USD business account in Egypt
An Egyptian business can hold US dollars in a foreign currency account at a bank in Egypt, in a USD account with a foreign provider that accepts Egyptian companies, or through a US company with its own account. Article 212 of Law No. 194 of 2020 lets any company retain any amount of foreign currency and make inward and outward transfers through banks or licensed entities. This guide compares the options, the rules, documents and the legal position of stablecoins.
- Article 212 of Law No. 194 of 2020 lets any natural or legal person retain, own or possess any amount of foreign currency and make inward and outward transfers through banks or licensed entities.
- Domestic transactions in Egypt must be conducted in Egyptian pounds unless a treaty, another law or a CBE Board decision provides otherwise.
- Decision No. 273 of 2025 added 65 commodities to the list of exports whose full value must be paid in convertible foreign currency through a bank in Egypt, with a bank certificate given to customs before shipment.
- Article 206 of Law No. 194 of 2020 prohibits the issuance, trading, promotion or operation of platforms involving cryptocurrencies without a license from the CBE Board.
- Wise does not list Egypt among countries where customers can hold money, and Airwallex does not list Egypt as a supported registration location.
- A USD account abroad in the company's own name can receive ACH and wires from US payers, but it does not replace a bank in Egypt for listed export goods.
USD business account options in Egypt: the short answer
An Egyptian business can hold and receive US dollars in a foreign currency account at a bank in Egypt, in a USD account with a provider outside Egypt that accepts Egyptian companies, or through a US company with its own US account. Egyptian law gives companies a clear right to hold foreign currency: Article 212 of Law No. 194 of 2020, the law of the Central Bank of Egypt (CBE) and the banking sector, lets any natural or legal person retain any amount of foreign currency and make inward and outward transfers, through banks or licensed entities.
The businesses that need dollars in Egypt include importers of machinery, raw materials and consumer goods, exporters of chemicals, fertilizers, food and textiles, and the large group of software, design and outsourcing firms that bill clients in the United States, Europe and the Gulf. Their needs differ: an importer needs dollars to pay suppliers, an exporter must route proceeds through Egyptian banks for listed goods, and a service firm wants clients to pay it easily.
This guide covers the account options, what Law 194 and the 2025 export decision require, which foreign providers state that they accept Egypt, documents, the legal position of stablecoins under Article 206, and where a Helm USD account in the company's own name fits.
The options compared
The table compares the option types. It is not a ranking, and most Egyptian trading companies use a bank account in Egypt plus one other route.
| Option | Account name and location | How payers pay it | Main rules and limits |
|---|---|---|---|
| Foreign currency account at a bank in Egypt | Company's own name, bank licensed by the CBE | International wire (SWIFT) through the bank's US correspondent | Law 194; banks report all foreign exchange operations to the CBE |
| USD account with a foreign provider | Company's own name or a pooled account, held abroad | ACH, Fedwire or SWIFT, depending on the provider | Provider's country list decides eligibility; listed export goods must be paid through a bank in Egypt |
| US company with a US account | A new US company's name, US bank or fintech | ACH and Fedwire as a US business | Separate company, US tax number and filings |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | Article 206 prohibits crypto activity without a CBE license |
Sources: Law No. 194 of 2020, Articles 206, 212 and 215 (English translation by Andersen Egypt); Decision No. 273 of 2025. As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system that US companies use for routine payments. Fedwire is the Federal Reserve's same-day system for large US dollar payments.
How to choose: an exporter of goods on the export-proceeds list needs its Egyptian bank, because customs asks for that bank's certificate before shipment. An importer needs an Egyptian bank for import documents and dollars to pay suppliers. A service firm paid by US clients gains most from US account details, because the client can then pay by ACH as it pays any US vendor.
What Law 194 of 2020 says about holding USD
Part Five of Law No. 194 of 2020 regulates foreign exchange. Its key articles, in the English translation published by Andersen Egypt, are set out below.
| Article | What it says | What it means for a business |
|---|---|---|
| 211 | The exchange rate of the Egyptian pound is determined by supply and demand in the foreign exchange market | Banks quote the rate at which they buy and sell your dollars |
| 212 | Any natural or legal person may retain, own or possess any amount of foreign currency and conduct foreign exchange transactions, including inward and outward transfers, through banks or licensed entities | A company may hold USD and send and receive transfers, through the banking system |
| 212 | Domestic transactions in Egypt must be conducted in Egyptian pounds, unless a treaty, another law or a CBE Board decision provides otherwise | Sales inside Egypt are priced and settled in pounds |
| 213 | Travelers may bring in foreign currency but must declare amounts over USD 10,000; departing travelers may take up to USD 10,000 or a previously declared amount; sending currency by mail or parcel is prohibited | Move business dollars by bank transfer, not cash |
| 214 | Banks may carry out all foreign exchange operations, including accepting deposits and transfers in and out | Your bank holds the account and makes the transfers |
| 215 | Banks, exchange companies and licensed entities report all foreign exchange operations to the CBE | Expect your bank to ask for the purpose and documents of each transfer |
Source: Law No. 194 of 2020 Concerning the Promulgation of the Law of the Central Bank and the Banking Sector, English translation published by Andersen Egypt, as published on 29 October 2026. The Arabic text published in the Official Gazette is authoritative.
