In order to send a SWIFT payment to EGYPT it is highly recommended to meet the following recommendations:
Overview
Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g. SWIFT BIC, account number, and beneficiary bank address).
Country Requirements/Restrictions
- Payment Restrictions: EGP trades can’t be booked offshore.
- Account Restrictions: Residents may open foreign or local currency accounts.
- Additional Documents: Non-residents need a letter of introduction from their bankers indicating the purpose of the account and documentary proof showing that the account will be used for legitimate business.
Payment Formatting Rules for EGP
- Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
- Beneficiary Customer (SWIFT MT103 F59): Effective 30th June 2020, 29 characters IBAN is mandatory. Include full name (no initials) and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary. IBAN numbers for beneficiaries with accounts in Egypt is mandatory in the payment instructions.
- Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank.
- Reason for Payment (SWIFT MT103 F70): Purpose of payment is recommended.
Additional Information
The market is closed on Fridays and payments can’t be delivered with value. USD and GBP are main foreign currencies used to pay and receive funds.
For the following financial institutions in EGYPT you can find a list of their correspondent banks with the currencies and nostro accounts. Also you will find an instructions how to track the payments and other useful information which will help you to send/receive a SWIFT funds transfer or investigate a status of existing payment.