I will compare some of the options for expat financial advisor in Egypt, those available locally, alongside more portable, online and international options like what we offer.
For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via the WhatsApp function below.
It makes sense to have a portable option as an expat, as opposed to a localised one, and that is something we specialise in.
APE – The Arab Republic of Egypt today is a leader on the African continent in many respects – living standards, dynamics of economic development, tourist flow. Egypt is the oldest known country in the world, its history goes back millennia.
His land holds many unsolved secrets that await their discoverers. Today’s Egypt is interesting not only for tourists and historians. Many Russians and their neighbors in the CIS countries want to move to Egypt, opening up wide opportunities there for business development, education and a decent life.
Egypt does not belong to the category of countries that can be called a dream for a expats. Therefore, along with the advantages, living in Egypt has many disadvantages. Both are worth considering in more detail.
Let’s start with the advantages:
Of course a few words about the disadvantages:
Advantages: Developed tourist infrastructure. Money transfers from citizens working abroad. Fees for the carriage of goods through the Suez Canal. Agricultural products, especially cotton (Egypt accounts for about 3% of the world’s total cotton production).
Weaknesses: Dependence on imports. The threat of terrorism has caused a temporary decline in tourism revenues; in 2009, due to the crisis, tourism revenues declined again.
GDP per capita in 2021 is $ 3050. Agriculture employs 32% of the working population, industry 17%, services 51%. Unemployment is 7.4% (in 2021), 20% of the population is below the poverty line.
Phosphate mining is concentrated in the area of the Red Sea coast, in the Nile Valley – iron ore, in the Nile Delta – table salt.
Of the manufacturing industries, the textile industry is especially developed, mainly the production of cotton yarn (275 thousand tons of yarn in 1995-1996) and fabrics, as well as food flavoring and sewing. The main centers are Cairo, Alexandria, El Mahalla El Kubra.
Agriculture cultivates cotton, rice, corn, other cereals, legumes, fruits, vegetables; cattle are raised.
As mentioned above, Egypt is a great place for high-skilled professionals, who move to live and work there. So in many cases, these people usually face the need of a financial assistance, such as in making investments in Egyptian property, or they may need to open a savings account, or just send money abroad to their family, etc.
The reasons can be listed endlessly, but when you are alone in a foreign country and unaware of primitive and easiest things, you can spend weeks on researches and in result do not find the best for you option, as the Internet is sometimes full of scam.
You will need someone who can give you advices on how to move on, recommend the best banks with best interest rates, or simply show you the most cost-effective way to send money to your family.
That “somebody” is usually a financial advisor, a professional, experienced and skilled individual, who is ready to take care of your funds, help you properly invest it, open a bank account with best rates and conditions and of course find for you a low-fee ways to send money.
In this article, we will mainly talk about the need of a financial advisor, his functionality and how he can help you to reach your financial goals in a short timeframe. Of course, we will talk about three totally different types of advisors and help you to choose the best for you.
Professional financial advisors conduct a “fact-finding” by asking you detailed questions about your circumstances, your goals, and how and to what extent you are willing and willing to take risks with your investments. They can then recommend financial products that are suitable and affordable for you.
If you buy an investment product based on financial advice and advice, you should get a product that suits your needs and suits your specific circumstances.
Depending on the type of advisor you are using, you may also have access to a wider range of options than you could realistically evaluate on your own.
You will also have more protection in case something goes wrong if you buy on the advice. For example, protection will be granted if inappropriate advice is given or if it turns out that your advisor was not acting in your best interest. Likewise, investors who are not consulted will also be protected if they are misled or mis-sold a product.
The answer depends partly on the product and partly on other factors.
Cash savings products
Whether you are looking to deposit money in savings accounts, cash intermediaries, or fixed rate savings bonds, you can confidently assess your options using comparison sites and spreadsheets. Since these products are relatively easy to understand, you may feel like you don’t need financial advice and can easily buy them directly from suppliers.
Investments
If you are thinking of investing in stocks, mutual funds and other investments, you can be sure to buy them directly from a broker or fund without heeding the advice. However, these products are more difficult to understand than money-saving products, and without taking advice, you may not consider all the options available to you.
There is also a risk that you will buy a product that does not suit you because you do not understand it.
Ask yourself the following questions:
If the answer to any of these questions is “No,” then the best option may be to seek financial advice.
When trying to make a decision, also be aware of the cost of commissions versus the financial and emotional costs of making a mistake if you make a purchase without advice.
Insurance or mortgage
Some insurance products and mortgages can be purchased from price comparison sites or directly from vendors.
However, you can also talk to specialized brokers who will tell you about the different options and may be able to get you a better deal. It’s up to you whether you buy with or without advice.
Pensions
If your employer offers a workplace pension, they may also offer you access to advice or guidance on joining their scheme.
You should take advantage of this offer if available.
If you are looking to invest in a personal pension to increase your existing pension, or to combine different banks from existing pensions, it’s usually better to get advice if you don’t really understand how these products work.
Pensions are a long-term investment, so you need to make sure you understand the types of funds you invest in, the risks and suitability for your particular situation.
To understand what you want and what is your goal, we will try to review three most common types of financial advisors.
