to open your bank account in Egypt. Find everything you need to know and more about all the top banks in your country, and you shall not be disappointed with your decision.

Egypt banking sector is home to some big names; therefore, the final decision will come down to your personal or business needs. By evaluating these 10 banks, you should be able to identify the unique services of each bank and make the right decision that works best in your interests.