With tons of money-transfer apps, online services, and traditional methods out there, it has become easier than ever to transfer money between countries. But the associated fees along with the time it takes for your money to reach the intended destination can vary extensively. Fortunately, this article will discuss the best way to transfer money between countries to help you get your money to the intended recipient in a timely and affordable manner.
1- Your Bank
A bank offers a variety of money transfers. If you’re just transferring funds from your account to another one within the same bank, this is a simple and quick process. You can visit a branch in-person to withdraw funds from one account and deposit them to another account. Alternatively, you can perform the transfer online.
Most banks also offer wire transfers to different countries. But you’ll need to have a lot of information for a successful transfer, from the name, address, and account number of the recipient to the details and IBAN of the receiving financial institution.
PayPal is one of the most affordable methods of transferring money between countries. But first, you have to link your bank account or credit card to your PayPal account. If you use a bank account, you’ll have to cater for PayPal charges that vary based on the country you’re transferring funds to and from. But if you use a credit card, you’ll have to incur charges that are determined by your issuer.
It’s important to do a side-by-side comparison between your bank account and credit card to determine which the cheaper option is. Also, check your transfer limit with PayPal and ensure the recipient has a PayPal account. Companies that look to expand and hire workers remotely usually use PayPal as a means of transferring money to employees. If you are struggling to hire talented and professional workers, hiring the services of an international PEO such as Global PEO can come in handy.
3- Flit App
Flit solves 3 main pain points every that faces every international money sender and they are:
a- Commuting: Senders are required to take half a day or full day off their jobs, commute all the way to Western Union or FX offices, wait in a queue and fill KYC document every time they send money. (Flit creates convenience from both the sender and the recipient through its mobile app which makes the whole process fully digital).
b- Prices: Senders are always facing high transfer prices in addition to the difference in the FX rates. (Flit is cheaper than the average market rate).
c- Cashing out: Recipients have many issues when it comes to cashing out their money, for one they have limited cashing out outlets, and if the sender is not a family or colleague or amount exceeding 500 USD, there will some difficulties to cash out. (on the other hand, Flit is having multiple cashing out partners that could be found everywhere around the country).
TransferWise is a UK-based company that provides user-friendly online and mobile money-transfer platforms. With TransferWise, you can transfer money to your loved ones, friends, and even businesses in almost any country. You just need to pay the transfer fee and your funds will reflect on the recipient’s bank account, typically within a few days.
5- Western Union
Western Union offers you several options for quickly transferring money to anyone in practically any country. You can transfer money via the Western Union app, from the website, or by visiting one of their physical locations in person. If you want to transfer over $5,000, their OnlineFX website will come in handy.
How to Transfer Money to Egypt from UAE
Now that you have an idea about how to transfer money between countries, let’s look at the best way to send money to Egypt from UAE.
Compare the Egyptian Pound (EGP) Exchange Rate with the United Arab Emirates Dirham (AED)
Doing some research before you send money to Egypt can help you save on both charges and exchange rates. So be sure to check how the EGP exchange rate measures against your transfer currency, which is the AED in this case. You can even subscribe to the exchange rate email notification to keep track of the EGP market’s progress.
Compare At least 5 Money-transfer Companies to Choose the Best One
Perform a detailed side-by-side comparison of a few money transfer companies that can help you effortlessly transfer money to Egypt. Some of the best Egypt money transfer companies that should be on your list include PayPal, TransferWise, Western Union, XendPay, and WorldRemit. Check out review websites to see what previous and current users of those companies are saying about them. Also, compare their prices and the time money takes to reach its destination. Once you do all that, you’ll narrow down to one company that suits your personal needs. Choosing the best provider from your list is the most effective way to cut your transfer costs and exchange rate.
Register and Initiate Your Transaction with Your Preferred Company
Now that you have selected your best money transfer provider, the next step is to register on the provider’s homepage and to transfer money to Egypt from UAE. During the registration process, you’ll have to provide some personal information and verify your identity.
Shopping around and researching your options will enable you to choose the best money transfer company for your unique needs. Remember that the associated expenses and time it takes for money to reach its intended destination can vary a lot. So do your research to ensure you’re getting the best deal for transferring money between countries.