The bank’s financial advisors help their clients determine how best to manage their money through short-term and long-term investment planning. Usually they work with individuals, financial or corporate clients, such as bank or other financial institution employees.
Most of them are graduates of finance, accounting or business faculties and have completed related courses such as risk management, taxes, and real estate planning. Certain positions, such as those requiring the sale of stocks and bonds, require licensing, and professional certifications are useful for advancing career development.
Seems all good, but one aspect of a financial advisor career includes selling various financial products of a bank, such as stocks, bonds, insurance policies, and other financial instruments offered by a bank or financial institution. In some cases, consultants may be required to obtain one or more licenses to conduct or advise on these types of business transactions.
The experience and licensing of various financial products and services usually increases the earning potential of a bank financial advisor, especially one who works on commissions.
The bank’s financial advisors work with clients on ways to manage their money. These consultants can be generalists or they can specialize in one aspect of personal finance. Anyways, here we are to show you some of the best banks in Egypt that you can consider for further cooperation.
The National Bank of Egypt, founded in 1898, is the oldest bank in Egypt. NBE suggests its clients retail, corporate and investment banking services. The company is headquartered in Cairo and employs approximately 16,200 people.
It serves 413 branches and 3,823 ATMs throughout the country. It also has branches in New York and Shanghai, as well as offices in Johannesburg, Dubai and Addis Ababa. In 2016, the bank’s total assets amounted to USD 63.20 billion and net profit – USD 595 million.
The bank offers two types of savings account: for local currency and foreign currency (EUR, POUND), with a minimum investment of EGP 100.
Banque de Caire, headquartered in Cairo, operates as a subsidiary of Banque Misr and offers retail and commercial banking services in the country. Founded in 1952, the bank has 150 branches throughout the country. Since it operates as a subsidiary, no asset and income information is available.
It is available in four different currencies, local currency, dollar, euro and pound sterling, which is great for expats to save their money. The minimum investment is EGP 1000. The interest rates are different depending on the currency you have chosen.
Being an expat in Egypt will definitely make you face something called “money transfer”, either sending it or receiving. Especially if you moved to Egypt to work, you will definitely need to find the most cost-effective way to complete that, which will not hit your wallet.
In this case, you will probably need a local financial advisor who will suggest you the best options out there in Egyptian financial market, low commissions, fast deliveries, and more.
Anyways, we have prepared a list of best money transferring companies with their advantages.
Xoom
TransferWise
Western Union
Online financial advisor
Don’t be scared of the word “online”, the fact that you and your advisor are in touch through online platforms, changes nothing except adding a comfort. Hiring a financial advisor online is a new concept. Since technology and the Internet became global, all goods and services have settled in the digital space, and finance management is not an exception.
However, having an online financial advisor has its advantages, and here we are to present some of them:
Hiring a financial advisor does not necessarily mean that you have to meet with him and speak with him in person. Thanks to technology, you can talk to your advisor online, even if you live 1000 miles away.
The convenience of an online finance advisor cannot be overemphasized. You don’t need to drive to work or travel to the nearest bank or finance company to speak with a professional. Plus, you can easily send or share documents by email or in the cloud and get the answers you want much faster.
An online financial advisor is not the same as a robot consultant or even a bank advisor in many ways. First, you get real and personalized advice from a real expert who is well versed in finance and investment, not someone who wants to sell you the bank products.
This is essential for those who want a healthy look at their finances and give advice as a professional. Sometimes the software or algorithm doesn’t match, especially if your problems are a little more complex.
Of course the cost will decrease if you decide to hire an online financial advisor, as he doesn’t own a luxury office, and other attributes that will affect the cost. What he need is a computer, an internet and a good skilled and experienced brain.
They also cost lower than regular companies or financial institutions who provide financial advisory. It’s also a smarter choice when you want to save money and spend less while understanding if you really need a financial advisor. The benefits you get from this multiply when you decide to do a second or third session.
Hire only a reliable online financial advisor to get the best service. After all, your money is hard-earned and you will definitely need someone to show you how to maintain and grow your fortune to new heights.
Financial planning requires really a lot of different documents. Those receiving basic financial planning advice will easily find hundreds of pages of documentation with tips included.
There will be many documents that will also require your signature. As an online finance advisor, we are taking advantage of technological advances, as there are many clouds and safe platforms where your financial data will be kept. Therefore, we can safely send you all these documents online by email.
But the most incredible part is the opportunity of putting an electronic signature! Use a few clicks to sign documents to flip your superuser, customize attachments, and implement Plan B.
All of these documents will be securely posted on an online portal that only you and your online financial advisor have access to.
Many people can approach this with skepticism, which also has its own explanation. It’s a relatively new concept and it’s hard for people to get used to some of the things that can also be done on an online platform, but it’s a great tool that saves you time and benefits in the first place.
This is all the information you have to know on how to find a financial advisor in Egypt, how you can benefit from the advisors and what they can do for you. We hope this article was informative and will help you with further decisions and now you are sure what you want.
Pained by financial indecision? Want to invest with Adam?
Adam is an internationally recognised author on financial matters, with over 271.8 million answers views on Quora.com and a widely sold book on Amazon
Further Reading
In the article below, taken directly from my online Quora answers, I spoke about the following issues and subjects:
To read more click on the link below