How to Receive International Payment for Freelance Work in Egypt

If you’ve landed on this blog, you’re either a freelancer in Egypt or interested in receiving payments in Egypt.

Egypt, like many countries with a high-talent youth population, is home to a large pool of skilled and experienced freelancers who can help businesses with professional services ranging from web design to translation services.

After Coronavirus Pandemic (COVID-19) hit the world, more and more people are looking at freelancing when they want a career change or to supplement their income.

As a freelancer, one of the most significant pain points you will face is how you will get paid! Choosing the right method will save you a lot of headaches and stress further down the line. You can also save some money if you select the right payment method. We will describe several of the payment methods available in Egypt.

How do Egyptian freelancers get paid?

Most Egyptian freelancers use PayPal, Payoneer, Vodafone Cash, or bank transfer to receive payments for freelance work. Remittance companies like Western Union or Moneygram are available, but due to costs and inconvenience, it isn’t as popular.

The most popular options, though, is PayPal and Payoneer, which provide a way to receive foreign currency payment from abroad. The challenge with any existing payment method is the time taken to receive the money. This varies from 1 day to several days, and you can expect fees of around 2-5% to be deducted by this payment method.

Many freelancers have experienced some challenges in using these services – it’s not uncommon for PayPal accounts to be closed, so the withdrawal of the amount received is recommended. Another challenge that might have irked freelancers is the typically high transfer fees.

Options and Next Steps

As a freelancer, you have several payment methods to choose from:

PayPal. This is the most popular option. PayPal specializes in electronic money transfers, and many organizations, freelancers, and websites use it as a primary means of accepting payments. You need to have an account, which requires you to register and provide a form of identity. PayPal also offers a way to pay for goods and services online.

There are some fees for withdrawal. Transaction fees vary depending on where your account is based. It is about 2% of the total amount. This does not include the FX fee.

Payoneer. Payoneer is another popular payment option in Egypt. Payoneer gives you a USD, GBP, and EUR account to get paid directly to an account. You will need to register with a form of identity to open an account.

Initial sign-up is free, and a yearly registration afterward for around $29.95. There is an ATM card fee and withdrawal fee from $1 – $5. One of the disadvantages of using Payoneer is the high fees compared to other payment methods.

Bank Transfer. Egyptian banks have IBANS (International Bank Account Number) - a set of characters attached to your bank account for domestic and overseas transactions and created to simplify sending or receiving money internationally. You can find this on your bank statement or by asking your bank. You can accept payments internationally by giving anyone your IBAN. Most accounts in Egypt are EGP, so when you do receive money from abroad, there is usually an international wire of around $25 and then an FX (foreign exchange) rate that your bank provides to exchange USD to EGP, which can be considerably worse. Some banks also charge a fee to receive international payments from abroad. This is typically the most expensive option.

Elevate Pay. This is a new payment method in Egypt. Freelancers can open USD, GBP, and EUR accounts abroad and receive money with a flat 1% fee. In addition, you can keep your money in USD, GBP, or EUR, and when you want, withdraw it to a local wallet (e.g., Vodafone Cash, Etisalat, Fawry, etc.). You can sign up for Elevate Pay via this link: https://www.elevate-pay.com/