Leslie Massey
Transferring money from Egypt to Australia can be a pricey affair. To avoid the high costs associated with sending money abroad, it is advisable to compare the costs of different transfer services. Monito, for example, is a real-time comparison engine that allows users to compare the best money transfer services across the globe. Other services such as Wise, Remitly, and Paysend also offer low-cost money transfers from Australia to Egypt.
| Characteristics | Values |
|---|---|
| Cost | Transferring money from Egypt to Australia can be pricey. On average, users pay a total of 0.59% in fees and exchange rates when using a transfer service. Banks and traditional cash transfer services can charge up to 4.6%. |
| Speed | The speed of the transaction varies depending on the provider and method chosen. Some transfers can be instant or take up to three business days. |
| Security | Some providers offer multi-level security and HTTPS encryption to protect money and data. |
| Provider | There are several providers available, including Monito, Wise, Remitly, and Paysend. |
| Payment Methods | Payment methods include bank transfers, cards, PayID, and mobile wallets. |
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What You'll Learn
Using a money transfer service
Transferring money from Egypt to Australia can be done through online money transfer services. These services are often a low-cost way of transferring money without leaving your house.
One such online money transfer service is Remitly, which has a highly-rated mobile app and accepts credit and debit cards. Remitly also offers an "Express" option, which is faster but has higher fees. Another option is OFX (formerly Ozforex), which is a well-respected global company with a good track record for security. OFX usually charges a flat fee for smaller amounts, but may offer fee-free transfers.
Other online money transfer services include Wise, which offers quick, safe, and transparent transactions, and XE, which has over 30 years of experience in simple, fast, and secure international money transfers.
When choosing a money transfer service, it is important to compare all your options and calculate the total cost of your transfer, including all fees and exchange rates.
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Comparing transfer costs
The cost of transferring money from Egypt to Australia depends on the transfer service used, the transfer speed, and the amount being transferred. Bank transfers are typically the cheapest way to transfer money. However, some banks may charge hidden fees, offer unfavourable exchange rates, and take longer to process transfers.
Online money transfer services, such as Remitly, Wise, and Revolut, offer low-cost transfers and competitive exchange rates. For example, Wise uses the mid-market exchange rate and claims to have no hidden fees. Additionally, they offer fast transfer speeds, with 60% of transfers arriving in under 20 seconds and 95% in less than a day. Remitly is another popular online transfer service, offering a highly-rated mobile app and accepting credit and debit cards.
When comparing transfer costs, it is important to consider the overall cost, which includes transfer fees and the exchange rate. Some services may offer low fees but apply a markup to the exchange rate, while others may have higher fees but provide a more favourable exchange rate. It is also worth noting that transfer speeds can vary significantly between providers, so if speed is a priority, this should be considered when comparing costs.
Using a comparison website, such as Monito or TopMoneyCompare, can help you find the cheapest way to transfer money by allowing you to compare the exchange rates and transfer fees of multiple providers. These websites also allow you to consider other factors, such as transfer speed and security, to ensure you choose a provider that best suits your needs.
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Using a bank transfer
If you are looking for speed, cash pickup will be the fastest option, and this can be done via Western Union or Ria Money. However, the recipient will need to visit the nearest agent to collect the money. Alternatively, if you are sending money from Australia to Egypt, Remitly is a highly-rated mobile app that accepts credit and debit cards.
If you are looking for a balance between speed and cost, online money transfer services are a good option. They offer low-cost transfers without requiring you to leave your house. One such service is Wise, which has been rated as one of the best online money transfer providers for transfers to Egypt. Wise offers a transparent fee structure, excellent mobile app, and mid-market rates.
If you are transferring larger amounts, XE is a good option for online users who are not under time pressure. They do not charge fixed fees and do not have minimum transfer amounts, making them suitable for any sized transaction.
Another option is to use a managed service like an FX broker or an online-only company. One such company is ACE Money Transfer, which offers secure and swift money transfers from Australia to Egypt. They are FCA-regulated and authorised, ensuring the security of your funds.
