# Is your money safe in Egypt



## madgiz

Hi, I am new to these boards but wondered what the general thoughts were on having all your money in Egyptian bank accounts. I have scoured the internet for a definitive answer but still am not sure..

I have just bought an apartment in Hurghada so am aware of all the pitfalls of investing in real estate but I am seriously considering selling my house and moving over permanently as I am in the property servicing trade and there would very much appear to be more work for me in Hurghada than in the UK and I could really do with a change.. 

So my question is whats to stop me selling up and putting £200k in a 10% savings account, starting a finishing business in Hurghada and doing very well regardless of success..? It just seems all to simple to me..

Am I just a dreamer with a bubble to burst or is it as easy as that.? Maybe the problems start when you try to take your money back out of Egypt. 

ATB


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## MaidenScotland

Hi and welcome

I have no money in Egypt so really can't give advice about that, however I can tell you that my Egyptians friend ALL have overseas bank accounts and that is where the majority of their money is.

Maiden


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## hurghadapat

MaidenScotland said:


> Hi and welcome
> 
> I have no money in Egypt so really can't give advice about that, however I can tell you that my Egyptians friend ALL have overseas bank accounts and that is where the majority of their money is.
> 
> Maiden


No way would i put my money in Egypt either in a bank account or by buying property even though the interest rates are good.What has just happened in Tunisia should be a good warning to anyone about investing in the middle east,the whole area is so volatile and if the same thing happened in egypt how are you going to either sell your property or get your money out of the country.


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## MaidenScotland

hurghadapat said:


> No way would i put my money in Egypt either in a bank account or by buying property even though the interest rates are good.What has just happened in Tunisia should be a good warning to anyone about investing in the middle east,the whole area is so volatile and if the same thing happened in egypt how are you going to either sell your property or get your money out of the country.




I actually said the same thing year ago and then again a couple of weeks ago.. I would never buy property here. 

Maiden


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## MaidenScotland

I am actually surprised that no one has brought the subject up of the two men who doused themselves with petrol and lit it in a bid to be heard in Cairo last week,


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## NZCowboy

In my experinence Egyptians that have any savings/wealth/investments will have surpising large percentage invested outside Egyptian currency in gold, foreign currency,offshore shares etc.
Interest rates reflect risk - higher the interest rate higher the risk (Economics 101) - 10% interest rate when globally interest rates are well below long term averages, means high risk!! 
For the last 3 years we have been trying to liquidate all our Egyptian assets, I certianly wouldn't be investing my life savings in Egypt, only invest what you can afford to loose.


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## Horus

Slightly off topic but I did find out how you can easily bring money into Egypt - the 5K money passport cards that mastercard do through Thomas Cook / Thomsons etc

You far better off keeping your money at HSBC (Cayman Islands) for such a large amount, UBS (Union Bank of Switzerland) however also do offshore and only require a 30K GBP investment.


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## bat

madgiz said:


> Hi, I am new to these boards but wondered what the general thoughts were on having all your money in Egyptian bank accounts. I have scoured the internet for a definitive answer but still am not sure..
> 
> I have just bought an apartment in Hurghada so am aware of all the pitfalls of investing in real estate but I am seriously considering selling my house and moving over permanently as I am in the property servicing trade and there would very much appear to be more work for me in Hurghada than in the UK and I could really do with a change..
> 
> So my question is whats to stop me selling up and putting £200k in a 10% savings account, starting a finishing business in Hurghada and doing very well regardless of success..? It just seems all to simple to me..
> 
> Am I just a dreamer with a bubble to burst or is it as easy as that.? Maybe the problems start when you try to take your money back out of Egypt.
> 
> ATB


10% in Egyptian LE 3% in foreign I think. Rather have it in uk bank at no interest. Bat


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## bat

MaidenScotland said:


> I am actually surprised that no one has brought the subject up of the two men who doused themselves with petrol and lit it in a bid to be heard in Cairo last week,


Not sure any one cares that much. Awful but true!!


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## Sonrisa

I thought it was one man! 

Got worried at first but then reports claimed that it is very unlikely that the levels of violent protest that are happening in tunisia will ever happen here in Egypt. 

Something to do with egyptians not being internet -savy/literate enough. Most of them are too busy struggling to survive to care. 

Well that's what the reports claim, anyways.


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## Sonrisa

And I agree with them. Forgot to add


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## MaidenScotland

Sonrisa said:


> I thought it was one man!
> 
> Got worried at first but then reports claimed that it is very unlikely that the levels of violent protest that are happening in tunisia will ever happen here in Egypt.
> 
> Something to do with egyptians not being internet -savy/literate enough. Most of them are too busy struggling to survive to care.
> 
> Well that's what the reports claim, anyways.


This is an extract from an Egyptian friends facebook

‎4 people now burned themselves in egypt. Tunisians have lit the fire and now we carry the flame.


I hadn't heard it was 4 but who knows.


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## bat

MaidenScotland said:


> This is an extract from an Egyptian friends facebook
> 
> ‎4 people now burned themselves in egypt. Tunisians have lit the fire and now we carry the flame.
> 
> 
> I hadn't heard it was 4 but who knows.


Burnt themselves how and why!! Carry the flame, from the comfort of there computer. It's the poor who are the most disadvantaged ( 99% of the population) and how many are on facebook !!


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## MaidenScotland

bat said:


> Burnt themselves how and why!! Carry the flame, from the comfort of there computer. It's the poor who are the most disadvantaged ( 99% of the population) and how many are on facebook !!




