27 Dec 2024
Egypt received more than 6.4 billion USD in remittances in 2023. However, when expats send money to Egypt, they face high fees, inconvenience, and late deliveries. Expats require a complete method to send their funds across the UK. Contrary to popular belief, it is not rare to find such a service offering convenient features. Cross-border payments can be a hassle, but this blog will list the best methods.
Here are the most popular methods to transfer funds from the UK to Egypt.
Bank transfers are undoubtedly the safest method of sending money abroad. People rely more on them for large sums as they are safer and more controlled. However, the fees are high; most transfers take 3-5 working days. Besides, FX rates are much less attractive when coming through banks, making most of them costlier.
To get the highest exchange rate possible, ensure your bank partners with one of the local Egyptian banks. They tend to lessen charges and make the transaction take much less time. This method best suits a client who feels the money must be secured rather than lost to cheaper money transfer services.
International remittances have recently gained popularity due to online money transfer services. Unlike conventional banks, services such as ACE Money Transfer provide competitive exchange rates, completely transparent fee structures, and a much faster transfer process. The service will let a user send money online to Egypt from the UK with the comfort of a website or mobile application, making the entire process much more manageable. Also, most platforms offer better delivery options, such as direct-to-bank, cash pickup, and even specific mobile wallets.
Western Union and MoneyGram are among the money transfer operators with thousands of agents worldwide. Fast cash-in-person transfers help when it is easier for a person without bank account access to Egypt to carry cash.
Online transactions are also available, and almost any MTO can afford to make cash pick-ups accessible through major cities in Egypt. They will transfer the funds almost instantly, but MTO fees are quite steep, especially on higher values, and exchange rates might not be the best available online. However, because of their reliability and availability across the globe, many expats rely on this method.
Alternative remittance services are cryptocurrencies, such as Bitcoin and Ethereum, that only a tech-savvy person can use. Crypto transfers are sometimes fast, take minutes, and are less expensive than traditional methods. However, they come with volatility risk, as exchange rates fluctuate wildly between sending and receiving currency.
You and the recipient must hold digital wallets that accept crypto. Once the recipients obtain this crypto, they will sell it for Egypt Pounds through localized exchanges.
Another way to make an online money transfer to Egypt from the UK is through prepaid debit cards. You can top up the card with some money in the UK and send it to your recipient in Egypt. Once they receive the card, they can withdraw the cash at an ATM or make direct purchases. Prepaid cards such as Payoneer or Revolut charge international transaction fees but provide reusable funds.
While many options are available, online services are affordable, quick, and secure. The rise of online money transfer services in recent years has created an alternative to more traditional methods like bank transfers or wire transfers. Here are some reasons why using online services to send money abroad could seem like the ideal choice:
You can send money anytime, from the comfort of your home, using online transfers. Several platforms, such as ACE, provide instant money transfers from Australia to ensure your money gets to Egypt as soon as possible.
Online platforms usually provide a clear breakdown of costs and currency rates before you complete the transaction. This will prevent surprises and help you make well-informed decisions.
ACE Money Transfer is the leading remittance-sending service that provides fast, reliable, and reasonably priced money transfers to over 100 countries, including Egypt. Due to its competitive currency rates and low transfer fees, the service is popular among expats looking to maximize their remittances.
Do not get confused with the several different options available for sending remittances. Keep in mind what you require to choose the best option. ACE usually provides every facility that most expats are looking for. So, sign up on ACE today and enjoy your first free money transfer to Egypt from the UK.
Many UK banks allow you to set up recurring transfers to ensure timely remittances.
Some services, like Remitly and WorldRemit, occasionally offer promotions with fee-free first transfers.
Most online transfer services and MTOs provide real-time tracking for added convenience and security.
For cash pickups, recipients typically need a government-issued ID and the transaction reference number.
Yes, certain crypto exchanges in Egypt allow the conversion of digital assets to Egyptian pounds.
