Do you wish to open a bank account in Algeria? Find out useful information on related formalities in this article.
If you are moving to Algeria, you will probably be working there. In this case, opening a bank account will be beneficial for you, allowing you to receive your salary, as well as perform other activities such as transfers, etc. Procedures regarding the opening of a bank account in the country should not be complicated provided you have the required documents.
Banking system
Algeria's banking system consists of more than 30 banks, including national, public and international banks. You will also find some twenty private international bank subsidiaries scattered across the different cities. More banking subsidiaries should soon set up there.
Procedures
Since 2013, formalities related to the opening of a bank account in Algeria have been greatly simplified for foreigners. Hence, you are required to produce the following documents:
- a valid identity card
- proof of accommodation (a residence certificate, utilities bills, lease contract or any other supporting document).
Other documents may also be requested, varying from one bank to another. Thus, you are advised to inquire in advance with the bank in which you are interested. Once these steps have been accomplished, the bank will proceed with the verification of your documents. This can take months.
Facilities
Most banks in Algeria provide facilities such as debit cards, credit cards, checkbooks, etc. Some of these also provide Internet banking facilities. The Crédit Populaire d'Algérie, for instance, even offers customers to open an account online and to complete the rest of the formalities in one of its branches.
Note that you are eligible to open different types of accounts in Algeria: current, savings, common, foreign currency, etc. Some banks also provide facilities for the opening of a short-term deposit account for companies and individuals.
Private and public banks
Among the public banks, you will find the Banque Extérieure d'Algérie, the Caisse d'épargne et de Prévoyance, the Crédit Populaire d'Algérie, the Banque Nationale d'Algérie and the Banque Al Baraka which are even present overseas.
Citibank, Société Générale d'Algerie, BNP Paribas and HSBC, on the other hand, are the private banks which have been set up there. However, most of these banks do not provide the monitoring of your account between foreign affiliates and their Algerian subsidiaries. For instance, if you already have a bank account in one of these banks' subsidiaries in your home country, you will still have to open a new account as per Algerian banking laws.
Contrasts
In general, public banks offer basic services. Private and international banks, for their part, provide various facilities such as home or car loans. However, for a few years, many public banks have started innovating by introducing the online banking service.
Moreover, banks are supported by many other financial institutions. These manage leasing and provide financial support to small and medium enterprises.
Useful links:
Bank of Algeria www.bank-of-algeria.dz
Bank of Algeria - Banks and financial institutions www.bank-of-algeria.dz/html/banque.htm
Al Baraka albaraka-bank.com
National Bank of Algeria www.bna.dz
Société Générale Algeria www.societegenerale.dz
BNP Paribas Algeria bnpparibas.dz
HSBC Algeria www.algeria.hsbc.com
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