Compare the best ways to send money from Canada to Egypt

The exchange rate is the price you will pay when buying Egyptian Pound in Canada. A better exchange rate means you send more Egyptian Pounds to Egypt.

Currently, the mid-market rate between the Canadian Dollar and Egyptian Pound is 35.289. The company offering the best price on buying Egyptian Pound is Wise.

Exchange rates between CAD-EGP change almost constantly.

Waiting a day or two can help you get more EGP for the same amount of Canadian Dollars, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Canada and Egypt for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a Bank Transfer will most often be the way to get the best price when sending money from Canada to Egypt.

For a transfer by Bank Transfer, Wise is 0% cheaper than the next option.

Canada and Egypt have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Canada and Egypt.

Money transfer companies offering services between Canada and Egypt have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Canadian Dollar could change. We always recommend comparing CAD-EGP rates for your specific transfer amount. Then, with transfers to Egypt, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of CAD to Egypt, we’d recommend Wise.

There are different options for receiving Egyptian Pound in Egypt. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Canada to Egypt will offer every method for incoming Egyptian Pound, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Canada into Egypt. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Canada and Egypt.

And if you need cash right away, check if cash pickup is an option for transfers between Canada and Egypt.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

You will need to verify your ID at the sign up stage when sending from Canada to Egypt through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Canada through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in Egypt, both of these will also likely be accepted. Depending on the company you are using and where the money is going in Egypt, it’s always best to check ahead just in case.

Larger transactions between Canada and Egypt are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to Egypt, was their easy sign up process in Canada.

When sending money between Canada and Egypt there will be tax declarations to consider.

Some transfers into Egyptian Pound may need to be reported to tax authorities in Egypt. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in Egypt based on age, income and personal circumstance. When in doubt, please contact a tax professional in Canada or Egypt to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.