- Download our Moving to Egypt Guide (PDF)
Most expats find banking and managing taxes in Egypt frustrating. While there are plenty of Egyptian banks available, expats often prefer to open accounts with international banks that have a presence in Egypt, such as HSBC or Citibank.
Dealing with the bureaucracy at Egyptian banks is difficult, and fees for even the most basic services are high. To make matters worse, banking hours in Egypt are limited, with most branches closing at 2pm.
ATMs are readily available throughout the country. Restaurants, shops and major attractions in Egyptian cities will accept international credit card payments.
Money in Egypt
The currency used in Egypt is the Egyptian Pound (EGP). It is divided up into 100 piastres.
- Notes: 25pt, 50pt, 1 EGP, 5 EGP, 10 EGP, 20 EGP, 50 EGP, 100 EGP, and 200 EGP
- Coins: 25pt, 50pt and 1 EGP
Banking in Egypt
Poor exchange rates, hefty fees and constant service charges sully the reputation of local banking in Egypt. Luckily, there are many international bank branches in the country, and these offer modern amenities such as internet and phone banking, as well as easy access to ATMs. Expats who already have an account with one of these banks in their home country will find it fairly easy to set up an account in Egypt.
Businesses in Egypt will often pay employees directly through bank deposits at a certain bank, taking away the choice, or hassle, of selecting a bank.
Opening a bank account
Opening an account in Egypt is straightforward. Required documents may vary from bank to bank, but expats are likely to need their passport, residence permit and an initial cash deposit.
Many banks will also require proof of employment and proof of address, such as a utility bill. Most staff members at banks will speak decent English, making it easy for expats to access banking services in Egypt.
Taxes in Egypt
Egypt has double-taxation avoidance agreements with several countries. Expats are liable for income tax in Egypt, and they may also pay tax on their worldwide income, depending on whether they are classified as tax residents.
An expat is considered a resident for tax purposes if they are in Egypt for 183 days or more in a 12-month period, whether continuously or non-continuously. Tax residents pay tax on both their local and worldwide income.
Money earned from within in Egypt is taxed progressively up to almost 28 percent, depending on one's level of income.
Taxes are intrinsically complicated, especially for expats, so it is wise to hire a professional expat tax agency to help manage the process of filing in more than one country.
►For more on managing money, see Cost of Living in Egypt.
Photo credit: ATM keypad image by Eduardo Soares from Unsplash.
Are you an expat living in Egypt?
Expat Arrivals is looking for locals to contribute to this guide, and answer forum questions from others planning their move to Egypt. Please contact us if you'd like to contribute.
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