# Money Transfers Frozen!



## MrPink

Hi everyone..

I've just sold two apartments in SSH just prior to the troubles. The deal is now complete but the property agent is saying that the money cannot be transferred out of the country due to a new rule by the central bank. Is this true as I can find this information anywhere else on the net?

Thanks in advance

Dave


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## MaidenScotland

Hello and welcome

Yes I believe there is a block on transferring money after a certain amount. 
Not really relevant to your case but I have staff who should be paid in American $ but we can't buy dollars so pay them in LE. Western union only send money out in dollars so the staff can't send their salary home... the domino affect.

Maiden

Maiden


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## MensEtManus

If the account is a "savings" and a "personal" account, payment is limited to 50,000 EGP DAILY. so you can make payment across 5 days!

If the account is "corporate" account, there are no restrictions on it. 

If you have an "invoice" per the sale, then let the person transferring the cash can show the invoice.


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## MrPink

Thanks everyone, will let you know how it turns out!


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## SHendra

I'm actually in a simular problem. Sold my property just before the unrest. The buyer was suspose to transfer for me to my bank in the UK, but he was refused. In end he spent days taking it out in cash until he had the full amount and handed it to me.

Now I have the problem of I can't get a bank account without a residential visa. Immigration refused to issue me a new residential visa even though I have a Egyptian son based on the fact I have no bank account to prove my income here in Egypt. Then another problem occurred a friend was willing to transfer for me to be told it's risky as sometimes the UN freezes transfers under the terrorism act!

So now I'm having to go around another way.. post office account which will get me a new residence visa apparantly and then a bank account.. 

The things that make us scream!


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## flossy207

hi all - we were thinking of opening an egyptian account when over there recently and visited the paribas bank; but they said we needed a residency stamp. Is this true for all bank accounts in egypt please?


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## bat

flossy207 said:


> hi all - we were thinking of opening an egyptian account when over there recently and visited the paribas bank; but they said we needed a residency stamp. Is this true for all bank accounts in egypt please?


As far as I know yes.
Bat


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## Sam

The issue of visa and bank accounts has come to light recently with one of our clients. We contacted a branch manager of HSBC and were told that a SAVINGS account can be opened without a visa, but to open a CURRENT account and get a cheque book then a residency visa would be needed.

This is HSBC though, other banks have other policies.


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## stefnova

I can't seem to receive money from Cairo either, everytime he goes to a branch they tell him next week they'll open up the service in sending money out of Cairo. Reciving money is not a problem. Does anyone know what the deal is or when they'll open up the service again?


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## MrPink

Just to let you guys know, I've had the money transfer ok but it was less than 20k and had to produce the original sales contracts. thanks for help!


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## bat

MrPink said:


> Just to let you guys know, I've had the money transfer ok but it was less than 20k and had to produce the original sales contracts. thanks for help!


Well done, yes with receipts things can be done, companies still have to work !!
I think!


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