How to open a bank account in Banque Misr
Cross reference about the bank
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- 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
Mohammed
Lead Consultant “cross-border-capital-advisors” UAE Banking
- General information and rating
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
- Minimum requirements
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
- Tariffs and services
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
- Account opening procedure
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
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
- Banks of UAE
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
- Banks of UAE
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
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