Lawyers, Bank Accounts, Making A Will

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Bank Accounts

With banks accounts for people livinbg outside of Egypt what is the best rate of interest you have seen advertised or been offered??

Apart from known banks like HSBC or Barclays what other banks are there???
and can we use them?? as they may offer better rates?

Do they offer us credit cards if we need them?

Thanks for your help.

 

[lovesquadsue]

Well I believe that a solicitor would get the money from the buyer into their client account and then transfer to you.... if that makes sense!
I havent heard of any problems and most people use HSBC over there now dont they.
Where abouts have you purchased and on which development? (or are you thinking of if not done so yet!)

 

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What are the interest rates offered by these bank accounts???

 

[queenie40something]

What are the interest rates offered by these bank accounts???

To give you an idea of the interest rates see here for the Central Bank of Egypts current rates Central Bank of Egypt here for the World Interest rates table World Interest Rates Table

See here for the cards offered by Barclays Barclays in Egypt
Here is an article about the rise in interest rates in Egypt Egypt hikes interest rates to tackle inflation - Politics & Economics - ArabianBusiness.com

Here is a list of banks Banks & ATMs Egypt

 

[flip]

To give you an idea of the interest rates see here for the Central Bank of Egypts current rates Central Bank of Egypt here for the World Interest rates table World Interest Rates Table

See here for the cards offered by Barclays Barclays in Egypt
Here is an article about the rise in interest rates in Egypt Egypt hikes interest rates to tackle inflation - Politics & Economics - ArabianBusiness.com

Here is a list of banks Banks & ATMs Egypt

Thanks for the info

 

[queenie40something]

Hi Flip - your welcome. I opened my Sterling and LE accounts at MISR Bank Banque Misr| Accounts and Deposits

 

[Sveta and Sergio]

Has anyone been asked to sent money to another country for property in hurghada?

hello,
we are new here. we are looking at buying a holiday home in hurghada we met with a couple developers about two moths ago. one asked of the companies asked us to send the deposit to the united kingdom. we asked a attourney that we met with in hurghada about this, and he said this is against egyptian law for a developer have money sent out of the country for a property being biult in egypt, and that the egyptian govermnent is starting to investigate anyone doping this, and to take all there property. has anyone else been asked to send any of there payments out of egypt. can anyone recomend a good honest develper company?
Thank you.
svetlana and sergio and two cats

 

[Rytcher]

Sveta,

I do not see anything unusual with such a request. Many of the investment projects are operated on the basis of the escrow account which is held by the escrow agent - usually it is a bank. And it is any bank and it could be located anywhere in the world. In most of the cases I came across those banks were located in Germany and UK, but there could be other locations. Put the word escrow in the search form and you will find allot of info on this in the forum.

It may be even simpler - the developer prefers to operate through a foreign bank...

hello,
we are new here. we are looking at buying a holiday home in hurghada we met with a couple developers about two moths ago. one asked of the companies asked us to send the deposit to the united kingdom. we asked a attourney that we met with in hurghada about this, and he said this is against egyptian law for a developer have money sent out of the country for a property being biult in egypt, and that the egyptian govermnent is starting to investigate anyone doping this, and to take all there property. has anyone else been asked to send any of there payments out of egypt. can anyone recomend a good honest develper company?
Thank you.
svetlana and sergio and two cats

 

[queenie40something]

hello,
we are new here. we are looking at buying a holiday home in hurghada we met with a couple developers about two moths ago. one asked of the companies asked us to send the deposit to the united kingdom. we asked a attourney that we met with in hurghada about this, and he said this is against egyptian law for a developer have money sent out of the country for a property being biult in egypt, and that the egyptian govermnent is starting to investigate anyone doping this, and to take all there property. has anyone else been asked to send any of there payments out of egypt. can anyone recomend a good honest develper company?
Thank you.
svetlana and sergio and two cats

