A little while ago, the Central Bank announced very important news for Egyptians working abroad regarding real-time financial transfers and a new service that will certainly make a big difference in time, effort, and safety.. Let’s see what happened.
Today, Ihab Nasr, Assistant Deputy Governor of the Central Bank of Egypt for Payment Systems and Services, made a huge surprise when he announced the availability of transferring money from outside Egypt, through the national system for real-time payments and the InstaPay application.
The Central Bank official also revealed that banks operating in Egypt will begin making it possible to receive transfers before the end of 2024, meaning within about a month. He also said that the customer to whom the money will be transferred from abroad will receive its value in Egyptian pounds… meaning, if you sold a dollar, a euro, a dinar, a riyal, or any currency you will receive. Its price in banks is in Egyptian pounds
Nasr also revealed that the banks are the ones who will determine the commission value for transfers from outside Egypt via “InstaPay,” and this will be according to the currency used and the country from which the transfer is made. He also confirmed that the Egyptian banks have the ability and readiness in terms of the technological and infrastructure for the InstaPay application to receive all transfers. From all over the world.
Of course, the issue is big and very important, and it has many benefits, including that the transactions will be official, one million percent, meaning there is no return to the black market and transfers through intermediaries, in addition to the time and security factor, because transfers on Ansabay will be instantaneous, as we said, meaning you will send your email at any time, day or night, and from anywhere. A place where you do not need to give your money to anyone who will send it to you, or go to a bank branch and spend the day there to transfer your money to… There is an idea that can also be applied, which is that the Central Bank of Egypt can leave new transfers without fees for some time in order to encourage Egyptians to use the new system in transfers, and when there are fees, they will be much lower than other transfers, other than the time and security element that InstaPay provides, and this is a very important thing in particular. In emergency circumstances.
So, what are the advantages of the new system for transfers from abroad?
There is a great and very important benefit, which is that the Central Bank will guarantee a new legal artery for the flow of foreign currencies, especially the dollar and Arab currencies, and it will ensure that they are pumped into Egyptian banks and their value is transferred in pounds to the recipient. This is a very important thing and reduces the dependence of Egyptians abroad on intermediaries and on currency trade, and at the same time the value of this money will increase. An important indicator of decision-making in financial policy.
