When sending money to Egypt, there are lots of options, and a quick comparison across them can give you massive saving opportunities. Some of the things to look at include the fees, exchange rates, delivery times, and reliability of the money transfer channels.
Sending money to Egypt is simple and easy. Follow these steps to get started.
There are multiple ways to easily send and receive money in Egypt but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money.
Whether you want to transfer $200 or $1,000 to Egypt, it helps to know how you can get your money across to the recipient without suffering significant losses in transfer fees. Below are some of the frequently used ways to send money to Egypt.
On the Middle East corridors, banks such as Enjaz Bank, Saudi American Bank, and Al-Rajhi Bank are commonly used by Egyptians to transfer money to their family and friends. These and many other banks in transfer corridors across Europe, Asia, and the Americas allow for online transfers to bank accounts in Egypt.
The biggest challenge with interbank transfers is that they often charge higher exchange rate margins to the tune of 5%+ and some use intermediaries which add to the cost of sending money. The cost per transfer can go up to $40 which means only large transfers are economical.
It helps if the recipient has an account with the same bank you are using in the host country to send the money.
Providers such as Transferwise, Xoom, Xpress Money, Transfast, OFX, Azimo, and Xendpay can help you quickly and safely move money across borders to Egypt. These providers require that you sign up for an account with them, get it verified, and pay for your transfer before they can process it.
Depending on the provider you use, you can pay for your transfer using an online bank transfer, bank debit, credit card or debit card. Once they receive your money, they will send it to your recipient through a direct to bank deposit or cash pickup.
WorldRemit allows you to top up prepaid phones in Egypt on the following carriers: Orange, Vodafone, and Etisalat AT. Most transfers to Egypt are delivered the same day whether you use cash pickup or bank transfer. However, some providers may take up to 3 days to deliver your transfers.
Many Egyptians in the Middle East prefer instore cash transfers through money transfer operators like Western Union, MoneyGram, Xpress Money, and TeleMoney. This channel requires you to visit a physical agent, deposit the money, and give the instructions to whom it should be sent.
Western Union and MoneyGram give you the online option if you have access to the internet. The major disadvantage of instore cash transfers is the inconvenience of locating a store and walking in to make your deposit. When sending money from the UK via MoneyGram to Egypt, you can choose a cash pickup option for faster deliveries. The maximum you can send is 6,000 GBP at a cost of 3.99 GBP.
If you want to send money to Egypt, ensure you have the following documents and information in place.
Online money transfer providers have made the process simple by verifying your information during account sign up. Going forward, you only need to provide the payment details and the recipient information.
Your recipients in Egypt can choose to receive money in any of the following ways:
Bank Deposit – Most providers have agreements with local and international banks where they can accept deposits for local withdrawal. For instance, Xoom allows you to deposit to more than 10 banks in Egypt including Citibank, HSBC Egypt, Credit Agricole Egypt among others. WorlRemit and Transferwise work with all major banks.
Cash Pickup – Cash p[ickup locations allow the recipient to receive the money in cash. This is convenient for small transfers of $500 and below. Money transfer providers have agreements with local partners like alBaraka, United Bank of Egypt, Beverly Hills, Kafr El Dawar among others.
Once the transfer is completed, the recipient will get an SMS or email notification to collect the money. The following documents will be required:
• Your national identity card or passport
• The transaction number -This code is automatically
generated when the sender initiates the transfer. It could either be sent to you by the provider or the sender.
Some providers may ask that you identify the sender and the purpose for the transfer as part of the anti-money laundering regulations.
Diaspora Egyptians often send money home for a variety of reasons some of which are listed below:
Egyptians whose families are still back at home often send money for support with food, entertainment, bill payments, and other day-to-day uses.
With most Egyptians abroad looking at coming back in the future when their contracts have come to an end or otherwise, having savings and investments back home is something they treasure. Some of the investments are in real estate or in financial assets at the Egyptian Exchange.
To keep their siblings in school, Egyptians in the diaspora send money to pay for their education expenses and tuition fees.
Those with investments or businesses abroad often send money home as part of their regular income repatriation practices. Some of them are partners in international businesses and have directed companies to send in their dividends and bonuses to accounts in Egypt.
Egyptians having mortgages with local banks at home periodically send money to honour their repayment obligations. This is a common occurrence where they get loans to buy houses and then spread the repayment over a given period.
Some of the money that gets sent to Egypt is to boost the capital base of companies run by Egyptians abroad. The money may help in day-to-day operational expenses such as payment of wages and salaries, supplies, and bills.
Choosing money transfer services when sending money home is one of the best decisions for the following reasons.
Before you hit the ‘Send’ button on your transfer to Egypt, there are certain things that you must consider. Below are some of them:
While there is more to sending money to Egypt, this guide gives you all the information you need to initiate your first transfer with whichever provider you choose.
Sending money anywhere else in the world is as easy as sending money to the Egypt. If you're looking to send money to another country, here is the list of the most popular destinations.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com