Transferring money

Bank and wire transfers in Egypt

Transferring money

If you are fortunate enough to open an Egyptian bank account, you will find that your bank will be able to transfer money to overseas accounts for you.

Fees for this service vary from bank to bank, and you may find yourself charged several fees depending on the two banks’ policies toward international transfers and currency exchange. More importantly, this is not an option without an Egyptian bank account. Taxes from your home country may also apply.

Wire transfer services

MoneyGram  and Western Union  both operate in Egypt. These wire services make it convenient, safe and relatively cheap to send money person-to-person to almost any country overseas, provided you can trust the person who will be receiving the funds outside of Egypt. In order to send a MoneyGram or Western Union transfer, you will need to make sure your transfer funds are in US dollars. Take your passport and the cash to the wire service’s office, and a clerk will provide you with the proper paperwork.

You will specify the recipient of the funds and the wire service will provide you with a reference number. In order to obtain the funds, the recipient must go to a MoneyGram or Western Union branch in his own country and present the clerk with the correct reference number.

Western Union and MoneyGram are as safe as your relationship with the person receiving your money. If you have a trusted family member or spouse in your home country that is willing to obtain the transfers and deposit them into your bank account, you should have no problem using these services.

Both these services have a reputation as tools of 419 scammers  and other fraudsters, however and there is next to nothing you can do to recover your money if you end up a victim of fraud. Under no circumstances should you ever wire money to a stranger, and always remember that even a friend or family member could potentially rip you off.

Further reading

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