Buildings, contents insurance, Egyptian bank accounts

[propertywatch1]

We also opened a HSBC account in Hurghada and had no problem opening it.
We just showed them the passports with the 12 months visa and the 6 months re-entry visa i cannot remember how much we deposited to open the account but it wasn't much.
We have a joint account with a prefix on the account so we can use it for sterling as well as LE.The last 2 digits alter on the account number.
We can also use the cards in the HSBC atm in the UK.
The bank staff are really good and also if you are depositing a large sum they will give you a higher rate than on the board.

 

[philthecar]

we shall look into the HSBC and other bank accounts and see what is best. We were only put off by HSBC because of the amount we had to put in and leave in but will check this out next week.

In relation to visas we are really not sure what we are sposed to get. will l2 month visa keep us going for the l2 months which will mean we wont need to get another one if we return to hurghad within the l2 month period and if so what is the 6 month one. HELP !

 

[SHO]

you may as well get a 6 month multiple entry one..only thing is you have to mess about at the passport office for a few hours while it gets sorted... But if your only going to come a couple of times in 6 months...may as well just get one at the airport everytime.

 

[RedSeaVision.com]

I also opening an account with HSBC with no problems. All I needed was a minimum of 3000 Egyptian pounds. There is a 60 Egyptian Pound charge yearly for an international ATM card.

 

[lyes]

hi everyone, what are the conditions of a mortgage in egypt?

 

[queenie40something]

Hi Iyes - I dont think - at the moment - that you can get a mortgage in Egypt.

 

[Peter Mitry]

As a resident you can but the interest rate will be around 13%+ on an Egyptian pounds mortgage.

 

[lyndsay552]

I opened a Nationwide account in the UK before we went travelling through Thailand a couple of months ago and they are great. They are the only UK Bank Account not to charge you for lifting money abroad and they give you the daily exchange rate. There is also no min amount and with the internet banking it makes it very easy to use. We just use it now as our holiday account. Their interest rates are very good and you even get good interest on your current account and about 5.5% on your savings account. All this and an annual fee.

Not sure about transfering money abroad but from what I've read on the net there are companies which can do it for a far better rate than any bank.

Lyndsay

 

[queenie40something]

Morning all - Natwest charged me £20 to transfer the funds to pay for our apartment and was pretty painless - apart from my bank balance!

 

[philthecar]

we are same as you queenie. We havebeen charged 20 by nat west for each transaction. So far this amounts to l00 ! We are with nat west as well

 

[queenie40something]

Hi Phil I choose the option of transferring via Natwest for a £20 charge as it seemed the cheapest. As we paid in full cash payment we only had to send 1 payment through to the agent.

 

[Janoulaki]

Using Currency Exchange instead of the bank

Hi guys,

I would like to bring this to your attention:

1. Save Money- What would you do with an extra £3,000?
Aside from the fact that Smart Currency Exchange does not charge commission or any
fees, we can offer you an exchange rate better than your Bank and save you hundreds, if
not thousands, of pounds.
We save you money by negotiating a rate of exchange directly from the currency trading floor.
Due to the daily fluctuation in currency rates, banks set their rates every morning to ensure
that no matter what rate they give you, they will never be left short. This is why you’ll notice
on Bank currency boards that they offer a very high rate to sell and a very low rate to buy -
they’re just covering the eventuality of daily currency movements.
The bank makes quite a hefty profit from their customers because they fail to offer the best
rate possible. (This is just another reason banks report such high profits at the end of the
year!)

PLUS there are no hidden charges, so you don't pay anything to transfer your money to overseas account.

If there are any bank charges ... we cover all the receiving charges.



If you need more info please let me know


All the best and think about how much you can save!

 

[nuttybird]

Has anyone who has bought in British Resort got their insurance in place yet? Not sure what to do for the best.
Thanks
Karen

 

[crombiestone]

Insurance

Hi

intasure were one of the first UK companies to cover Egyptian properties. Here is a link.

Holiday Home Insurance from Intasure

 

[nuttybird]

Hi

intasure were one of the first UK companies to cover Egyptian properties. Here is a link.

Holiday Home Insurance from Intasure

Thanks very much "mr" crombie stone......see,i rememberd!

 

[dave99]

Check conditions carefully

Thanks very much "mr" crombie stone......see,i rememberd!

If you are letting commercially rather than to "friends", you may find that the insurance either will be invalidated or will cost much more than for "own use", and if being "let and managed" by a third party company it may be a bigger problem, unless it is insured by the letting /management company.
.

.
.

 

[lyndsay552]

Hi

intasure were one of the first UK companies to cover Egyptian properties. Here is a link.

Holiday Home Insurance from Intasure

Thanks for the info, i filled in their online form and they came back within the hour with a pretty decent quote

Thanks again

Lyndsay

 

[crombiestone]

If you are letting commercially rather than to "friends", you may find that the insurance either will be invalidated or will cost much more than for "own use".
.

Intasure quote for letting the property . You have the choice to include accidental damage for renters and the level of excess you want to pay .

In comparison to your normal UK insurance it is expensive but that will be because of the letting aspect . A really important part of the contract is public liability insurance .Intasure covers you for £5 Million .In a compensation culture this is very important if you are renting and someone tries to sue you for injury .

 

[RED-SEA-VIEW]

Hi! Both me and my friend have villa's in Hurghada and we insured them localy for Building's and Contents and the policy was translated in to English giving a full summary.
I havan't got the policy handy at the minute but i was around £100 for the cover , cant remember the company name but if this is of any interest to you let me know i and can sort out the policy and send you the details O.K. Hope this may help you and anyone else looking for insurance in Hurghada .....Kjb!

 

[awahee123]

Hi Kjb,

Do they cover such items as earthquake and accidental cover etc.