Banks in Egypt offer a variety of banking services that meet the aspirations of different categories of customers, the most prominent of which are bank accounts through which the customer can complete all banking transactions.
Customers ask: Is it possible to convert a bank account in Egyptian pounds to US dollars?
It should be noted that this is not available, and only a new dollar account can be opened, and a dollar savings account can be opened with a copy of a valid national ID card only (with the need to bring the original national ID for review).
It is also possible to open accounts for clients mentioned in the identity document with phrases such as (student – unemployed – without work – not working – occupation field is empty – qualified – housewife) in place of the job field.
The minimum amount to open an account is 100 US dollars or its equivalent in foreign currency depending on the type of account.
Egypt has an extensive banking network, and financial inclusion efforts are gaining momentum, supported by initiatives such as mobile wallets and agency banking.
Egyptian banks have also embraced digitization, offering online banking services, mobile banking applications, and electronic payment systems.
Services such as Meeza cards and mobile wallets have improved access to cashless payment solutions and there is an increasing focus on customer satisfaction.
Banks offer a wide range of services, including savings accounts, loans, mortgages and investment products, and Islamic banking options are available alongside traditional banking services.
The Central Bank of Egypt plays a pivotal role in regulating and stabilizing the banking system and the broader economy. Main responsibilities include:
Monetary policy:
The Central Bank of Egypt sets interest rates and uses other tools to control inflation, stabilize the currency, and support economic growth.
Organization and supervision:
Ensuring the stability and efficiency of the banking system.
Implement regulations to prevent financial crises and enhance transparency.
Currency issue:
The sole authority to issue the Egyptian pound, ensuring adequate supply and combating counterfeiting.
Promoting financial inclusion:
Leading initiatives to expand access to banking services, especially for the unbanked.
Management of foreign exchange and reserves:
Managing Egypt’s foreign exchange reserves and ensuring currency stability.
Digital Banking and FinTech:
The Central Bank of Egypt supports the digital transformation of the banking sector, and promotes innovation and competition among financial institutions.
