How to send money to Egypt
The safest and most cost-effective ways of sending money to friends and family in Egypt from New Zealand.
We compare the different money transfer companies and services you can use to send money to Egypt, to find the best deal for you.
Banks versus money transfer companies
You can use your bank’s overseas telegraphic services to send money to Egypt. However, you may not be able to find the rate of exchange until you log into your Internet banking facility.
Furthermore, some companies send US dollars (USD) and not Egyptian pounds (EGP). The table below shows the differences between international payment service providers.
|Money Transfer Company 1||Money Transfer Company 2||Money Transfer Company 3|
|Exchange rate||N/A||NZD$1 = US$0.656837||NZD$1 = EGP£5.10684|
|Amount received for NZD$1,000 (in Egyptian pounds)||N/A||US$656.84||EGP£5106.84|
|Transfer time||2 – 6 business days||minutes||2 – 3 business days|
|Transfer options||Bank deposit||Cash collection||Bank deposit|
This information was current as of 11am, 26 February 2016.
How do I compare transfer companies?
Compare money transfer companies using the following features when you are looking at different quotes.
- Exchange rate. Look to see whether the provider can exchange New Zealand dollars (NZD) to Egyptian pounds (EGP). Next, compare the rate of exchange between the two currencies. Be wary of no transfer fee offers, as this charge may be included in an inflated exchange rate margin.
- Transfer fee. Compare the transfer fee if there is one. You may be able to get a first transfer-free deal or the transfer fee may be waived completely for transactions over a certain size.
- Transfer time. How long will it take for the funds to clear in an Egyptian bank account, or how long before cash can be picked up from an Egyptian cash collection agent? The transfer time is determined by how you pay and how you want the money to be sent and delivered to Egypt.
- Collection options. There are only a handful of money transfer companies that send cash payments that can be collected in person to Egypt. Most companies allow you to send money to an Egyptian bank account.
- Payment options. Cash, debit and credit card payments clear almost instantly. If you pay for your transfer by a bank account deposit, it can take far longer for the transfer to clear.
- Transfer options. All providers allow you to make spot payments (an international money transfer conducted at the current time). However, only a few companies also offer services such as limit orders, forwards contracts and recurring payments.
- Transfer limits. Minimum and maximum transfer limits apply, so make sure you take this into consideration if you want to make a payment of less than NZD$100 or more than NZD$3,000 to Egypt.
- Customer service. Does the company have a New Zealand-based customer service team you can contact if you have a problem with your transfer? Also, what is the provider’s policy concerning cancellations and refunds?
The following information applies to the different ways you can send money to Egypt from New Zealand.
Your bank will offer an overseas telegraphic wire service that enables you to send money to Egypt. For online payments, you can create a new international beneficiary from within the overseas payments menu.
You will need to provide these details about the payee: Name, IBAN, BIC or SWIFT code. You may also be required to enter the recipient’s bank branch address.
Online money transfer companies
These companies can deposit funds into an Egyptian bank account.
- TorFX. TorFX provide a range of transfer services and offer a best rate guarantee when exchanging NZD to EGP.
- WorldFirst. WorldFirst apply a small margin to the market rate and charge a flat transfer fee for transactions under NZD$10,000.
- OFX. OFX provide a better rate than the banks. Its services include: one off and regular trades between NZD and EGP.
- Compass Global Markets. Compass Global Markets are an FX services provider based on Australia’s East coast.
- WorldRemit. WorldRemit can transfer funds to an Egyptian bank account a day after your payment clears. You can also send mobile credit to a phone in Egypt via WorldRemit.
- PayPal. PayPal is a leading international payment service. Low fees make this a popular option for small payments. Both the sender and the receiver need to have a PayPal account.
- 1st Contact Forex. 1st Contact Forex can assist with on-the-spot money transfers to Egypt.
International cash payment services
Compare international cash payment providers such as Western Union or MoneyGram if you need to get cash to Egypt quickly.
- Western Union. Western Union’s Egyptian cash collection options can include banks and foreign exchange offices.
