Sending money back home has never been easier, and your family can now receive money through mobile wallet services. It has been a difficult year for everyone, but with Small World we always work towards making your life easier.
Despite the World Bank projecting an 8% drop in remittances to the Middle East and North Africa in 2020 it is predicted that money transfer to Egypt will actually increase by 6.7%, hitting 24.4bn dollars by the end of the year.
As quoted in Egypt Today, the World Bank, said: “Remittances inflows to Egypt, the region’s largest recipient, have so far been opposite to the crisis, as Egyptian workers abroad increase one-off transfers to their families back home.”
A new transfer service from Banque de Caire is further good news for money transfer to Egypt from the UK. Now, as well as the existing options of bank deposit and cash pick-up, you can also send money to the Qahera Cash mobile wallet.
What is a mobile wallet?A mobile wallet is the digital version of a physical wallet. It’s a secure place to keep payment details, make payments and receive digital payments including international money transfer. It’s an easy, quick and safe way to store money and make payments.
Ahram online have reported a 156% rise in online transactions in Egypt between March and October, a direct result of the Covid-19 pandemic. With more people online, a mobile wallet provides a digital alternative to many transactions and actions that would previously have to be conducted in person.
What else can I use a mobile wallet for?Banque de Caire’s mobile money app, QaheraCash, allows users to pay bills, transfer money, recharge prepaid mobile accounts and make purchases. It can be loaded with funds from the users debit or credit card or by visiting any branch or ATM and can receive international transfers.
To register for the QaheraCash mobile wallet app your recipient should visit a Banque du Caire branch with their National ID and complete the registration form. They will then be able to download the app and complete the registration process on their phones. Once the account is open, they can receive money into their mobile wallet.
Other money transfer options to EgyptAs well as using the mobile wallet there are currently 2 other ways to transfer money to Egypt:
- Bank deposit: Deposit Egyptian pounds or USD directly into a bank account in minutes
- Send cash for collection at one of our 228 locations in Egypt
What is the difference between cash pick-up and bank deposit?We know that different people will prefer different methods of both sending and receiving money. Those who are digitally aware and have a bank account, for instance, will differ from those who prefer to receive cash in hand.
So, Small World works hard to provide a range of options. The main difference between bank deposit and cash pick-up is that bank deposit is almost immediate delivery from bank account to bank account.
Cash pick-up however requires your friend, family member or loved one to choose a pick-up point that works for them, and collect the money you send.
While bank deposit is faster and less hassle, it does require your recipient to have a bank account. And, according to a recent Euromoney article, only 15% of Egyptians have accounts.
The great thing about mobile wallet is, it’s digital, fast and doesn’t require a bank account.
Sending money – what’s best for you?
You can also send money in the way that works best for you. These include:
- The Small World app – available from the Apple Store and Google Play
- Online via the Small World website
- Through our branches or agents
- Over the phone with the help of our call centre operators
Is now a good time to send money to Egypt?December and New Year are traditionally busy periods for remittances. With so many Egyptians unable to travel home this year it’s especially important that people have easy and user-friendly options to send money home.
With Small World, your first digital transfer is fee-free, meaning that you get even more value for money – this is extremely beneficial if you are sending one large amount rather than regular small sums.
We are also a regulated company who are experienced in handling more than 1m transactions every month. Working with Banque de Caire and their mobile wallet app we hope to make money transfer available to more people than ever during this busy period.
The most popular ways to send money to Egypt
- Cash Pick-up
- Bank Deposit
- Mobile wallet
Our main partner in Egypt is Banque de Caire