Send money internationally from Nigeria to Egypt (NGN to EGP) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money from Nigeria to Egypt
Send money from Nigeria to Egypt
How much does it cost to send money to Egypt?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Egyptian remittances and demographics figures
On the 3.4 millions of Egyptians who live outside their country, 1.3 millions actually are in Saudi Arabia and more than 700'000 are in the United Arab Emirates. The reason of their expatriation is for work.
Egypt is among the TOP 10 of countries which receive the most of remittances from abroad. The country received over 19.7 billions of US dollars in 2015 of which $7.5 billion are from Saudi Arabia, $3.2 billion from Kuwait and $1.8 billion from the United Arab Emirates. These remittances figures are strongly correlated with the demographics figures.
Egyptian political and economic situation
As shown on the figures above, talking about Egypt's remittances is about its relations with Saudi Arabia as the main source of money transfers to Egypt is from Saudi Arabia.
So what are the relationships between Egypt and Saudi Arabia?
The two countries are politically totally different. Indeed we see no political parties, no labor unions or civil society in Saudi Arabia while it is the exact opposite in Egypt. Egypt has many political parties, labor unions and civil society. The Muslim Brotherhood in Egypt is in the midst of forging a new form of democracy, democracy that Saudis do not support at all.
However even if Saudi Arabia and Egypt are two very different countries on a political level, they appreciate each other on a societal level. Hundreds of thousands of Saudis go to Egypt in vacation each year. And thousands of thousands of Egyptians go to Saudi Arabia for work. And more than that the two countries need each other. Indeed Saudi Arabia is in need for an ally with its conflict with Iran and Egypt needs the Saudi money to face the current economic crisis. So for different reasons they both need each other.
The effects of currency controls in Egypt and the black market
After the January 2011 revolution in Egypt, the CBE (Central Bank of Egypt) put restrictions on transferring money out of the country: individuals can transfer up to 100'000$ in a lifetime, businesses must justify their commercial transactions with specific documents, and travellers are allowed to carry a maximum of 10'000$. The CBE also implemented a list of priority sectors such as food, medicines and fuel which can access to foreign currencies. Other businesses can wait until 20 days to obtain foreign currencies. That is why we saw the rise of a foreign exchange parallel market, called the 'black market'. The parallel exchange rate is around 20-25% lower than the real market rate. In 2015, in order to restore the confidence in Egypt's economy and the attraction of foreign investors issued a new decree to lower the restrictions. The parallel market still exists but the CBE took measures to control it.