Before you start
- Passport
- Valid visa or residence permit — a residence permit makes it considerably easier
- Proof of address
- A minimum deposit, commonly EGP 1,000–5,000
- Sometimes an employment contract or home-country bank statements as proof of income
Step-by-step
- 1
Choose a bank
CIB is generally the most accommodating to foreigners; QNB, NBE and Banque Misr are the other main options. International banks serve the corporate end.
OnlineWho: You - 2
Open EGP and USD accounts together
Do both in the same visit. Retrofitting a foreign currency account later means repeating the process.
In personWho: You - 3
Bring proof of income
An employment contract or home-country bank statements are commonly requested to evidence your source of funds.
In personWho: You - 4
Note that a residence permit smooths everything
Some banks will decline on a tourist visa alone. The plastic residence card is what makes the process routine.
In personWho: You - 5
Set up online banking in branch
Arrange app access and cards while you are there rather than returning.
In personWho: You
Documents you’ll need
- Passport
- Visa or residence permit
- Proof of address
- Employment contract or bank statements
- Minimum deposit
Things most newcomers don’t know
Hold dollars. This is the single most consequential financial decision you'll make here.
The Egyptian pound has lost most of its value against the dollar over recent years. Residents routinely keep savings in USD accounts — which every major bank offers — and convert only what they need for the month. Salary paid in EGP and left in EGP has repeatedly lost real value while sitting still.
Source: Egyptian currency history; major bank USD account availability
Non-residents can now open accounts, which is genuinely new.
A Central Bank of Egypt circular of 7 August 2024 mandated Egyptian banks to open non-resident accounts for foreign customers not living in Egypt. That reversed years of practical difficulty and is recent enough that bank staff and older guides may not reflect it — cite the circular if you meet resistance.
Source: Central Bank of Egypt circular, 7 August 2024
A residence permit is not strictly mandatory but it changes everything.
Requirements vary by bank and some will open an account on a tourist visa. In practice the plastic residence card turns a negotiation into a routine transaction and unlocks the full range of services. If your permit is weeks away, it is usually worth waiting.
Source: Egyptian bank account opening practice
Card acceptance is thinner than the city's size suggests.
Cairo is substantially a cash economy outside malls, chains and upmarket restaurants. Baksheesh, taxis, markets and small shops all expect cash, and small denominations are genuinely useful. Do not plan to live off a card here.
Source: community-reported, widely corroborated
Common mistakes to avoid
- Leaving savings in Egyptian pounds when USD accounts are readily available.
- Opening only an EGP account and having to return to add a foreign currency one.
- Trying to open an account on a tourist visa at a bank that requires residence.
- Assuming card acceptance comparable to Europe or the Gulf.
Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.
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Sources
- Central Bank of Egypt — official, Non-resident account circular, 7 August 2024
Last verified July 2026. Government processes change — always confirm critical details against the official source before acting.