- MoneyGram. MoneyGram can deliver cash to Egypt in minutes. It is partnered with a number of major Egyptian banks and has a presence throughout the country.
Follow these steps to receive a payment from Egypt in New Zealand:
You will need to provide your personal and bank details to the sender to receive money in your bank account from Egypt.
- Your bank or financial institution’s name
- Your account name
- Your account number
- Your address
- Your financial institution’s SWIFT code.
New Zealand law requires the sender to provide personal and financial details to make an international payment to New Zealand, including: their full name, account number, address or identification number.
Cash payments can be collected by showing your photo identification to the cash collection agent, as well as the password or reference number for the transaction.
An overseas party can send money to your PayPal account by searching for you using your mobile number or email address. Funds must be transferred to a bank account before the money can be withdrawn.
Consider the following options if you need to get cash to Egypt in an emergency:
- Travel insurance. Refer to your travel insurance product disclosure statement for an overview of the benefits you are entitled to receive. Insurers may be able to provide an emergency cash benefit in some situations.
- Emergency cash assistance. Your card’s scheme, ie, Visa or MasterCard can issue emergency cash if your credit or debit card is lost or stolen. This request can take up to a day to process and money can usually be collected from a local bank.
- International cash payment. A tried and tested means of getting cash to the furthest reaches of the globe at any time of the day. Western Union and MoneyGram have thousands of cash collection agents in Egypt. For a hefty transfer fee, cash can be sent from New Zealand to Egypt in just minutes.
Western Union and MoneyGram are partnered with Egyptian banks and foreign exchange business throughout the country.
Aaib Maadi Branch
Maadi Palace Building
Station Square Cairo
Open Monday to Thursday, 8:30am–6pm; Sunday 8:30am–6pm
Bank of Alexandria Tahrir
1 Kasr El Nile St
Open Monday to Thursday, 8:30am–6pm; Sunday, 8:30am–6pm
Bank of Alexandria Giza
511 El Ahram St
Open Monday to Thursday, 8.30am–6pm; Sunday 8:30am–6pm
Aaib N R C Branch
National Research Centre
El Be Dokki
Open Monday to Thursday 8:30am–6pm; Sunday 8:30am–6pm
Banque Du Caire Alexandria
1 Hagar El Nawatiya Street
Open Monday to Thursday 8:30am–3pm; Sunday 8:30am–3pm
The United Bank
12 Champion Street El Ezarita
Open Monday to Sunday, 8am–9:30pm
Banque Du Caire Port Said
31 Gomhouria Street
Open Monday to Thursday, 8:30am–3pm; Sunday 8:30am–3pm
The United Bank
Open Monday to Sunday, 8am–9:30pm
Due to political unrest and regional tension, the government advisory publication SafeTravel warns against travel to areas of Egypt which present a high risk of danger to New Zealand nationals and other foreigners. Areas to avoid include: Sinai Peninsula; areas within 50km of Egypt’s border with Libya; and Siwa Oasis. Instances of crime, both petty and violent, have been on the rise since the start of Egypt’s political unrest in 2013. Travel in a group if you are concerned about picking up cash in Egypt. Consider talking to a person in authority from your hotel if you are travelling solo.
Log on to your online banking platform to send money to Egypt using your bank’s overseas payment service. You can also send money to Egypt over the phone or at a branch. In your Internet banking menu, look for the overseas payments option and add a new international recipient if this is your first payment to Egypt. You can create a new recipient using the information provided in the “How to send money to Egypt” section of this article. You may need to enter an online verification code or activate international payments functionality, depending on your bank’s online security settings.
You will need to register for a free account, to use the services of any of the money transfer companies we have listed on this page. You can do this in less than 10 minutes by completing an online registration form. Provide the following information to complete the registration process:
- Your personal details.
- Your contact details.
- Your identification (you may be required to send a copy of your passport or a utility bill).
You will receive a tracking number after you confirm and pay for the transfer. This number can be used to monitor the status of payment.
If you need to send money to Egypt from New Zealand, there are a number of options available. Make sure you do your research so you can find the best deal for you.
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