How to open a bank account in Algeria

Algeria is a country in North Africa with Mediterranean coastline a Saharan desert interior. The official currency of Algeria is Algerian Dinar. If you are a expat or someone who want to open a business in Algeria you need have a bank account to do your financial transaction. So opening a bank account is essential if you are going to stay longer in Algeria.

Since most of the business centers and local shops accepts only cash in Algeria Dinar , it is important to have local currency in your hand .

You can use your VISA credit card and debit card to withdraw local currencies from international ATM provided in large hotels and shopping malls to transact with the locals. These conversions will attract heavy exchange charges .If you don’t have a bank account you will lose considerable amount in exchanges to convert your foreign currency.

If you are a tourist or traveler looking for exchange you can do it in your home country or you have to find a local who can do it with much cheaper rates.

What are the banks available in Algeria?

There are both private and public banks available for your financial operation. But if you are an expat and looking for a good service, private bank can support you on that.

If you are looking for a modest service and you need bank account to keep the money you can avail an account in public banks. More than 90% of the local transaction happens via local banks. There are international banks which maintain financial relationship with the local banks to provide cross country services.

There are also few Islamic banks which operate through Islamic banking principles, which give some added advantage for Muslims.

You can also find money exchange service providers like western union and other online money transfer providers if you have to transfer money from your foreign account to local account.

Below are the listed banks available in Algeria

Public Banks :

• Banque extérieure d’Algérie (BEA)
• Banque nationale d’Algérie (BNA)
• Banque de l’agriculture et du développement rural (BADR)
• Banque de développement local (BDL)
• Crédit populaire d’Algérie (CPA)
• Caisse nationale d’épargne et de prévoyance (CNEP Banque)
• Caisse nationale de mutualité agricole (CNMA)

Private Banks:

• PNB Paribas Algeria
• Citi Bank Algeria
• HSBC bank Algeria
• Al Baraka

If you are tourist or a traveler you can use a Wise multi currency account , which can be a better use when you travel abroad.

What are the documents required to open a bank account in Algeria ?

There are few basic documents which are required to open a bank account,

For local resident ,

1. Proof of Citizenship
2. Age proof – Birth certificate
3. Address proof – Govt. utility bills, Rental agreement, sale deed
4. Photo.
5. Business registration – for Business accounts.
6. Local mobile number

For Expat,

1. Valid passport and Visa
2. Photo
3. Resident Permit
4. Address proof – Rental agreement or lease agreement
5. Business registration copy – In case of corporate account
6. Employment proof – In case you are here for work.
7. Local mobile number

These are some of the basic document which is required to open a bank account; it is always advisable to contact the bank before you proceed with account opening.

If you are a corporate employee, your company will have the tie up with local banks which will provide you a bank account without a hassle.

After submitting all the required documents, you need to wait for the bank verification process to open a bank account. It can take weeks depending on your bank.

Opening a bank account in private banks will make things little easier if you are an expat and have account in your home country.

CITI bank or HSBC bank in Algeria provides excellent services if you are an existing customer in your home country.

What are the banking hours in Algeria ?

The banking hours are Saturday to Wednesday from 8 AM to 12 PM and 1 PM to 5 PM . Thursday and Friday are bank holidays. Only administrations are open on Thursday morning and the banks close at 3pm.
During Ramadan season, the pace is slowed and hours are modified (9 AM to 3 PM ) . The banks also follow other public holidays of the nation.

What are the facilities provided by the banks in Algeria

As there is banking revolution in Algeria since 2013 , the banks are providing facilities such as

• Debit card
• Credit card
• Internet banking facility
• Check books

Most of the private banks offers all these facility with online account opening for their customer.

 The Crédit Populaire d’Algérie, is a public banks which allows its customer to open account through online and complete the formalities in any of their branch.

Banks are also offering finance on house , car and other loan for the betterment of the people and business.

Can a freelancer from other country open a bank account in Algeria ?

You need a resident permit to open a bank account in Algeria. To obtain a resident permit in Algeria you should have valid employment document to support. Normally expat freelancers cannot obtain a resident permit without valid employment. Hence it is difficult to open a bank account for expat freelancers.

Expat Freelancer can withdraw money in Algeria through wire transferring the money to your home country account and withdrawing using a VISA card.

You can also use Paypal , Paysera to withdraw your money in Algeria.