How to open a bank account?
Publish Date: 09 Aug 2020 Finance101
Your first step at the beginning of your financial life.
If you need to do anything in life, you will probably need a bank account. It is the official way of proving to the world that you are a responsible adult. You might think that opening a bank account is something that is greatly complicated or something reserved for the rich. However, this is not true. In reality, banks welcome new accounts; they want to open as many new accounts as they possibly can.
Opening a bank account is easy. All you need to do is to determine what you need from your bank account and what kind of transactions you will probably perform. If you will just keep money at the bank, without any active transactions, then a savings account might be the best option for you. If you expect that you will need checks in your daily transactions, then it is probably better to open a current account.
After you decide what kind of account you need, you should figure out which bank suits you best. This depends on a number of factors:
1-The minimum amount needed to open the account. This differs from one bank to the other. It can be anywhere from EGP 1000 to EGP 10,000. So, figure out how much money you will deposit and make sure you will be able to keep it in the account so you don’t pay a fee for low funds.
You need to make sure that the bank you will employ will have enough ATMs and branches around you.
2-Bank expenses. There are annual fees that you need to pay in return for using the bank. If those expenses are really high and you are not really using your account, then there is no point in keeping the account open. Therefore you have to find a bank that fits your budget.
3-The bank’s proximity. You need to make sure that the bank you will employ will have enough ATMs and branches around you, so as to make your life easier.
4-Customer service. Can you easily access customer service? If not, then it is not a good idea to use that bank. In most cases, when you have a problem, you will have to deal with customer service. If it’s hard to reach them or communication is a problem, then your banking experience will become unnecessarily difficult.
What documents do you need to open a bank account?
1-Your national ID or passport or birth certificate (for minors).
2-The minimum amount of money needed to open a bank account.
3-Account opening fees.
