Bank Procedures Before Shipping Your Imported Car: Dollar Freeze or Pound Conversion?

For anyone waiting to ship an imported car, one question dominates: does the bank freeze the amount in dollars or convert Egyptian pounds to foreign currency? Customs expert Dr. Badawi Ibrahim revealed the full details, confirming that the procedure varies based on the account type, yet the goal stays the same — securing the car's value in foreign currency before it moves.

What Happens With a Dollar Account?

If the customer holds a dollar account, the bank immediately freezes the car's value, eliminating the need for lengthy waiting periods or extra approvals. But what if the account balance is in Egyptian pounds?

With a local-currency account, the bank works on securing the required foreign currency and prepares an internal approval to allocate the amount needed for the invoice. In other words, the bank begins tangible steps to convert pounds into foreign currency ahead of the payment.

Form No. 4: The Official Gate for Shipping

Once the amount is ready in foreign currency, the import procedures kick off by completing all necessary documents in preparation for issuing Form No. 4 on the customs system. This form is more than a document — it acts as the official clearance that allows the car to be shipped from abroad.

Ibrahim made these remarks during an interview on the 'Arabity' program broadcast on Radio Egypt. He clarified that the appearance of the form on the system paves the way for the actual shipping process, followed by customs clearance upon arrival.