Quote:
Originally Posted by Georgina
Quote:
Originally Posted by Georgina View Post
My friends who live in El Gouna were telling me rather than pay expensive transfer charges to bring money from the UK they have a sterling account in Egypt and pay in a cheque made out to themselves. It takes around 3 weeks to clear and they only get charged around GBP6. They then use the cash point to draw the money out in Egyptian pounds. Has anyone else paid in a UK cheque like this please?
Asked this question at Banque Misr and they said it was not possible.
At National Bank of Oman they said it will take around 30 days for the cheque to clear and for a cheque for GBP3,000 the charges would be USD13.30 and maybe another USD20-30 from the clearing bank? This is more than a transfer. He also said the interest rate for the sterling account is 4% and not 3.25% which is what they told me on the phone.
Will see what HSBC say next time I am passing their branch.
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Went into HSBC. They said it is possible and the charges for outward cheques for collection in foreign currency are 0.3% (min EGP30 - max EGP600) + postage charges and will take 21 days for the cheque to clear.
I already have USD and EGP accounts with HSBC so as long as I have total of EGP10,000 I think it was between all three accounts there are no minimum amounts in any one account nor charges. Trouble is interest rate on GBP account is only 2.915% as opposed to the EGP account of 7.77%. I think I will try it with a small cheque first to get the money here and then exchange it to EGP when the rates improve.
If anyone can ask in Barclays in UK whether they would add any charges for a Barclays cheque being paid into an Egyptian bank account that would be great
