Here’s how to send a fast, secure and affordable money transfer to Egypt from the US.
When you want to send money to friends or loved ones in Egypt, the process can seem intimidating and expensive. But bank and online transactions to Alexandria, Zagazig and everywhere in between don’t have to be difficult, and they don’t need to cost a lot either.
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Compare international money transfers to Egypt
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Egypt with our money transfer partners.
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent money transfer provider, which then sends the money to your recipient in another country — in this case, Egypt.
Transfers can be initiated in person, over the phone, through a mobile app or online. You can use cash, pay with a credit or debit card, or transfer funds from your bank account, which is then either deposited into your recipient’s bank account or mobile wallet or made available as a cash pickup from an agent location in their country.Back to top
Banks vs. money transfer companies
Think the obvious way to send money abroad is through your bank? It may also be the slowest and priciest, with high fees and weak exchange rates — resulting in fewer Egyptian pounds for your recipient.
By using the services of a dedicated money transfer specialist, you can take advantage of a much better deal. These providers specialize in sending money overseas and typically offer far superior exchange rates to those you’ll get from any major bank. They also charge lower fees and sometimes even offer cash pickups for your recipient.Back to top
Case study: Kim sends $1,000 to Egypt
Kim’s sister, Kelly, is traveling through Egypt before heading to Europe. But while exploring the ancient pyramids, Kelly fell victim to a well-organized team of thieves that stole her wallet, leaving her without her cash and credit cards. She calls Kim back home to ask for an urgent transfer of $1,000.
Kim agrees to send the money ASAP. But rather than go through her local bank, she researches whether she can get a better deal from a money transfer specialist.
|Money transfer company||Bank transfer/b>|
|Exchange rate||1 USD = 7.71 EGP||1 USD = 7.75 EGP|
|Transfer speed||24 hours||10 minutes|
|Transfer method||Cash pickup||Bank account deposit|
|Total EGP received||7,710 EGP||7,750 EGP|
While the second transfer provider charges a significantly higher transfer fee, it can get Kim’s funds to her sister more quickly than the first company can — and also allow her to send an extra 40 Egyptian pounds because of its superior exchange rate.
How do I compare money transfer companies?
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare what you’re offered against the mid-market rate — or the rate banks and transfer services use when they trade among themselves. The provider that’s closest to this rate is offering the better deal.
- Fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Transfer speed. How long it takes for your recipient to get the money depends on a number of factors, including how you’re paying for it. Some companies can transfer your funds within minutes, while others may take several days to process a transaction.
- Transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Payment and delivery options. Can you schedule a transfer online, over the phone or through an agent? Does the provider accept payments by bank account, credit card or debit card? Can you schedule a cash pickup, or is a bank transfer your only option?
- Minimum or maximum amounts. Is your transfer amount within the range accepted by your provider?
- Customer service. Is there a team you can contact with questions, whether by phone, email or live chat?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. For example, in January 2018 the US dollar was worth approximately 17.88 Egyptian pounds.
However, most countries’ exchange rates are flexible, which means they can fluctuate with the market. Factors that influence the exchange rate include interest rates, economic stability and inflation.
See live USD/EGP exchange rates updated every minute
What are the ways that I can send money to Egypt?
- Bank transfers. Bank-to-bank transfers are safe but can be costly, offering weaker exchange rates.
- Online money transfer providers. Money transfer companies specialize in secure and affordable international transactions. Because World First and OFX are trusted partners of finder.com, you can avoid fees on all qualifying transfers.
- Providers with cash pickup. Western Union, MoneyGram and Ria offer this convenient service.
- M-Pesa. M-Pesa is a safe, secure way to send, receive and store money through your mobile phone or an app. Top up your account at one of more than 287,000 agent locations and then send money to loved ones, who can visit an agent to withdraw their funds.
- Checks and money orders. Although not a quick option, you could send an international check overseas, obtained from your bank or US Postal Service.
Steps to send money to Egypt
Whether you send money through your bank, a money transfer provider or any other option, you’ll need to:
- Choose a provider based on the best fees, exchange rates and speed for your needs.
- Register for an account, supplying your name, address, contact details, proof of ID and your recipient’s information.
- Initiate and fund your transfer by connecting a payment method.
- Keep a record of any transaction reference number you receive so that you can review the progress of your transfer.
Same-day cash transfers to Egypt
Any time you need to send an emergency cash transfer, you will often pay extra to get it there ASAP. The fastest possible transfer will often be your most expensive option, so review the exchange rate and transfer fee that will apply to your transaction before you hand over your cash.
Tips for picking up cash in Egypt
When picking up cash from an agent location in Egypt, keep the following safety tips in mind:
- There’s safety in numbers. Take along your traveling companions for assistance.
- Be aware of your personal safety at all times, and avoid high-crime areas.
- Don’t display your cash in front of strangers.
- Don’t carry around a large sum of money for any longer than you have to.
You have options to choose from when sending money to Egypt from the United States. To get the best value for money for your international money transfer, compare the benefits and features of competing services before selecting a provider.Back to top