Perhaps he is one of the people who are going to protest.


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## aykalam

MaidenScotland said:


> This is an extract from an Egyptian friends facebook
> 
> ‎4 people now burned themselves in egypt. Tunisians have lit the fire and now we carry the flame.
> 
> 
> I hadn't heard it was 4 but who knows.


Al-Masry Al-Youm is today reporting 9 

http://www.almasryalyoum.com/en/news/egyptian-police-thwarts-ninth-self-immolation-attempt

And to answer the original poster: Yes, you are just a dreamer. Interest rates may be 10% in Egypt but have you thought about the country's inflation rate? Latest official figures say it is over 10%, so in fact your buying power will be decreasing if you sell up back home and live off the interest paid by the local banks. 

IMO You would be better off letting your property out in UK, that can provide you with a monthly income and at the end of the day the property still yours, so if Egypt goes up in flames you have something to go back to.


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## madgiz

Thank you very much for all your replies it has certainly given me food for thought.. I note that Egypt is holding it's breath waiting to see what happens in Tunisia so what happens if the people of Egypt decide to do the same and have the Egyptians got the collective political savvy to do the same..? I realize they certainly have the necessity..


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## bat

That's the big question !!
But on past performance no!!


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## theresoon

Egypt had thrown all foreigners out before so why do you all think that cannot happen again? I know a lot of Egyptian Greeks and Egyptian Cypriots who had to flee with absolutely nothing and since they left have no rights to their property.
I also know a few Egyptian Christians in NY who do not go back to Egypt unless a very close relative is dying -and they go fearing for their life.


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## MaidenScotland

theresoon said:


> Egypt had thrown all foreigners out before so why do you all think that cannot happen again? I know a lot of Egyptian Greeks and Egyptian Cypriots who had to flee with absolutely nothing and since they left have no rights to their property.
> I also know a few Egyptian Christians in NY who do not go back to Egypt unless a very close relative is dying -and they go fearing for their life.




I don't think Bat was talking about throwing foreigners out, more if they population will get up of it's backside and do the same as the Tunisian.

Maiden


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## NZCowboy

theresoon said:


> Egypt had thrown all foreigners out before so why do you all think that cannot happen again? I know a lot of Egyptian Greeks and Egyptian Cypriots who had to flee with absolutely nothing and since they left have no rights to their property.
> I also know a few Egyptian Christians in NY who do not go back to Egypt unless a very close relative is dying -and they go fearing for their life.


I know what you mean, my wifes a Copt and we have spent the last 3 years selling up, just waiting till her contract finshes end of March, but we can be on a plane tomorrow if we need too.
You didn't mention the 100,000,s of Egyptian Jews, most forced out with only the shirt on there back, who knows whose turn is next.


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## MaidenScotland

Have a read of the Man in the White Sharkskin suit.. all about the jews exodus in the 50/60s..
All Jews had their property taken and give an pittance for it and they were allowed to take out of the country in cash $200 after signing a declaration that they would never return to Egypt .


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## Widget

MaidenScotland said:


> I am actually surprised that no one has brought the subject up of the two men who doused themselves with petrol and lit it in a bid to be heard in Cairo last week,


Whilst looking for something else, after Scottishexpat posted about possible egyptian unrest, I have found a story dated today saying that another man, this time in Saudi, has died after setting himself alight.


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## DeadGuy

MaidenScotland said:


> Have a read of the Man in the White Sharkskin suit.. all about the jews exodus in the 50/60s..
> All Jews had their property taken and give an pittance for it and they were allowed to take out of the country in cash $200 after signing a declaration that they would never return to Egypt .


Well if only Muslims are left in Egypt then how could they sing "We're all one" and the rest of the blah blah blah which the rest of the world keeps buying for some reason??!

200$? Well as long as it could get me a ticket out of this sh!thole then I'm in


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## madgiz

There is a phrase round our way. It goes 'suck it and see' and it seems appropriate..


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## bat

madgiz said:


> There is a phrase round our way. It goes 'suck it and see' and it seems appropriate..


When you say our way what part of Cairo would that be then!!
Was thinking well done pat on the back, got food water helmet etc ready for 
What ever, then saw light was on on fuel gauge , got benzine, another pat on the back , then I realized shiitt!! I left my passport and visa card in my unlocked drawer at work.
So could we post pone "bookra- un shahla"" till I retrieve them please!!
I can already see how this day will turn out!!
Bat


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## LouiseElrae

madgiz said:


> Hi, I am new to these boards but wondered what the general thoughts were on having all your money in Egyptian bank accounts. I have scoured the internet for a definitive answer but still am not sure..
> 
> I have just bought an apartment in Hurghada so am aware of all the pitfalls of investing in real estate but I am seriously considering selling my house and moving over permanently as I am in the property servicing trade and there would very much appear to be more work for me in Hurghada than in the UK and I could really do with a change..
> 
> So my question is whats to stop me selling up and putting £200k in a 10% savings account, starting a finishing business in Hurghada and doing very well regardless of success..? It just seems all to simple to me..
> 
> Am I just a dreamer with a bubble to burst or is it as easy as that.? Maybe the problems start when you try to take your money back out of Egypt.
> 
> ATB


Be careful, currently finding great difficulty taking foreign currency out of our account in Egypt


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## Milouk84

Never put all your eggs in one basket. Even if you're a challenger, chances are that you might lose money during investment, that'll be like playing poker.


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