Several Egyptians who live outside of the country as well as residents of other nations end up sending money to Egypt for different reasons. A common thread that connects most of these people is the need to look for a suitable service provider that can send money to Egypt in a quick and cost effective manner. Fortunately, there are several good overseas money transfer companies that facilitate cross-border money transfers to and from Egypt.
Transfer Money to Egypt
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Egyptian pound (EGP) is the official currency of Egypt. One pound id divided into 100 piastres or 1,000 milliemes. The frequently used abbreviations “LE” and “L.E” stand for “livre égyptienne,” which literally translates to “Egyptian pound” in French. The symbols £E and E£ are also used commonly to denote the Egyptian pound.
When sending money to a bank account in Egypt, you will need the bank’s SWIFT code. The table below lists SWIFT codes of some popular banks in the region.
|National Bank of Egypt||Cairo||NBEGEGCX001|
|Commercial International Bank||Cairo||CIBEEGCX005|
|Banque du Caire||Cairo||BCAIEGCX030|
Popular Currency Corridors
Money flows in and out of Egypt regularly. In 2016, close to U.S. $16.6 billion was sent to Egypt as remittances from other countries. Around U.S. $381 million made its way out of Egypt during the same period.
Look at the corresponding tables to get an indication of which way how much money moves when it comes to Egypt. The numbers are from 2016 and listed in U.S. dollars.
|United Arab Emirates||AED-EGP||$1,622,000,000|
How Do I Compare Companies When Sending Money to Egypt?
While companies that let you send money to Egypt may function differently, aspects that require your consideration when running a comparison remain the same.
- Cost. The cost of sending money to Egypt depends on two factors – exchange rates and fees. Since both tend to vary from one company to the next, an easy way to find the most cost effective alternative is to compare how much money will get to the recipient at the end of the transfer.
- Turnaround time. A typical wire transfer to Egypt may take two to six working days. This depends on the company you choose, the recipient’s bank, as well as where you live. If you want to send money to Egypt in a hurry, consider sending it to a cash pickup location from where the recipient may collect transferred funds in person. These transfers tend to process almost immediately.
- Modes of payment. The most common way to pay for a money transfer to Egypt is through a bank account. While not all companies accept credit and debit card payments, finding ones that do is easy. Some companies also accept payments through different region-specific methods such as ACH, SOFORT, POLi, and iDEAL.
- Customer support. If you plan to send money to Egypt from time to time, look for a company that provides good customer service because you never know when you might need some assistance. Not all companies provide over the phone support, although online support via email and chat is easy to find. Review-based websites such as Trustpilot and Feefo give you easy means to find out how these companies fare in the real world.
How to Transfer Money to Egypt?
You may begin the process of sending money to Egypt in different ways.
- Online. Banks that let their customers send money to Egypt might provide the option of initiating transfers online. However, since most banks do not rate well in cost effectiveness and speed, you might be better off turning to specialist online money transfer companies.
- Over the phone. Depending on where you live, you might be able to find a company that lets you send money to Egypt over the phone. Some companies even give their customers access to dedicated currency brokers.
- In-person. Your local bank might let you transfer money to Egypt in person. However, take time to compare its cost and speed with money transfer companies that operate out of physical locations or have agent networks.
Omar moved to the U.S. as a student, and upon the completion of his studies he managed to get a job in the country. Once he became financially comfortable, he decided to start sending some money back home to his parents. While the American bank he banked with let him send money to Egypt, he was not sure if it offered him the best deal. He ran an online comparison and this is what he found.
|Bank||Money Transfer Service|
|Exchange rate||$1 = EGP 17.1404||$1 = EGP 17.5234|
|Amount received for $1,000||EGP 16,797.59||EGP 17,523.40|
|Transfer time||2 to 6 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EGP 725.81|
Omar was glad he compared his alternatives because using the money transfer company instead of his bank resulted in his parents getting some extra money each time. In addition, he could schedule subsequent transfers if he so desired.
Cash Pickup Locations in Egypt
If you want to transfer money to Egypt quickly, or in case the recipient does not have a bank account, you can turn to companies that have offices or agent networks in the country. Your options include Western Union, MoneyGram, Ria, and WorldRemit.
|Western Union in Egypt|
|Cairo Aaib Maadi Branch, Road No 9 Maadi Palace Building Station Square Cairo||Bank of Alexandria Tahrir 1 kasr El Nile St Cairo|
|Alexandria Aaib Alex San Stefano Branch A30 San Stefano Mall Alexandria||Aaib Alexandria Branch 73 En. Ahmed Mohamed Ismaiel Wabour Elmeyah - Alex. Alexandria|
|MoneyGram in Egypt|
|Cairo Banque du Caire 11 Aly El Rouby Street Roxy Sqr. Cairo||The United Bank 4 El Baroufia Street-Alghouria-Al Azhar Caire|
|Alexandria Banque du Caire 67 Victor Emanuelle Street, Beside Summer Moon Alexandria||Banque du Caire 1 Hagar El Nawatiya Street Bakous Alexandria|
|Ria Money Transfer in Egypt|
|Cairo Cargo Zone Al Mabna Al Motawar, EgyptAir Cargo Area Cargo Village, Customs Service, Cairo Airport Cairo||El Fath 81 El Montazah St., El Nozha, Masr El Dedida Cairo|
|Alexandria Gelim 78 Abdel Salam Aref St. Alexandria||Salah Salem 5 Salah Salem St. Alexandria|
Safety Tips for Picking Up Cash in Egypt
Crime levels in Egypt are typically low, although instances of petty crime such as bag snatching and pickpocketing are not uncommon. Occasionally, foreigners and expats have been victims of muggings, car-jackings, armed robberies, break-ins, and sexual assaults. Car-jackers tend to target four-wheel drive vehicles and can strike at any time during the day. Be particularly careful when travelling alone in microbuses and taxis, and try not to be the last passenger left on a bus. Use hotel safes as and when possible.
What Information Do I Need to Transfer Money to Egypt?
You will need to provide different kinds of information to transfer money to Egypt, which varies depending on the desired transfer method.
- Bank account. The information you need includes the recipient’s complete name, the recipient’s bank account number, the name of the receiving bank, and the receiving bank’s SWIFT code.
- Cash pickup center. You will need the recipient’s complete name along with a desired cash pickup location. To collect the money, the recipient will need to provide a reference number and an acceptable form of ID.
Regulations When Transferring Money To and From Egypt
Egypt placed strict controls on foreign currency movement after 2011, with the aim of minimizing outflow of capital from the country. In June 2017, it did away with all previously imposed limits on foreign currency transfers.
According to Egyptian law, individuals and businesses may hold foreign currencies in Egypt, and they may maintain foreign currency-denominated bank accounts in the country. Individuals and free to buy and transfer foreign currency, although they are required by law to use licensed forex bureaus or banks.
Sending money to Egypt does not have to be complicated or time consuming, provided you know what factors to consider when comparing your alternatives. If you want added savings, look for ongoing promotional offers.
Now that you know of the different aspects that require your attention when sending money to Poland, take time to compare your options well. Look for ongoing promotional offers as they may lead to additional savings.
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