Businesses in both Australia and Egypt are benefiting from the exchange of goods between the two countries. In the first six months of 2014 there was a trade volume between them of close to $300 million US Dollars (USD), showing that exporting and importing between the countries is on the rise.
A growing trade volume coupled with the close to 37,000 Egyptian nationals living and working in Australia makes it important for them to find secure means of transferring money from Australia to Egypt.
Send money to Egypt with TorFX
TorFX International Money Transfers
No extra fees
Fix your exchange rate for up to 2 years
Personal account manager
Send money to Egypt with TorFX
TorFX guarantees to match any competitor's exchange rate. Conditions apply. Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Speak to a FX Expert
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.
They can help you with all your needs including:
Buying property abroad
Regular overseas payments
Money transfer companies versus banks
In Egypt, Ahmed’s family owns a well known carpet company that exports a large volume of its products to Australia. His father would like Ahmed to relocate to Sydney and open a second store in the city.
One concern the family has is transferring the profits back to Egypt to continue supporting the family business. To find the solution, Ahmed decides to compare a few options using a base amount of $1,000 Australian Dollars (AUD) to see how that translates to USD.
Money transfer company
Rate of exchange
$1.00 AUD = $0.79 USD
$1.00 AUD = $0.79 USD
Options for the transfer
Difference in value
+ $5.24 USD
HSBC, an international banking institution, operates within both Australia and Egypt. HSBC Premier customers can transfer money between accounts in different countries the same or next day for no fee. This service is available online 24 hours a day, seven days a week. Ahmed’s family may be able to benefit from this service by opening an additional account with HSBC in Australia.
Ahmed and his family can get this service either with linked business or personal banking accounts. The daily limit for money transfers using linked HSBC accounts is $500,000 USD. If they were to transfer the money from Australia to Egypt using a different bank in Egypt, the maximum amount would be limited to $50,000 USD daily and the transaction would be subject to other fees.
How to compare transfer companies when transferring money to Egypt?
Egypt does have its own currency, the Egyptian Pound (EGP), banks and money transfer companies only convert to USD which is, however, a widely accepted currency in Egypt. Other points to note when doing a comparison were:
Rate of exchange. The difference may only be small decimals but this is something that would not be noticed until a comparison is done using a large Australian dollar amount.
Fees. These will vary depending on how much is sent. For example, with the second money transfer company looked at in the case study above, the fee increased to $28 AUD when sending $2,000 AUD.
Transfer methods. Some transfer companies will allow you to use a credit card and complete the transaction online while others will require that you go to an agency in order to send money to Egypt from Australia.
Pick up. In this case, only cash pick up methods are permitted.
Turnaround time. The transfer will only take a few minutes making it an ideal solution for emergency situations.
If you are in Egypt on holiday and have had your wallet stolen or lost your cash, there are a few options for you to receive emergency money:
Travel insurance. It is recommended that you always purchase insurance cover when travelling abroad. In many cases the policy covers replacing lost or stolen cash. Just be prepared to file a claim by holding on to any police reports or other documentation.
Cash transfer company. So long as you still have your picture identification you will be able to have money wired to you from Australia to an agent in Egypt.
Credit card insurance. Many credit card companies will also have insurance for international travel costs that may allow for them to send you cash in an emergency.
You should always plan ahead when going to an agent to pick up cash in Egypt. The Department of Foreign Affairs and Trade (DFAT) does not recommend Australians travel to this nation for holiday. Practice a high level of caution and secure a reliable and trustworthy means of transportation to get you to and from the agency safely.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.