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Insurance / Egyptian bank accounts / transferring money

Discussion in 'Egypt property' started by jill, Jul 6, 2008.

  1. jill

    jill New Member

    hi your very welcome, Do you know the set up on opening a bank account i went to hsbc over here and thought it would be quite easy enough to open one here and another in hurghada so we could just transfer money though internet banking but was told it will cost alot to do this unless we held £50000 in each account !!! regards jill
     
  2. SuziQ2708

    SuziQ2708 Guest

    Hi Jill,

    There is a thread on the forum regarding opening bank accounts. HSBC can be opened at this end in the UK. The forms are available online and, I believe you just walk in to any HSBC business centre local to you and can open the account. It does state that $200 US Dollars is required to open the account, when I phoned HSBC they told me that we don't have to use US dollars and can open with the equivalent in GBP. If you go to the HSBC website, International section, all the information is there :)


    http://www.totallyproperty.com/egypt-property/7988-lawyers-bank-accounts-making-will-9.html
     
    Last edited by a moderator: Jul 6, 2008
  3. Lsab

    Lsab New Member

  4. johnwayne

    johnwayne Banned

    Hi suzanne - we would therefore need to 2 HSBC banks - one here in the UK and one in Egypt - but would they let us transfer money for free? If this is the case then it would cut down on bank transfers to Egypt at approx £20.
     
  5. jill

    jill New Member

    hi
    thank you very much for that info will certainly go on the site .
    regards jill
     
  6. jill

    jill New Member

  7. SuziQ2708

    SuziQ2708 Guest

    To the best of my knowledge, you don't need two accounts. The Egyptian account will have an International debit card, which I think you can use both here and Egypt, although don't quote me on that you will need to confirm with HSBC.

    HSBC Egypt - International Services
     
    Last edited by a moderator: Jul 6, 2008
  8. Lsab

    Lsab New Member

    Just going by my experience but I have an account with HSBC here in the UK and another in Bahrain. Although they're both HSBC the Bahrain bank is more a 'franchise' than a branch and as such we have to pay for all our transfers. I expect it's the same in Egypt.
     
  9. johnwayne

    johnwayne Banned

    Thanks for that - but are the transfers you pay - the same as the banks charge over here for any amount of money to another country - approx £20? personally, I think it is a lot of money banks are charging; eg - sent £325 and charged £20 - sent over £40,000 and still charged £20 ?
     
  10. Lsab

    Lsab New Member

    I can't remember how much we pay but yes, whatever amount we send, they charge the same for sending it.
     
  11. johnwayne

    johnwayne Banned

    many thanks -really need to sort bank accounts out for Egypt - will definately make the bill paying easier!
     
  12. majicou

    majicou New Member

    money transfers


    We have to transfer our payments in US dollars so we don't use our high street bank due to the high charges - but use a money transfer agency - you get a much better exchange rate and don't pay any commission (don't know if I can say which one we use but there are more than one all who do the same thing)
     
  13. Lsab

    Lsab New Member

    Yes Majicou, please give us details. I'd also like to know exactly how the transfer works etc. I've been given the name of a company as I'd like to transfer money back to the UK but I haven't got in touch with them yet.
     
  14. majicou

    majicou New Member

    Hi Lsab - we use HiFX (foreign currency & foreign exchange specialists). Its really easy - you open an account with them (no money is needed to do this) just personal details which they do checks on and then you have a client/account number. When you want to transfer funds its all done over the phone or on line. You contact a 'dealer' who quotes the exchange rate at that time - then a contract is made and a contract note is sent - when they receive cleared funds from you they transfer the money onward to its destination. You can check on line the process and everything is always confirmed to you be e-mail/text. No commission is charged and you do get higher exchange rates - which do vary depending on how much money is being transferred. You can also book ahead which is really useful when the exchange rate is good. For example we have booked a good rate for September when our next payment is due. All you do is pay 10% of the amount to secure the rate and the remainder before the money needs to be transferred. They were very helpful on the phone when I first set up our account as it was all very new to me. Hope this makes sense!
     
  15. queenie40something

    queenie40something Senior Member

    Hi all - the cheapest way seems to be via paypal. They operate in 190 countries and guess what I dont think it includes Egypt! Typical!
     
  16. Lsab

    Lsab New Member

    Thanks Majicou - I wondered how it all works - seems very straightforward.
     
  17. Organics1

    Organics1 New Member

    Hi All,

    Speaking to a friend of mine today and he's of the opinion that Banks in Egypt pay 10% interest on your savings.

    Anyone know if this is complete rubbish or is there any truth behind it?

    Does anyone actually have an Egyptian bank account that can shed some light of what you actually earn?

    Thanks
     
  18. GM43

    GM43 Banned

    try transferring money to Egypt with the cost outside England to be paid by the receiver. We have done this from our bank account in Holland both ways (all costs for sender and split costs). Split costs were much cheaper!
    I think for an amount of Euro 5000 it was Euro 18 (splitted, in Egypt just app. LE 10).
    Costs are depending also on the amount you are transferring.
     
  19. queenie40something

    queenie40something Senior Member

    Hi I have merged your thread with this existing one. See Central Bank of Egypt for interest rates.
     
  20. queenie40something

    queenie40something Senior Member

    Hi all - as I now have my keys and the furniture maker is in thought Id better get the apartment insured.

    I have now arranged this over the phone with Intasure as I found their policy to be one of the best for my needs ( I am an Insurance Underwriter ) and the policy covers for lets as well.

    The staff are really helpful and the cost was £120 per annum for buildings and contents with AD cover as well. They also cover up to £1000 travel expenses if you need to fly out in case of emergency ad also if something has happened eg it has been flooded and you cannot honour the booking they will pay for loss of rental. Also if anything happens when the apartment is being used they will pay for alternative accom as well.
     
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