The Central Bank of Egypt has introduced a new service, InstaPay, allowing Egyptians living in Gulf Cooperation Council (GCC) countries to send money to Egypt instantly. This service enables recipients in Egypt to receive funds within seconds, 24/7, eliminating the need to wait for lengthy periods associated with traditional bank transfers. The service currently supports Egyptians in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain.
InstaPay's functionality relies on the integration of financial institutions in GCC countries with Egypt's national instant payment network (IPN). This integration allows for secure transactions without requiring the sender to download the Egyptian InstaPay application or use an Egyptian phone number. Senders can initiate transactions through their bank's application or electronic wallet in their respective GCC country or through a participating exchange company.
When sending money, the sender only needs to enter the recipient's details in Egypt, which can be their instant payment address (IPA), such as name@instapay, or their Egyptian mobile phone number registered with their bank. This approach eliminates the need for complex banking information, streamlining the transfer process.
The sender specifies the transfer amount in their local currency, such as Saudi riyals, UAE dirhams, or Qatari riyals, or US dollars. The network calculates the conversion cost, fixes the exchange rate, and then directs the funds to Egypt, depositing them into the recipient's account in Egyptian pounds.
Recipients in Egypt do not incur any fees when receiving international transfers via InstaPay. However, senders in GCC countries bear the full transfer costs, which vary depending on the country, bank, or exchange company used for the transaction.
Funds transferred through InstaPay can be received directly into the recipient's bank account, mobile wallet, such as Vodafone Cash or Orange Cash, or prepaid cards supported by the state. The service operates around the clock, including weekends and public holidays, and allows for verification of recipient data before confirming the transaction, reducing errors that may delay or block the transfer.
Key benefits of InstaPay include fast and secure transactions, 24/7 availability, and the ability to send and receive money without traditional banking complexities. This service aims to facilitate financial transactions between Egypt and GCC countries, supporting the needs of Egyptian expatriates.
Key points
- InstaPay enables instant money transfers from GCC countries to Egypt.
- The service operates 24/7, allowing for fast and secure transactions.
- Recipients in Egypt do not incur fees for receiving international transfers via InstaPay.
