Egypt Central Bank's Important Decision

Now, citizens who are working abroad can transfer their money to Egypt very easily after an important decision taken by the Central Bank to transfer money from abroad instantly through the InstaPay application.

I liked this decision very much, as it solves many problems for workers abroad, also many problems in Egypt were solved through facilitating money transfers.

We all know that this application has gained wide spread since it can be used easily and its services are free so far in Egypt, so it was able to spread quickly and extend to the simplest purchases or services among friends.

The Central Bank’s decision to expand the service to become from outside to inside helped the Egyptian working abroad to make money transfers from the foreign currency of the country in which he resides to the Egyptian pound in his account or smart wallet, in exchange for a simple transfer fee, and then receive the transfer in Egyptian pounds according to the bank’s decision. 

Well, this application made our daily lives much easier, and the Central Bank’s decision makes it easier. Those who want to transfer, must go to private transfer companies or outlets abroad, and request a transfer to a bank account, electronic card, or mobile wallet, then the transfer is done instantly. There are many exchange companies abroad that have electronic applications for transfers, and transfers can be made through these applications without going to the company headquarters or outlet.

We know that this was one of the doors of funding for some banned groups that collected money from Egyptians in foreign currency abroad and gave it to their families at home in Egyptian pounds and obtained millions, but the Central Bank’s decision will close the door to this fraud and these millions that they were obtaining without reason. A good decision that came on time.

We have to intensify awareness campaigns abroad and internally to warn citizens against sharing any data related to the application or the transfer operations they carry out so that data and money are not stolen. May God protect us from the evil of modern fraud operations.