Finding reliable ways to send money back home is critical for living a stress-free expat life. Here are eight tips you should follow when sending money digitally as an Egyptian expat:
1. Compare Exchange Rates and Transaction Fees
The currency exchange rate varies for different transaction methods. Wire transfers and money orders offer a better exchange rate but might charge high international transaction fees. On the other hand, online apps charge low fees, but the currency rate can fluctuate.
Compare exchange rates with dedicated tools and find the best method to transfer money to Egypt. Before initiating the transaction, calculate the amount your family in Egypt should be receiving. As a result, you can file a complaint if there are any discrepancies.
2. Pay Attention to Security Features
To protect your personal information and money, make sure your chosen money transfer method complies with security regulations. Common security features include encryption, tokenization, and multi-factor authentication (MFA).
Many online money transfer apps ensure biometric verification for confirming transfers.
3. Consider Online Transfer Services
In today’s age, online transfer services are one of the most reliable ways to send money to Egypt. You can send large amounts of funds within hours without paying hefty costs. Online platforms comply with robust security features to prevent your data from falling into the wrong hands.
4. Schedule Regular Payments
If you send money to Egypt on a regular basis, consider scheduling them for added convenience. It will guarantee timely processing of your payments and ensure peace of mind. Scheduling is excellent for timely down payments, bill management, and birthday surprises.
5. Double-check the Recipient’s Information
Misspelled recipient names and errors in account numbers can lead to delays and rejections. Even minor discrepancies can lead to misdirected funds.
If there are errors during the bank transfer, a customer support agent will contact you. However, it can take days for the payment to reach the correct recipient. Take precautionary measures and double-check the recipient information.
6. Consider Potential Delays
Public and bank holidays can affect the transfer time. Before initiating the transfer, check the calendar for cultural or religious holidays in Egypt.
Most money transfers are made between the first five and last ten days of the month. To avoid delays, make transactions halfway through the month.
7. Verify Transaction Limits and Requirements
If you’re sending large sums of money to Egypt, check the transaction limit and requirements of your chosen transfer method. Traditional bank transfers often require additional documentation, such as:
- Proof of income
- Tax records
- Purpose of the transfer
- Recent bank statement
You also need to comply with additional security checks to avoid penalties.
8. Track Your Payment
Once you have initiated the transfer, note the payment ID. Track your payment until it reaches the recipient in Egypt. Tracking will help you contact customer support if there are any delays or deductions.
Many online international money transfer platforms, such as Wise and Western Union, give real-time updates. This will ensure peace of mind for both you and the recipient.