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Withdraw money from Egypt (July 17)

Ace Contributor
Helmy E Member Since: Jan 4, 2017

Hey Waleed,

I do use it myself for almost 4 months now, no fees are taken from me except the $1 upwork takes for withdrawal to Payoneer, minimum transfer is $50 makes it very convenient for small and large transactions, it also sends you an email with the conversion rate and the amount expected to reach your bank account, mostly at 17.5LE, also if you transfer your money when it becomes available (Tuesday after 2am Wednesday morning) you should have the money in your bank account about 3 PM same day, which is really fast.

Frequent Visitor
mariem a Member Since: Sep 30, 2017

Hi,

 Can I take my money from payoneer if it's less than 50$ ?

Thanks,

Active Member
Waleed E Member Since: Jun 16, 2017

Hello Mariem,

Frankly I tried both PayPal and Payoneer. I'm fully aware that Payoneer would require at least 200$ to send with 2% deduced. Some members mentioned no fees are deduced although I got it directly from support that whenever you transfer an amount to Egypt there will be 2% fees. There is also reception fees based on bank you trnasfer to.

 

For PayPal, Only 5$ is dedued and no bank reception fees.  

 

Frequent Visitor
Hesham E Member Since: Sep 18, 2017

Hello Helmy, Can i make transfer below USD 50 in paynoor, thanks

Moderator
Vladimir G Moderator Member Since: Oct 31, 2014

Hi Hesham,

 

Yes, you can withdraw an amount lower than the one you mentioned to your Payoneer account.

Ace Contributor
Peter B Member Since: Aug 11, 2016

Hello All

 

@Waleed,

Sorry you had a hard time opening the account; That didn't happen with me at all. I think it could be the bank CS error or misunderstanding. I recommend trying a different branch near you before you dismiss the method overall. It is worth trying from my point of view. 

Good Luck

 

 

@helmey; Thanks for you help:

two questions if you please:

1) Do you get your money in dollars? as i though Payoneer uses a card to be used with ATMs.

2) from your experience; can you tell us a certain amount you transfered with Payoneer and what is the amount you got in the end. you see it can't be only the 1$ that Upwork takes. I mean the fees that Payoneer takes.

 

Thanks

Active Member
Waleed E Member Since: Jun 16, 2017

@Peter.

I won't since even calling their customer service informed me that I should bring an HR letter with my salary in dollars! Frankly speaking, I won't lay low with such another incident again. If I'm a college staff and this is what I got!

 

Anyway, I'm glad that you and Helmy made great points. Yesterday, I received money from another freelancing website and no fees deducation was obtained. I think it depends if site is sending as a business company or as a friend. I received money from a US based comapny and 4% was deduced. So I don't if Upwork would be treated like the comptitor website or just as an IT business website. 

Ace Contributor
Helmy E Member Since: Jan 4, 2017

Hey Waleed,

Unfortunately the Customer service reps in Egypt are following regulations that does not make sense to anyone but the person who set it up, the Central Bank of Egypt new rules are that you need to provide proof of income to open any account with any bank, so if your national id does not have a profession, then you have to provide an HR letter, if you cannot do both, then you will not open an account, but when you ask why the answer is just to prevent money laundry, but it is not our concern here to discuss their reasons and regulations, just get an HR letter and open a regular account and you would be fine, one more thing, you can check upwork Egypt group on Facebook, you will find a lot of useful info over there

Ace Contributor
Helmy E Member Since: Jan 4, 2017

Hi Peter,

The money is transferred in EGP, not in Dollars, that is much better because of the regulations set by the Central Bank of Egypt, if you are getting paid in Dollars you will raise so many question marks, which is exactly the thing you do not want to do, epically that you are in Egypt.

 

As for your second question, the conversion rate is 17.5 EGP, which means $50= 875LE, Payoneer does have an ATM card, but it also allows you to transfer funds into your bank account away from the ATM. the ATM card has a lot of fees and charges, also if it gets stuck in an ATM here, you will never be able to retrieve it, so using the bank transfer via Payoneer is by far much cheaper and easier than any other way

Active Member
Waleed E Member Since: Jun 16, 2017
Hi Helmy,
I agree with you. The thing my job title and I University I teach at is listed in national ID. That's why I was shocked about the HR letter request. I already have an EGP account in Arab Bank and I opened the USD account from my home on website in minutes. That's why I believe central bank regulations is not the issue, it is the Egyptian red tape of NBE.