Hi and welcome to the fprum. I have merged your thread into this one that also covers payments. There is also a thread on Escrow accounts http://www.totallyproperty.com/egypt-property/3545-escrow-accounts.html and you may also wish to make the post in the Legal Thread http://www.totallyproperty.com/egypt-property/6847-legal-procedures-purchase-property-egypt.html

Regards
Alison

 

[SuziQ2708]

Lawyers, Bank Accounts ( payments ),Agencies

What is normal practise for payment of rental income from property in Egypt? Do you have to have an Egyptian bank account, or can the funds be transferred directly in to a UK account? If the choice is optional, which is the best option to go for? Is the rental income taxable when you live and work in the UK and funds are paid in to an account in Egypt?

Lots of questions there, I'm confident they will all be answered and more by you experienced forum members

 

[Lsab]

It is taxable in the UK - you should declare all your income even if made abroad.

 

[HORIZON]

Rental income is also taxable in Egypt if property is registered on you.
Unless it has changed lately as the laws are being amended - perhaps Zeiad also would help in this. Like in everything here

 

[mgsteveb]

Hurghada Bank Account?

Hi can anyone tell me how to open a Bank Accont in Hurghada, What I need to do step by Step.

I am selling some appartments in Hurghada and need an account to put the Money in. Long story but I need my own account as apposed to the money going into someone who is dealing with the sale.

Hi. I'm asking a few questions and thought it better if I just ask one by One.

1. I am English. How do I go about opening a Bank Account in Hurghada?

2. I have 20 flats that I part own, ie my name is on the deeds, that are
being sold. A business partner who's name is not on the Deeds who is
doing all the business deals in Egypt wants me to fly over, sell the flats
and deposit the money in their account (As I don't have one). Hence the
need to open an account.

3. How much can I transfer back to my English Bank Account.

 

[queenie40something]

Hi you will find lots of info on opening an account in this thread. You can open an account and bank online with HSBC.

 

[realestatemart]

Hi. I'm asking a few questions and thought it better if I just ask one by One.

1. I am English. How do I go about opening a Bank Account in Hurghada?

2. I have 20 flats that I part own, ie my name is on the deeds, that are
being sold. A business partner who's name is not on the Deeds who is
doing all the business deals in Egypt wants me to fly over, sell the flats
and deposit the money in their account (As I don't have one). Hence the
need to open an account.

3. How much can I transfer back to my English Bank Account.

Hi
you can transfer as much as you can no problem as foreigner its ok
to open a bank account its easy just go and visit HSBC bank and they will dot it for you easily but it takes around 3 days to have the account active
Regards
George

 

[realestatemart]

What is normal practise for payment of rental income from property in Egypt? Do you have to have an Egyptian bank account, or can the funds be transferred directly in to a UK account? If the choice is optional, which is the best option to go for? Is the rental income taxable when you live and work in the UK and funds are paid in to an account in Egypt?

Lots of questions there, I'm confident they will all be answered and more by you experienced forum members

Hello
There is a new tax property law is coming so everything will change, but sure its taxable

 

[SuziQ2708]

Hi. I'm asking a few questions and thought it better if I just ask one by One.

1. I am English. How do I go about opening a Bank Account in Hurghada?

Hi Steve,

If you're not going over to Hurghada soon, you can also open an account from this end. The necessary form/terms & conditions etc. is available to download from HSBC website, after completion you then need to take it to your local HSBC branch.

I spoke with HSBC customer service here in the UK only yesterday and If you open the account in Hurghada, I believe you will have to use an address in Egypt, you can use your UK address when opening in the UK.

Once the account is open, you can opt. for internet/telephone banking, have an international debit card and all the usual features of a bank account.

Hope this helps

 

[Lsab]

Great info Suzy thanks - we might need to open an account in Dubai so will try that route as we already bank online with HSBC.

 

[mgsteveb]

Do you need an address?

 

[mgsteveb]

Which branch in Hurghada? What street?