CIBEEGCX211

Payment Instructions

General instructions for international payments to banks in EGYPT:

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.

IBAN: In Egypt, the IBAN consists of 29 characters. The structure is EG!n2!n25!, which includes the country code 'EG', two check digits, followed by the national account number. Example: EG981234123456789123456789123.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of COMMERCIAL INTERNATIONAL BANK, SAE for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from COMMERCIAL INTERNATIONAL BANK, SAE, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Other Branches

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.