advice

you can use ATMs and keep your bank accounts.

Thanks Layla.. I realise that.. but i need to get a substantial amount to Hurghada in order to purchase an apartment.  Also aren't you charged for each transaction at atm's


Sandra

yes you are charged for every transaction - can get expensive

Since the revolution things have changed here in the banks - alot of banks now won't open an account for you unless you have a full residence visa.

Hi Biffy. Yes that's what i thought! Goodness only knows how i will go about the banking thing.

Talking about Residence visa.. I haven't asked my egyptian son-in-law .. but how will it work for me as regards the residency?  I will be buying property in Hurghada but not working, i am retired. I am happy also to put all my money in an egyptian bank, if that is a requirement.

Why not transfer it (or a part) for now to your daughters bank account? When you have arrived, you open a bank account for yourself and transfer the money to it.

Maybe this link will give you some answers: http://www.moiegypt.gov.eg/English/Depa … ices/Visa/ Just click on "types of residence permits".

Hello Geely.  I have investigated all avenues, including that one!

My bank in the UK have tried in the past to transfer money to my daughters account for birthdays, christmas etc.. and have for some unknown reason without success, and i'm not the only one the same thing has happened to.

The only other way to do it is to change banks to HSBC .. I have been told by them i will have to pay a fee of £100.00 sterling for them to set up an account in Hurghada from the UK end but it will take a few weeks because of toing and froing with documents.. ie, passports, birth certificates, proof of sale of house etc. I found alot of some of the things they explained to me rather confusing because they say i would need an offshore account in Jersey also..  I would once in Hurghada online instruct my Jersey account to send from the HSBC account in the UK to them then they would sent it to my HSBC account in Hurghada.. plus i would always have to keep £60.000 sterling in the Jersey account and that kind of account doesn't give you any interest.   Very confusing and i don't understand why.  My current bank doesn't have a branch in Hurghada, i just wanted a simple transfer of all my money over to Hurghada via my current bank!!!!!!

It is so easy to do that. I have an account with HSBC which I set up once I was here. It is a local account and I do not pay any fees for ATM's if I use HSBC and I only pay 8LE for other ATM's... no charge for EFTPOS transactions.
My daughter has transferred me money from her Australian bank and you just have to pay a small fee of about $25. It takes 3 to 5 days for the money to appear in your account. HSBC give you their SWIFT code which is needed to carry out international transfers...
Also look at expat HSBC... but to be honest I have been very happy with HSBC here.

Hi Tigerlily.  Are you suggesting then that i go with just a small amount of money as though for a "Holiday" once there i open an account, once done i then transfer online the remainder from the UK to my egypt account.  I will look at expat HSBC just out of curiosity... Gosh i didn't think it would all be such a big deal! lol

thanks
Sandra

Why don't you leave some money in the UK? If you are ever planning to go back it will be very difficult to transfer the money out of Egypt.

When you tried to transfer money to your daughters account, did you/the bank used the swift/iban code of the bank in Egypt? I can't imagine that it didn't work out! http://www.swiftbic.com/swift-code/country/EGYPT.html

I will be leaving an amount in the UK .. the bank even had something to say about that!!!! they wont allow the account to lie dormant.  So i might have to put it into Isa's or something similar which you can leave and forget.

Well I'm assuming the bank used the swift method of transfer.
You would imagine they would wouldn't you?

Hi Sandra,
About your question, I asked a friend of mine who is a consulting accountant and he advised me by the following:

1-For the time being leave the bulk of your money in UK. While you are relocating to Egypt transfer the amount which will allow you to establish and then bring what you need time by time using ATM or wiring transfer “you choose according to the payment per transaction”.

2-My friend highlighted the first point as that after revolution the maximum limit to transfer foreign currency outside of Egypt is 100.000 USD for a life-time. Therefore, if you bring your bulk of money to Egypt and for any reason you wanna move, it will be difficult to transfer it outside. This however due to the current political situation. He added that you might be able to transfer more than such limit after passing very long and detailed investigations.

3-It is better if your bank has a branch in Egypt, as this will lower the money you pay on each transaction you make. If your bank doesn’t have a branch in Egypt you will be charged twice (one time from your bank in UK to intermediate bank and the second from that intermediate to your bank in Egypt).

4-In Egypt there are two famous English banks, HSBC and Barclays. The first is preferred as they allow you to open an account called “global account” which cost fewer fees per transactions. You have to give it a visit and ask for more details.

5-He advised me that it is expected that in two years the situation is gonna be stable and they will remove that maximum transfer limit condition and then you can transfer your bulk of money. This would be also good, as the interest rate you will get in Egypt is higher than that what you get in UK.

Good luck.
MO.

Hi Mo.  Thankyou for consulting your friend .. you are very kind.

I wish i was with the first bank you mentioned it would be much easier.

It means i have to close down the bank i am with .. open an HSBC account here in the UK.  I have already consulted with HSBC here and for a fee they will from this end open an account for me in Hurghada ready for when i arrive.

Barclays in the UK have no links with the egyptian barclays... i have already enquired.

Thanks Mo
Sandra

i think the best way is to open account in HSBC UK with online Banking, & through the online banking you can transfer your money to anywhere as you like & you can withdraw direct from your account through HSBC ATM's in EGYPT or any 123 Network ATM'S

Muby wrote:

i think the best way is to open account in HSBC UK with online Banking, & through the online banking you can transfer your money to anywhere as you like & you can withdraw direct from your account through HSBC ATM's in EGYPT or any 123 Network ATM'S

Thanks.. that looks like the obvious way to do it

I agree with Mo and Muby. You open an account with HSBC in UK once you are here you open an account with HSBC here and you use the online banking to transfer the amounts you need to your HSBC account in Egypt. Beleive me this the best way as Mo and Muby previously advised you

Thank you,  it seems like to obvious answer really.

Hi,

In order to open a bank account in Egypt you will need:

- a 6 months visa at least, no 30 days visa from the airport.

- a reason to open the account. e.g. depositing an income, or money to purchase a property.

If you intend to buy a property, the amount has to be wired from abroad. If you bring in your money in cash, you will not be able to register it in court and obtain your residence permit through it (50 K USD required).

Some banks in the UK do not allow online money transfer outside the UK. In order to do that you might have to open an account with Barclays Wealth Jersey or Channel Islands. (5 K GBP minimum).

If you wish to transfer a considerable amount of money outside the UK, you will have to justify that, for example, telling the bank you have to purchase a property abroad. The documentation required lies completely with the bank.

If you experience difficulties opening a bank account in Egypt, please contact me privately.

PS You won't have any problem transferring back your money from your Egyptian to your foreign account, but occasionally, in case of protests or gov instability accounts in foreign currency might be temporarily frozen, in order for the gov. to retain foreign currency reserve. Therefore you might, at times, only be able to withdraw small amounts from an ATM machine.

The problem is solved by opening a foreign currency account, e.g. GBP and one EGP account.

If you fear your currency might be frozen, change it into EGP before major protests.

There is no need to consult a financial advisor. It is a simple operation.

Regards

Hi... It is all sorted... I didn't have any problems like you suggested.. 6 months visa, reasons etc!!

I bank both with Barclays and HSBC... and they are well aware that i will be purchasing a property in Hurghada .. I was put intouch with an overseas financial advisor and he advised me what the best way was.... It was very straight forward.