Cross Border Capital Advisors

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banque misr in uae dubai bank

How to open a bank account in Banque Misr

Cross reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

  • Egyptian bank, which was founded in the 1920s, and has been represented in the UAE since 1974;
  • the bank opens savings (deposit) and business accounts;
  • the bank opens accounts only for local companies: RAK  & Dubai;
  • It is possible to open personal accounts for non-residents of the UAE against a deposit to a personal account in the amount of AED 350 000;
  • the bank opens accounts in AED, USD, EUR, CNY, GBP;
  • minimum deposit for corporate account AED 25 000 (~ USD 6 800), for personal account – from AED 60 000 (~ USD 16 300) (additionally the bank offers to open personal account with issue of debit card plus credit card for deposit);
  • еhe bank has a new VIP division with a branch in Business Bay (Dubai), which is due to open soon and replace the Deira branch; opening conditions: AED 350 000 for personal account + AED 25 000 for corporate account;
  • the beneficial owner / manager must visit the UAE for account opening;
  • the bank issues bank cards;
  • re-approval procedure: a positive answer means that the account is most likely to be opened;
  • incoming payment – AED 20 (~ USD 5,5), outgoing – AED 100 (~ USD 7) *;
  • online banking in English

* These fees are indicative and may vary depending on the banking package chosen by the client

Cross rating

3/5

Beginning of cooperation

September, 2020

 Last contact

November, 2023

Last update

October, 2023

Success based fee

2500 USD

Mohamed Shabana Lead Consultant UAE Banking

Mohammed

Lead Consultant “cross-border-capital-advisors” UAE Banking 

 Not rated

Global rating

 Not rated

 Countrywide rating

 —

 Countrywide rating of the head bank

 —

Global rating of the head bank

Year of foundation

1974

History

It was founded in Egypt in the 20s of the last century. The international presence of Banque Misr is carried out through its 25 offices in four countries located in the UAE, Lebanon, Germany and France. In the UAE. The Bank was established in the UAE in 1974 under the name of Banque Du Caire and the name was changed to Banque Misr in 2008. Banque Misr has a network of 5 branches across the UAE located in Abu Dhabi, Al Ain, Dubai, Sharjah and Ras Al Khaimah

Personnel

The staff speak English

Bank’s shareholders

Banque Misr – state bank, 100% of its shares belong to the Egyptian government

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

 6 260

 Minimum balance, €

No restrictions

 Transactions permitted per month

 6 260

 Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

Minimum deposit for corporate account AED 25 000 (~ USD 6 800), for personal account – from AED 60 000 (~ USD 16 300). Additionally the bank offers to open personal account with issue of debit card plus credit card for deposit

Transactions permitted per month

For settlement accounts, the number of transfers is not limited

Initial deposit of funds, €

Down payment is equal to minimum balance

Deadline for the initial deposit, month

Must be entered at account opening

How fast payments are executed

Payments are made on a day or the following day

Order a consultation

    25

     Outcoming transfer, €

    5

     Incoming transfer, €

    N/A

     Account maintenance, €/year

    N/A

     Payment limit for credit cards, €/day

    Outcoming transfer, €

    Outgoing payment fee is AED 150 (~ USD 27)

    Incoming transfer, €

    Incoming payment fee is AED 20 (~ USD 5,5)

    Account maintenance, €/year

    No limitation

    Distant access to the account

    Online banking in English

    Financial products

    It is a universal bank. Offers retail, private, corporate and investment banking products and services

    Credit/debit cards

    Yes

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current

    Visit to the bank

    The beneficial owner must visit the country for account opening

    Required

    For a corporate account: set of the company’s corporate documents; completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); confirmation of the source of the funds, including with respect to the initial deposit; copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.
    For a personal account: proof of identity (passport); proof of address (not older than 3 months); CV; bank reference letter + bank statements for the last 6 months.
    The list is not exhaustive. The bank may request any other documents and information

    Types of accounts

    Savings; Current

    Chances to open an account

    Predictable

    Bank

    The cost of opening an account, $

    Global rating

    Countrywide rating

    Cross rating

    Dubai Islamic Bank
    2 500
    N/A
    N/A
    3/5
    Arab African International Bank
    2 500
    N/A
    N/A
    2.5/5

    Sharjah Islamic Bank P.J.S.C

    2 500
    N/A
    N/A
    2.5/5
    Commercial Bank of Dubai (CBD)
    2 500
    N/A
    N/A
    3.5/5
    Banque Misr
    2 500
    N/A
    N/A
    3/5
    Emirates Islamic Bank
    2 500
    N/A
    N/A
    3.5/5

    Abu Dhabi Islamic Bank (ADIB)

    2 500
    N/A
    N/A
    3/5
    RAKBANK
    2 500
    N/A
    N/A
    3.5/5
    Abu Dhabi Commercial Bank (ADCB)
    2 500
    N/A
    N/A
    3/5
    Mashreqbank
    2 500
    N/A
    N/A
    3.5/5

    Ajman Bank

    2 500
    N/A
    N/A
    2.5/5

    Emirates NBD PJSC

    2 500

    239

    1

    3.5/5

    Bank

    The cost of opening an account, $

    Dubai Islamic Bank
    2 500
    Arab African International Bank
    2 500

    Sharjah Islamic Bank P.J.S.C

    2 500
    Commercial Bank of Dubai (CBD)
    2 500
    Banque Misr
    2 500
    Emirates Islamic Bank
    2 500

    Abu Dhabi Islamic Bank (ADIB)

    2 500
    RAKBANK
    2 500
    Abu Dhabi Commercial Bank (ADCB)
    2 500
    Mashreqbank
    2 500

    Ajman Bank

    2 500

    Emirates NBD PJSC

    2 500