Job Discussion Forums

[nstick13]

I was told much the same as what VS said by my Arabic teacher before we went to Egypt a year ago. And now, having a close friend who is Egyptian, and having talked with him, I reaffirm it.

[juliagirl]

hey all,

I am trying to set up a bank account which will allow me to use my ATM card in Egypt (trying to set up account here in the US) without ending up with more fees than cash in my account. Does anyone have any advice on a good bank to bank with. Also, does anyone know if Egyptian banks have the online transfer ability in English? I want to send most of my money home and be able to see that it actually reached its destination.

In regards to the bank in the US, I will do a long search tonight and post my findings in case anyone else has the same question.

Thanks again for all your help.

JULIAGIRL

[nstick13]

I, too, would be very curious to hear a response to this, if anyone can share.

[justcolleen]

This question might be better answered if posted on the General or Newbie forum(s) because someone else surely had experience in this area. I certainly don't have an answer.

You might want to contact the school and find out how they pay. Some schools hand their employees a wad of cash while others use a debit card system. If that's how your employer pays your first step is going to be getting your money from their bank to yours, then you'll have to sort out converting into dollars and, finally, moving it.

A word about banking in Egypt: Don't expect the same, customer-friendly type of service you're used to. Instead, think of banking as you would a trip to the DMV because it's always take a number, then sit and wait. That wait could be an entire half day while the one teller spends hours on her cell phone sorting out her mother's credit card problem (yes, that happened to me).

[veiledsentiments]

juliagirl... bank fees in the US are a real crapshoot these days. All you can do is call around and ask the various banks what they charge for overseas ATM usage and conversion charges... and, of course, there is nothing to stop them from doubling that number 15 minutes after you arrive in Egypt.

I would ask the employer how they handle the pay to you. If they have been hiring other Americans, they may be able to answer your questions better than us. I doubt very much that anyone in the newbie or general forums is going to know about the ability to do internet transfers from banks in Alex.

If justcolleen doesn't have the answer... we might be stumped on this one.

VS

[egyptfan]

Not sure of banks in the US but I think a bank like HSBC in Egypt may have a partner bank in the US. I know you can set up online services and do transfers with HSBC in Egypt. Of course they charge but it shouldn't be more than 20-25$ at the Egyptian end. You would need to check with the receiving (your bank) in the US as to what they charge. In the UK, it's about 6 Pounds Sterling for an incoming electronic transfer.
If you can wait, I'd suggest you do your transfers every 2-3 months to cut down on bank charges.

Cheques are another issue! A few years ago I received a cheque for about 300 $ from Iberia for lost luggage. The cheque was drawn on a US bank (HSBC) and when I lodged it to my $ account in Saudi (SABB or HSBC, in effect) I thought no more of it until it cleared two weeks later and discovered the US bank had deducted 112$ in clearance charges.
I queried it a few times but gave up after 3-4 visits to my bank and put it down to experience. So, avoid cheques!!!

[egyptfan]

PS: It might be an idea to find out which bank your employer will lodge your salary into. If you're lucky, it might be an international bank with branches in the US.
I would avoid using your US ATM card in Egy where possible. Banks usually give a very bad exchange rate as well as a commission which can often be as high as 2-3% of the transaction. Might be an idea to bring some cash or travellers cheques (if they still exist?) and check if the school will give you an advance when you arrive. Good luck.