Top 5 Popular Methods to Transfer Money in Egypt!

There are many ways that allow you to transfer money to someone else, especially through banks. Here are the top 5 methods used by Egyptians:

1- Wire transfers

You can easily transfer money domestically or from abroad to an account in Egypt through wire transfers. This is a widely used and easy method, and while it is a slow method to transfer money but it is completely safe.

When using a wire transfer the recipient does not need to have an account in the same bank to which the money is sent. Also, the bank fees for this transaction vary according to the bank from which you will make the transfer and transferred amount itself.

As for receiving the bank transfer, all the recipient needs to do is to present their national ID card at the bank. They can even receive the money in Egyptian pounds or in the currency in which it was sent.

2- Internal bank transfers

Basically, this is used when transferring money from one account to another within the same bank only (applicable to both banks in Egypt and abroad). Both the sender and recipient must have accounts in the same bank. This method is free service provided by many banks, the sender can confirm the success of the transfer immediately through the bank tellers, and the clients get to keep the receipts for deposit and withdrawal for their records.

Another advantage is same day transfers for domestic transfers while for international transfers it could take up to two business days.

3- Mobile Banking Service

There are 12 banks currently offering Mobile Banking services in Egypt. This service gives customers the ability to transfer money using their mobiles both domestically and internationally.

You need to have an account at one of these 12 banks and by using OTPs, you can easily conduct many banking transactions such transferring money but only in Egyptian pounds. One of its advantages is that is available 24/7 even during holidays. 

Learn more about mobile banking here

It is possible to transfer money using an ATM even if you do not have an account in the bank. All you need is the recipient’s account number.

4- Using an ATM

It is possible to transfer money using an ATM even if you do not have an account in the bank. All you need is the recipient’s account number.

Learn more about ATM services: How can using an ATM or ITM Save you a trip to the bank

5- Internal bank transfer using an ATM

• First you must enter your 4-digit PIN needed to perform any ATM transaction. A number of options will appear in front of you on the screen from which you should choose ‘deposit’.
• Then you will need to enter the amount you want to send with the maximum allowed amount being 3,000 EGP per day and 5,000 EGP per month to the same person.
• The funds can be withdrawn by the recipient for up to 5 days. If 5 days pass the money will be transferred back to the original account.
• The advantage of using an ATM is that you are not restricted to the bank's official working hours.

If you want to know ways to transfer money without going through banks, read our article 4 ways to transfer money other than banks