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|
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.
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|
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.
You will need to provide different kinds of information to transfer money to Egypt, which varies depending on the desired transfer method.
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.