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Compare rates and fees for sending money to Egypt
There are multiple ways to easily send and receive money in Egypt but these will largely depend on the provider you decide to use.
How can I pay for my money transfer to Egypt?
Money transfer providers offer the most comprehensive options for sending money to Egypt. You can pay for the transfer using the following:
Credit card: Credit card payments are fast and straightforward, though providers charge higher fees for currency conversion and a cash advance fee when sending money abroad. Additionally, your balance can accrue interest if you don’t pay it immediately.
Debit card: Debit cards also bring fees for currency conversion. However, they offer faster processing than bank transfers and don’t have the interest fees of a credit card.
Bank transfer: You can also transfer money straight from your bank account. Just remember that bank transfers can take longer than the other payment methods listed above.
Digital wallet: Many providers extend the option to pay with digital wallets, including Apple Pay, Google Pay, and PayPal.
What is the best way to send money to Egypt?
The best way to send money to Egypt is by using a money transfer provider and paying by bank transfer. Apps like XE, WorldRemit, and Wise offer flexible options, but XE stands out for providing fast transfers with no fees. If you need to send money immediately, WorldRemit may be the better option.
You can also pay using a credit or debit card. Wise charges additional fees depending on your payment method, but any money transfer provider will offer lower fees and faster service than payments sent over the SWIFT network. So the best way to send money is through a transfer provider and using a bank transfer, but providers still offer these other options.
How long does it take to send money to Egypt?
Money transfer times vary based on the amount you send (due to security protocols) and when you initiate the transfer. Some banks have cut-off times, and the transaction will be delayed until the following day.
When using a transfer app, transfer times are as follows:
XE: One to two hours
WorldRemit: A few minutes
Wise: The next day
These estimates are based on a $2,000 transfer. The exact time may vary with larger transactions.
What is the fastest way to send money to Egypt?
The fastest way to send money to Egypt is through a money transfer provider. WorldRemit, in particular, allows you to make transfers within minutes. For a fee-free option, XE transfers take only one to two hours.
Cash pickups are another option. These can also be initiated using providers like XE and WorldRemit. Users can send money to an approved agent or bank, and recipients can usually pick up their money minutes after the transaction is made. Both of these apps have location tools to help recipients find an agent near them.
Paying with a credit or debit card can also accelerate the cash transfer process. Just beware of high interest rates or additional fees associated with each payment method. Providers like Wise, for example, charge separate fees depending on your payment method.
SWIFT transfers are the least efficient. Money transfer apps are much faster because they avoid this network and rely on a fast network.
To find the best money transfer provider, use the helpful search tool on MoneyTransfers.com.
How much does it cost to send money to Egypt?
When sending money to Egypt, you’ll have to pay for the transfer, any fees associated with making it, and the exchange rate - in this case, the cost of converting from American dollars to the Egyptian pound.
So while XE has no fees for the transfer, you’ll still pay an exchange rate of 30.6717. This means that you can send $2,000, and the recipient will receive E£61,343.48.
WorldRemit charges $0.99 to send $2,000, though the exchange rate is less - 30.4146. As such, you’ll send $2,000, and the recipient will receive E£60,829.28
Some providers charge fixed fees, while others charge percentage fees based on the amount you send. These percentages can also vary by payment method. Pay attention to the mid-market rate or the midpoint between the selling and buying price of foreign currencies.
What is the cheapest way to send money to Egypt?
Typically, paying by a bank transfer using an online transfer provider is the cheapest way to send money abroad including Egypt. XE even offers fee-free transfers that take only an hour or two to process. WorldRemit can likewise transfer money using bank transfers, which can be completed in minutes with a small fee.
Credit and debit cards can accelerate this process. Users should beware of interest rates and fees that vary by payment method. Wise, for example, charges a higher fee when paying by credit - $114.72, which is more than 5% of your total transaction.
You might also consider wire transfers, assuming you’re prepared for higher fees and unpredictable transfer times. Transactions on the SWIFT network can often be slower than domestic banks and accumulate more fees.
To compare fees and exchange rates, use the search tool found on MoneyTransfer.com.
What do I need to send money to Egypt?
