Banque du Caire offers the "Wafar Dollar" account for individuals, to support financial inclusion and provide simple banking services that let customers open US-dollar savings accounts and receive foreign-currency transfers, as part of a Central Bank of Egypt (CBE) initiative.

The account pays an annual interest rate of 1.50% and can be opened free of charge with no minimum, alongside a range of banking services that make it easier for customers to manage their savings and carry out transactions.

Features of Banque du Caire's Wafar Dollar account

  • Annual interest of 1.50% on balances from USD 1 up to a maximum of USD 20,000.

  • Interest is calculated on the minimum monthly balance and paid monthly.

  • The account is opened free of charge, with no minimum opening balance.

  • Withdrawals and deposits at the bank's branches during official working hours.

  • US-dollar remittances can be received into the account.

  • Free quarterly account statement.

  • Free subscription to the interactive voice response (IVR) service.

  • Option to subscribe to internet and mobile banking services.

  • A banking power of attorney can be issued from age 21.

Conditions for opening a Wafar Dollar account

Banque du Caire has set a number of conditions for opening the account, chief among them:

  • The account is for individuals only.

  • The account is opened in US dollars only.

  • The account can be opened from age 15 without a guardian, while those under 15 need a guardian to open it.

Documents required to open the account

The required documents vary by the customer's age, as follows:

  • Customers aged 15 and over: a valid national ID card.

  • Customers under 15: a birth certificate, plus the guardian's valid national ID card.

Balance and transaction limits on the Wafar Dollar account

Banque du Caire has set balance and transaction limits on the account, including the following:

  • Balance limit: the equivalent of EGP 1 million, including certificates, deposits and remittances.

  • Daily debit transaction limit: the equivalent of EGP 90,000, covering withdrawals, transfers and currency exchange.

  • Monthly debit transaction limit: the equivalent of EGP 300,000, covering withdrawals, transfers and currency exchange.

The bank explained that if the set daily or monthly limits are exceeded, or the account balance goes above the specified maximum, the account will be suspended. The customer must then visit a branch to sign a "Know Your Customer" form, complete the account-opening procedures and choose another banking product that suits the size of their transactions and their needs.