Hi. Does anyone have very recent experience of changing Egyptian pounds to convertible currency and sending the money out of Egypt? (as an individual, not as a company). How did you do it? I'm told the official limit through a bank account is currently $10,000 per person (per year?). But in reality ...?
To clarify, I'm in the UK at present. My bank HSBC is able to open EGP and USD savings accounts for me in Hurghada, including an ATM card (not a debit or credit card) and online access. I guess I'll need to go to Hurghada to expedite things once the accounts are open and the EGPs are paid in. Any tips much appreciated.
Changing EGP to dollars and sending to UK
UKwriter
22 October 2013 09:38:17
3
ExpEgypt
22 October 2013 11:51:33
75
The Egyptian bank will have to justify the source of such amount. Why don't you register a company in Egypt?
There is no limit to the amount you can bring out of Egypt in foreign currency, but you will face problems in the country of destination.
As a foreigner, you won't be able to change your money on the black market, you will surely lose them.
UKwriter
22 October 2013 13:27:31
3
Thanks ExpEgypt for your reply. Justifying the source is not a problem. This is an annual royalty payment from an Egyptian publisher.
How would it help to register a company in Egypt? And how is that done?
UKwriter
22 October 2013 13:35:04
3
I'm confused by your statement "There is no limit to the amount you can bring out of Egypt in foreign currency". News sources, importers in Egypt, foreign investors and creditors all report severe restrictions and difficulties due to the current shortage of dollars in Egypt. If there were no such problems, why would anyone need to use the black market?
ExpEgypt
22 October 2013 17:34:34
75
Black market in terms of exchange rates.
If you keep these money in Egypt, you won't pay taxes. If you bring them to UK, they become taxable.
IbrahimAbdellatif
27 October 2013 07:54:28
10
The Best way to change EGP to a definite country currency you can just make a money transfer in EGP to the one who is living in the other country and he can use his credit card to use this money in his currency.
This is the fastest and cheapest way to transfer money from Egypt to another country.
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