Frequently Asked Questions

Last Updated on November 02, 2017
  • The United bank offers the shariaa compatible and Commercial Banking accounts.
  • The United Bank offers Debit cards for all accounts which can be used in withdrawal, purchases and deposits.

    Types of accounts:
    Investment accounts:
    The united bank offers shariaa compatible and Commercial Investment accounts:
    A) shariaa compatible accounts:
    - Customers are allowed to withdraw and deposit, with complete freedom, with a calculated varying return on the lowest balance available during the month.
    - The return is credited every 3 months.
    - Issuance of a check book is allowed for the customers .

    B) Commercial accounts:
    - Customers are allowed to withdraw and deposit, with complete freedom, with a calculated fixed return on the lowest balance available during the month.
    - The return is credited every 3 months.
    - Issuance of a check book is allowed for the customers .

    Saving accounts:
    C) shariaa compatible:
    - Customers are allowed to withdraw and deposit, with complete freedom, with a calculated varying return on the lowest balance available during the month.
    - The return is credited every 3 months.
    - Check book issuance is not allowed.

    D) Commercial:
    - Customers are allowed to withdraw and deposit, with complete freedom, with a calculated fixed return on the lowest balance available during the month.
    - The return is credited every 3 months.
    - Check book issuance is not allowed.

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    Current accounts:
    - This account can be opened for individuals and companies.
    - It has no return.
    - Issuance of a check book is allowed for the customers .

    Foreign Currency accounts:
    - We serve foreign currency accounts which are USD, EUR and GBP currencies in addition to any other foreign currencies according to the Dealing room instructions.
    - The minimum amount for opening any account is 500 $ or what is equivalent in other currencies.

The united bank offers Debit, Credit (Visa Credit Card/ Islamic Master Card Rakhaa ) and Prepaid cards.

What are the main features for each card?

  1. Credit cards

Rakaa Credit Card:

The First Credit card that is compatible to shariaa compliance in cooperation with Master Card.

  • Available in Classic and Gold.
  • Least Murabha return, with equal installments, up to 20 month.
  • Longest grace period up to 58 days.
  • The customer can apply for supplementary cards.
  • The card is available for usage online and abroad.
  • Allows 100% withdrawal and 100% purchases.

Visa Credit Card
Enjoy the United Bank Visa Credit Card with:
- No fees on purchases and low withdrawal fees.
- The monthly minimum payment is 5% out of last statement balance.
- Grace period up to 55 days on purchases and cash withdrawal.
-The customer can apply for supplementary cards.
-The card is available for usage online and aboard.
- Allows 100% withdrawal and 100% purchases.

Debit cards

Visa Electron/ Master Card:
You can use your account safely around the world in cash withdrawals and purchases, at any time through debit card (Visa Electron and Master Card).

Pre-paid cards:
Allow their holders to carry out different purchases and cash withdrawal transactions, inside and outside Egypt, with the possibility of recharging the card more than once through different UB branches and ATM’s covering all governorates.

It’s not a must to be UB customer to get the prepaid card.

What are the types of Deposits and Certificates united bank offers?

Certificates:
United bank offers the Islamic and commercial certificates.
The shariaa compatible certificates:
The three years certificates with monthly variable return:
- It is Available in EGP, and pays monthly.
- Its categories start from 1000 L.E.

The three year certificates with cumulative variable return:
- It is Available in EGP and pays at the end of the period.
- Its categories start from 1000 L.E.

The five years certificates with semi -annual variable return:
- It is Available in EGP, and pays semi – annually.
- It’s categories start from 1000 L.E.

The annual certificates in USD with quarter variable return:
- It is denominated In USD, and pays every three months.
- Its categories start from 100$.

The Commercial certificates:
Golden certificate “the three year certificates with cumulative return”:
- It’s denominated in EGP, and pays at the end of the period.
- Its categories start from 1000 L.E.

Diamond certificates “the three certificates with three monthly return”:
- It is denominated in EGP, and pays every three months.
- Its categories start from 500 L.E.

The five years certificates with monthly return:
- It is denominated in EGP, and pays monthly variable.
- It’s categories start from 750 L.E.

The USD certificates with quarter return: ( 3 Years )
- It is denominated in USD, and pays every three months.
- It’s categories start from 500 $.

The Millionaire certificate:
- It is a five year certificate starts from the purchasing date.
- The certificate value is 100 EGP.
- The millionaire certificate is renewed automatically.
- The millionaire certificate is issued without any extra charges.
- Both Egyptians and foreigners can buy it (only individual).
- The certificate prize (32 winner/year)
- 2 winners with the Million prize on per year.
- 3 winners monthly prize,
• 100 thousand EGP.
• 50 thousand EGP.
• 50 thousand EGP.

- The withdrawal is supervised by the ministry of social affairs – license No 19 of 2001 and its amendments.
- You can use this certificate as a gift.

Deposits :
We serve both of commercial and shariaa compatible deposits
Commercial deposits:
We can serve the commercial deposits with minimum amount EGP 5000.
Deposits with other currencies available according to the treasury instruction

shariaa compatible deposits:
Clients can choose to have one of our fixed period shariaa compatible deposits :
• Annual Deposits: The minimum amount to open is 100,000 LE with an accumulated return

• 18 months dollar deposit: the minimum amount 1000 USD with monthly interest .
• 2 years dollar deposit: the minimum amount 1000 USD with Quarter interest.

IBAN QUESTIONS and ANSWERS:-

WHAT IS IBAN?

IBAN stands for the “International Bank Account Number”. It's a bank account number that is recognized by banks and other financial institutions around the world. You will need to use an IBAN when you make or receive local and international transfers,

It's a standardized way of identifying a bank account, which reduces errors and delays in sending international payments.

 

Why using IBAN?

IBAN is an internationally accepted, reliable and accurate account number that facilitates fund transfer with less cost and errors.

When will IBAN be Effective on my account?

IBAN number (29 Digits) will be effective 30 June 2020.

 How and where can I find my IBAN number?

You can find out your IBAN by visiting your nearest UB branch, for more info, Call 19200.

If you are registered to UB Online Banking, you can find your IBAN through Online Banking/Mobilebanking by effective 30 June 2020.

Additionally, the IBAN will be listed on your printed Bank Account statements.

 

 

 

 

When will this affecting my account?

Effective 30 June 2020, all local and international transfers from or to your account will require an IBAN in order to be processed.

Will my existing account number be invalid? 

Your existing account number remains valid without any changes. IBAN is a different electronic format of your account number that will be used only if you are making or receiving any local or international transfers.

What is IBAN format?

International Bank Account Number (IBAN) is a standard account number used to expedite automatic processing of money transfers worldwide and used now by 96 countries.

EGYPT Structure is 29 Digits.

IBAN Formula as per CBE instructions:-

  1. Country code à 2 Letters
  2. Check Digits à 2 Numbers
  3. Bank code à Number of Characters Varies.
  4. Branch code
  5. Bank Account Number à 13 Number

The basic bank account number varies in length depending on the country it comes from. 

 

What will happen to my transfers after June 2020? 

Effective 30 June 2020, all inward or outward local and international transfers will require an IBAN.

Using both account numbers and IBAN will continue to be accepted & processed until the Central Bank of Egypt’s full launch of the IBAN across the country, after which no transfers will be accepted without using the IBAN. Further communication will be shared with your good selves.