When using a bank transfer, it is important to be aware of the potential hidden costs and slower transfer speeds. Additionally, the exchange rate you receive will depend on the amount you are transferring, and it may be beneficial to time your transfer to take advantage of favourable market conditions.
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Using a money transfer app
There are several money transfer apps available for transferring money from Egypt to Australia. Here is a step-by-step guide on how to use them:
ACE Money Transfer
First, download the ACE Money Transfer app on your iOS or Android device. Then, create an account and complete your profile with basic details and any required documents. After that, select Egypt as the recipient country, choose the payout method (bank deposit or wallet transfer), and enter the recipient's details. Finally, pay for your transaction using the available payment methods. ACE Money Transfer offers competitive exchange rates and low transfer fees.
Xe Currency App
The Xe Currency app is available for both iOS and Android devices. Start by signing up for a free account. Then, enter the amount you want to transfer, select the currencies (Egyptian Pound and Australian Dollar), and add the recipient's payment information. Finally, confirm and fund your transfer. Xe offers great exchange rates and transparency regarding any additional fees. They accept various payment methods, including debit and credit cards, direct debit, and bank transfers.
Remitly
Remitly is another highly-rated mobile app for money transfers. It accepts credit and debit cards. When sending money, you can choose between the "Express" option, which is faster but has higher fees, and the "Economy" service, which is cheaper but slightly slower. Remitly also allows you to send money directly to your recipient's mobile wallet.
Wise
Wise offers an app that provides fast and secure money transfers to Egypt. They use the mid-market exchange rate and offer transparency regarding fees. You can pay using a Wise balance, ACH, wire transfer, card, or bank transfer. Wise also allows you to save your favourite currencies to track exchange rate changes.
Western Union
Western Union offers a mobile app for sending money from Australia to Egypt. They have over 200 agent locations in Egypt for cash pickup. You can send money using various payment methods, including credit/debit cards or cash. Western Union also provides encryption and fraud prevention measures to protect your transfers.
Monito
While not a money transfer app itself, the Monito app can help you compare deals and track rates from various money transfer providers. It sources data from different providers in real-time, helping you find the most cost-effective and efficient option for your transfer needs.
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Using a multi-currency account
When it comes to transferring money from Egypt to Australia, one option is to use a multi-currency account. This can be a good choice if you're looking for a fast transfer, as some companies offer instant transfers between accounts on the same platform.
One example of a multi-currency account provider is Wise, which offers a range of currencies, including the Egyptian pound and Australian dollar. With a Wise multi-currency account, you can use the money in your account to fund your transfer. Simply set up your money transfer as you normally would and choose a Wise account transfer when paying. Wise uses local banking networks to send your transfer, so the money arrives directly in your or your recipient's local bank account. Wise also offers a mid-market exchange rate with no hidden fees, and 60% of transfers arrive in under 20 seconds, with 95% arriving in less than a day.
Another option for a multi-currency account is XE. With XE, you can sign up for a free account and initiate a transfer by entering the currency and amount you'd like to transfer, as well as your recipient's bank information and your payment information. XE offers great exchange rates and is transparent about any additional fees. While XE is a trusted name in foreign exchange, they may not be the best option if you're under time pressure, as transfers can take between a few minutes and 3 business days, depending on your payment method.
If you're transferring larger amounts of money, you might consider using a currency broker. Currency brokers typically offer great rates with no fees and provide a personal account manager to guide you through the process. However, some brokers have minimum volume requirements or offer non-competitive rates for smaller transfers.
When choosing a multi-currency account or transfer method, it's important to consider factors such as transfer speed, exchange rates, fees, security, and convenience. It's also a good idea to compare different providers to find the best option for your specific needs.
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Frequently asked questions
The cheapest way to send money from Egypt to Australia is by using a money transfer service such as Monito or Wise. Banks are usually not the best way to make international money transfers due to their poor exchange rates.
Monito is a comparison engine that helps you find the best way to send money to Australia. You can compare the costs of different options on Monito before each international money transfer.
Wise sends your transfer using local banking networks, so you receive the money directly into your or your recipient's local bank account. You can pay in Australian dollars by bank transfer, card, PayID, or using money already in your Wise account. Once Wise receives the money, they will convert it and send it to your recipient.