Before you send money to Egypt, you’ll have to gather some basic information:
Your personal details: To sign up with a money transfer provider, you must provide your name, address, and contact information. You must also upload a valid photo ID to validate your identity.
Information about the recipient: You’ll need the recipient’s full name, SWIFT code (which identifies the bank), and 29-digit IBAN. The latter always consists of a 2-character country code (EG, for Egypt), a 2-digit check number, a 4-character bank code, and a 4-digit branch code. The remaining 17 digits will be the recipient’s unique bank account number.
Payment method: Typically, you’ll pay for the transfer before sending money. Most providers allow you to use credit cards, debit cards, bank transfers, or a digital wallet.
What do I need to receive money in Egypt?
To receive money in Egypt, recipients will need to show a valid form of ID, such as their:
Egyptian driver’s license
Passport
Egyptian national ID card
Recipients should also confirm that the sender has the correct contact details, including their SWIFT code and 29-digit IBAN.
Do I pay tax on money transfers to Egypt?
Large transfers are generally taxable, especially if you have a foreign account containing more than $10,000 or your business sends more than $10,000 during the tax year.
The USA has a gift allowance of $17,000, meaning you can send up to $17,000 (or $34,000 for married couples filing jointly) tax-free. But anything over this will be subject to tax.
Recipients may find themselves paying tax on remittance to Egypt, though this depends on why they receive the money. For example, they must pay income tax if the money is classified as worldwide income. That said, there’s no tax on money received in Egypt if given as a gift.
What reasons do people send money to Egypt?
According to the United States Embassy, roughly 60,000 American citizens reside in Egypt. Meanwhile, 250,000 first or second-generation Egyptians live in the USA.
American residents may need to send money to Egypt to support friends and family residing there temporarily or permanently. These funds may be used for things like:
Medical bills
Paying debts
Education/tuition
Investments/businesses
Regardless of the reason, bank transfer providers make it convenient and safe to send money from the USA to those living in Egypt.
Sending money to major banks in Egypt
Egypt’s most major banks include:
National Bank of Egypt
Banque Misr
Commercial International Bank
Arab Bank PLC
Banque Du Claire
Bank of Alexandria
Mashreq
All of these banks allow USA residents to set up transfers and are compatible with major money transfer apps.
The USD to EGP exchange rate
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What apps can I use to send money to Egypt?
USA residents can send money to Egypt using apps like:
XE
WorldRemit
Wise
Currencies Direct
If the recipient doesn’t have a bank in Egypt or nearby, they might consider one of the following digital wallets operating in Egypt:
Vodafone Cash
CIB Smart Wallet
QNB E-Wallet
Alex Bank Ma7fazty
NBE Phone Cash
Government regulations prohibit recipients from linking PayPal to their bank accounts, though users can still withdraw funds to a credit card or make payments directly from their account.
It’s wise to use MoneyTransfer.com to find a money transfer provider whose speed and costs suit your needs.
Useful links for People from Egypt Living Abroad
If you’re from Egypt, you may benefit from links such as:
And if you need additional information on money transfers, just use MoneyTransfers.com.
Sending Different Amounts of Money to Egypt
Here’s what you need to know about sending money to Egypt.
Sending Under $1,000 to Egypt
Money transfer apps are your best option. Providers like XE let you send up to $2,000 without paying any fees.
Sending $1,000 or more to Egypt
Most transfer providers like XE and WorldRemit let you send up to $2,000 easily and affordably. For more significant amounts, you may run into transfer limits.
WorldRemit sets a 24-hour transaction limit of $9,000, with a per-transaction limit of $5,000 (when paying with a credit/debit card or bank transfer) or $300 when using Apple Pay. XE allows you to send unlimited payments to Egypt or $500,000 in an online transaction.
Sending $10,000 or more to Egypt
Apps like XE allow you to send larger amounts of money, and Wise will enable you to transfer up to $10,000 daily. But if you need to send significantly more, you must rely exclusively on XE.
Sending $100,000 or more to Egypt
The largest transfers can only be handled by XE or by contacting a dedicated money broker like TorFX or Currencies Direct. Remember that transactions over $10,000 will be reported to the IRS for security reasons.
Looking to Send Money Somewhere Else?
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.
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