In practice, Article 212 means an Egyptian company can keep the dollars it receives rather than selling them, and use them to pay suppliers abroad. Banks ask for supporting documents, such as invoices, contracts and customs papers, when dollars move in or out, because they must report each operation to the CBE.
For a payment from abroad into a dollar account in Egypt, put these details on the invoice: the company's registered name exactly as on the account, the dollar account number, or its IBAN if the bank issues one, the bank's full name and SWIFT code, and the bank's US correspondent bank with its SWIFT code. An IBAN is an international bank account number format that starts with a country code and check digits. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency. Ask the payer to quote the invoice number and to use the OUR charge code: OUR means the sender pays all fees so the full amount arrives, SHA means fees are shared, and BEN means the receiver pays them. Our guide on receiving USD from overseas buyers covers the buyer's side.
Export proceeds: the 2025 decision
For a set of goods, Egypt requires export payment through its banks before the goods leave. Ministerial Decree No. 235 of 2013 lists goods whose full export value must be paid in convertible foreign currency. Decision No. 273 of 2025 added 65 commodities to that list, identified by customs codes, as published in the Official Gazette on 22 June 2025 and effective the day after publication. The CBE circulated the decision to banks on 25 June 2025.
| Requirement for listed goods | Detail |
|---|---|
| Currency | Full value in convertible foreign currency |
| Channel | Through a bank operating in Egypt and accredited by the CBE |
| Payment methods | Documentary credit for the full value, full cash or bank transfer before shipment, or a bank's guaranteed payment method |
| Proof to customs | A bank certificate showing compliance, given to customs before shipment |
| Examples of goods added in 2025 | Flour, polypropylene, polyethylene, methanol, phosphate and ammonium nitrate fertilizers, aluminum sheets, kerosene and soybean oil |
Sources: RegAlert text of Decision No. 273 of 2025; Daily News Egypt, 22 June 2025. As published on 29 October 2026. Check the full list of customs codes with your bank.
A documentary credit, also called a letter of credit, is a bank's undertaking to pay the exporter when the shipping documents match the agreed terms. For listed goods, a buyer's payment into a USD account abroad does not satisfy the rule: the money must come through a bank in Egypt before shipment. For goods outside the list and for services, the rules in Law 194 apply and the bank's documentation requests are the main control. See our exporters page for how exporters in other markets handle collections.
Foreign USD account providers and Egypt
Many Egyptian companies look at an online USD account from a provider outside Egypt. Eligibility is set by each provider, and several well-known names do not list Egypt.
| Provider | What its own pages state for Egypt |
|---|---|
| Wise | Egypt is not on the list of countries where customers can hold money |
| Airwallex | Egypt is not on its list of supported registration locations; unlisted locations cannot be processed |
| Mercury | Accepts only companies formed and registered in the United States or a US territory |
| nsave | Offers USD accounts that receive ACH to freelancers and remote workers in Egypt |
Sources: the providers' own pages, linked below, as published on 29 October 2026.
Provider pages used: Wise country list, Airwallex eligible countries, Mercury eligibility and nsave Egypt.
Before applying to any provider, confirm three points: whether the US details are in your company's own name or belong to a pooled account in the provider's name; which rails they accept, ACH only or also Fedwire and SWIFT; and how you move dollars to your bank in Egypt when export rules or a local supplier require it.
The US company route
Some Egyptian founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, with existing or planned US operations, and states that founders do not need to be US citizens or residents. It also publishes a list of countries where founders cannot be supported, so check it before forming the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that international applicants may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
The US company is a separate legal entity, and money it earns belongs to it. Goods exported from Egypt remain subject to the Egyptian export rules whichever entity invoices the buyer. Take Egyptian and US tax advice before choosing this route.
Documents you need
Banks and providers ask for a similar company file. Andersen Egypt lists the documents a company needs to open a bank account in Egypt; foreign providers usually ask for the same items in English, plus ownership details.
| Document | Bank in Egypt | Foreign provider (typical) |
|---|---|---|
| Bank account application form | Yes | Online application |
| Business license | Yes | Commercial registration extract |
| Articles of incorporation | Yes | Yes, often with translation |
| Tax identification number | Yes | Often |
| Board resolution authorizing the account | Yes | Usually |
| Identity documents of directors and shareholders | Yes | Yes, passport or national ID |
| Ownership chart down to individuals with 25% or more | Under the bank's KYC policy | Yes |
| Description of trade, counterparties and expected volumes | Under the bank's KYC policy | Yes |
Sources: Andersen Egypt, opening a bank account in Egypt, as published on 29 October 2026. Foreign provider column is a typical checklist compiled by the Helm Editorial Team.
KYC, short for know your customer, is the identity and ownership check every bank and provider runs before opening an account. Keep the company's name identical across all documents and translations, as differences in transliteration from Arabic are a common cause of delay.
