CBE launches new service allowing instant global money transfers to Egypt

This initiative is part of the CBE’s ongoing efforts to modernize Egypt’s financial infrastructure and reduce its reliance on cash, which aligns with Egypt’s Vision 2030 goals.

This follows the central bank's launch of the instant money transfer service through the InstaPay application in December for receiving money from abroad. The application is linked to the national instant transfer network, allowing funds to be added instantly to customers' accounts at all Egyptian banks.

The new service, available seven days a week, provides fast, secure, and transparent transactions through a network of international agents and correspondents.

It allows Egyptians abroad to send money to Egypt easily via electronic applications, without the limitations of banking hours.

Once transferred, the funds are instantly credited to the beneficiary’s account in local banks, offering immediate access. Beneficiaries can also receive funds through bank cards or e-wallets, adding flexibility.

To carry out a transfer, customers must provide accurate details of the amount of money transferred and the beneficiary, ensuring full transparency.

Additionally, the CBE has partnered with numerous regional exchange companies and banks to facilitate the service.