Banking in Hurghada — The Complete Expat Financial Guide
Managing money across UK and Egyptian financial systems is one of the practical challenges of Hurghada expat life. This guide covers all the key banking and money management topics.
Egyptian Banks
Major Egyptian banks with Hurghada branches: Banque Misr, National Bank of Egypt, CIB (Commercial International Bank — the most expat-friendly), HSBC Egypt, and QNB Alahli. CIB is consistently recommended by expats for English-language service quality, online banking capability, and international transaction handling. For property owners, a local Egyptian account simplifies service charge payments, utility bills, and local transactions.
Opening an Egyptian Bank Account
Requirements typically include: passport with valid residency stamp or residency permit, property ownership documentation, local address proof, and passport photos. Process: visit the bank in person (online-only opening is not yet standard in Egypt). CIB has the most streamlined account opening process for foreigners. Some banks require a minimum deposit. The process has become easier over the past few years as Egyptian banking modernises.
Sending Money to Egypt
For regular property-related transfers from the UK: Wise (formerly TransferWise) and Revolut offer the best exchange rates with low fees. High street bank international transfers are significantly more expensive. Wise rate: typically within 0.5–1% of the mid-market rate. High street bank rate: typically 3–5% below mid-market, plus fees. For a £10,000 property payment, using Wise vs a UK high street bank can save £250–£450 in transfer costs alone.
UK Accounts for Expats
Maintaining a UK bank account while living in Egypt is strongly recommended. Some UK banks close accounts for non-residents — check your bank's policy before moving. Challenger banks (Starling, Monzo) are generally more flexible about non-resident account holders. Having a UK account is essential for: receiving UK pension or salary payments, paying UK direct debits (insurance, subscriptions), and maintaining a credit footprint for future UK property transactions.
Currency Strategy
The Egyptian pound has experienced significant devaluation over the past several years. For UK buyers: this means property prices in sterling terms have fallen significantly even when EGP prices have risen — the devaluation has been a windfall for sterling buyers. For residents: holding significant savings in EGP carries currency risk. Most financially sophisticated expats maintain their primary savings in GBP or EUR and convert to EGP for living expenses as needed.
Frequently Asked Questions
Should I open an Egyptian bank account?+
How do I transfer money to Egypt cheaply?+
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