The Central Bank of Egypt (CBE) announced the launch of a new service on Monday, enabling instant money transfers from any location worldwide directly to Egypt. This service ensures the efficiency and accessibility of financial transactions, providing Egyptian expatriates with a seamless way to send remittances home.
The new initiative is part of the CBE’s broader efforts to modernize Egypt’s financial infrastructure and align with the country’s Vision 2030. The service follows the CBE’s earlier introduction of an instant money transfer option through the InstaPay application, launched in December 2024, which allows recipients to receive funds from abroad instantly via Egypt’s national instant transfer network.
Key Features of the Service
The instant transfer service operates seven days a week, offering a fast, secure, and transparent way for Egyptians abroad to send money back home. By linking to a global network of international agents and correspondents, the service eliminates the constraints of traditional banking hours, allowing for transfers at any time.
Upon transfer, funds are immediately credited to the beneficiary’s bank account in Egypt, providing instant access to the money. In addition to bank accounts, recipients can also choose to receive funds via bank cards or e-wallets, adding an extra layer of flexibility for beneficiaries.
To ensure full transparency, customers sending money are required to provide accurate details of both the transfer amount and the beneficiary’s information. The service’s partnership with various regional exchange companies and banks further simplifies the process.
Regional Partnerships to Facilitate Transfers
Numerous regional exchange companies and banks contribute to facilitating smooth cross-border transactions for Egyptians in key countries across the Middle East. Some of the key partners include:
- United Arab Emirates: Al Fardan Exchange, Lulu Exchange, Al Rostamani International Exchange, Lari Exchange, and Redha Al Ansari Exchange.
- Saudi Arabia: Tahweel Al Rajhi, Saudi National Bank (QuickPay), Enjaz, and Alinma Bank.
- Kuwait: Al Mulla Exchange, Lulu Exchange, Al Ansari Exchange, and Aman Exchange.
- Qatar: Al Fardan Exchange, Qatar Islamic Bank, and Arabian Exchange.
- Oman: Unimoni Exchange, Modern Exchange, and Bank Muscat.
- Jordan: Shift Financial Services, Alawneh Exchange, and Kamal Exchange.
- Bahrain: Alyousuf Exchange Arabic and Zenj Exchange.
This wide network of partners ensures that Egyptians living abroad can access the service with ease, regardless of their location.
A Step Toward Financial Inclusion
The introduction of this instant money transfer system marks a significant step in Egypt’s pursuit of financial inclusion, offering Egyptians worldwide a simple and efficient way to send money back to their families. The new system also aims to further integrate Egypt’s financial ecosystem into the global digital economy, making financial services more accessible and transparent for citizens across the country.