Stablecoins in Egypt: USDC, USDT and Article 206
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the most widely used. Egyptian law treats them as part of a wider prohibition. Article 206 of Law No. 194 of 2020 states that the issuance, trading, promotion or operation of platforms involving cryptocurrencies or electronic money is prohibited without a license from the CBE Board of Directors.
The CBE has warned the public on this basis. As reported by Amwal Al Ghad on 29 March 2021, the CBE stated that transactions within the Egyptian banking system are limited to the currencies it has officially accredited, cited Article 206, and warned bank customers about the risks of cryptocurrencies.
| Question | What the primary source says |
|---|---|
| Can cryptocurrency be issued, traded or promoted in Egypt? | Not without a license from the CBE Board (Article 206) |
| Which currencies does the banking system handle? | Currencies officially accredited by the CBE |
| Are crypto platforms licensed? | The sources cited do not record any license issued |
| Are stablecoins named separately? | No; Article 206 covers cryptocurrencies and electronic money generally |
Sources: Law No. 194 of 2020, Article 206 (Andersen Egypt translation); Amwal Al Ghad report of the CBE statement, 29 March 2021. As published on 29 October 2026.
An Egyptian company should take Egyptian legal advice before accepting or holding USDC or USDT, and should not route proceeds of listed export goods through stablecoins, since those must be paid through a bank in Egypt.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
- Service firms can give US clients domestic payment details and transfer dollars to their bank in Egypt when needed.
- Importers can send international payments to suppliers by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending. Our guide on paying Chinese suppliers from Egypt covers the import documents.
- Exporters of listed goods still collect through a bank in Egypt before shipment, as Decision No. 273 of 2025 requires.
- Stablecoins: Helm accounts can receive USDC and USDT and convert them to USD, but for an Egyptian company Article 206 is the starting point, so take local legal advice first.
Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Freelancers and sole traders
Egyptian freelancers can open personal foreign currency accounts at banks in Egypt, since Article 212 applies to natural persons as well as companies. Online providers are the other common route: nsave, for example, states that it offers USD accounts receiving ACH to freelancers in Egypt. Wise does not list Egypt among countries where customers can hold money. A freelancer who forms a company should move client payments into an account in the company's name.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can an Egyptian company hold US dollars?
Yes. Article 212 of Law No. 194 of 2020 lets any natural or legal person retain, own or possess any amount of foreign currency. Transactions, including inward and outward transfers, must go through banks or licensed entities under rules set by the CBE Board.
Can an Egyptian company open a USD account abroad?
A company can apply to a foreign provider that accepts Egyptian businesses, but several well-known providers, including Wise and Airwallex, do not list Egypt. For goods on the export-proceeds list, payment must still come through a bank operating in Egypt before shipment.
Can Egyptian businesses price goods in dollars inside Egypt?
Generally no. Article 212 of Law No. 194 of 2020 requires domestic transactions in Egypt to be conducted in Egyptian pounds, unless an international treaty, another law or a CBE Board decision provides otherwise.
What is Decision No. 273 of 2025?
It is a ministerial decision that added 65 commodities to the list of exports, set by Decree No. 235 of 2013, whose full value must be paid in convertible foreign currency through a bank operating in Egypt. The exporter gives customs a bank certificate before shipment.
Is USDT legal in Egypt?
Article 206 of Law No. 194 of 2020 prohibits the issuance, trading, promotion or operation of platforms involving cryptocurrencies without a license from the CBE Board. The CBE has warned the public about cryptocurrencies and stated that the banking system deals only in currencies it has accredited.
How much cash can I carry out of Egypt?
Under Article 213 of Law No. 194 of 2020, departing travelers may take up to USD 10,000 or its equivalent, or a larger amount they declared on arrival. Sending currency by mail or parcel is prohibited, so businesses should move dollars by bank transfer.
How is the Egyptian pound exchange rate set?
Article 211 of Law No. 194 of 2020 states that the exchange rate of the Egyptian pound against foreign currencies is determined by supply and demand in the foreign exchange market. Ask your bank for its rate before you convert.
Can an Egyptian founder get a US EIN?
Yes. The IRS instructions for Form SS-4 let international applicants call 267-941-1099 to obtain an EIN, and state that only international applicants can receive an EIN by telephone. A US company formed by an Egyptian founder needs an EIN to open most US accounts.
What documents does an Egyptian company need to open a bank account?
Andersen Egypt lists the business license, articles of incorporation, tax identification number, a board resolution authorizing the account, identity documents of directors and shareholders, and the bank's application form. Banks may ask for more under their own KYC policies.
References
- Law No. 194 of 2020 Concerning the Promulgation of the Law of the Central Bank and the Banking Sector (English translation, Andersen Egypt)
- RegAlert: Decision No. 273 of 2025 adding commodities to the export proceeds list
- Daily News Egypt: Egypt expands list of exports requiring advance foreign currency payment
- Amwal Al Ghad: Egypt's CBE warns banks' customers against using high-risk cryptocurrencies
- Andersen Egypt: Open a bank account in Egypt
- Wise: Where do I need to live to hold money with Wise?
- Airwallex: Eligible countries and territories
- Internal Revenue Service: Instructions for Form SS-4
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.