Central Bank of Egypt Now Offers Instant International Transfers

The Central Bank of Egypt (CBE) has launched a new service for instant international money transfers in an effort to modernise the financial system and reduce cash use.

This service will be built on the InstaPay platform, which supports instant international transfers and operates 24/7. The platform uses a network of international partners to ensure fast, secure, and transparent transactions.

The new service is designed to allow people to send money instantly to Egypt from countries like Saudi Arabia, Qatar, Bahrain, Jordan, Kuwait, the UAE and Oman, with more countries expected to be added soon. Current key participants include banks and exchange companies like Al-Ahli Saudi Bank, Al-Rajhi Transfer, Al Fardan Exchange and Al Mulla Exchange.

The Central Bank of Egypt has also approved several local banks to receive international transfers through this instant payments system, which means that people can send money at any time, day or night. After a trial run in June, this service is expected to make it easier for customers to use digital banking for both local and international transfers.