Egypt - Apply for Money Remittance License

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Procedure

Apply In-Person:

1. To apply for money remittance license, the applicant needs to submit an application to the National Bank Egypt as set out in Form A in schedule 5 to the Bank Regulations.
2. The applicant must specify the class of license being applied for and shall furnish the National Bank of Egypt with any other information that the National Bank of Egypt may require.
3. Submit the application form along with required documents.
4. Refer to “Required Documents” section to know more.
5. A licence issued under the Act and these Regulations may be
   • Class A International Money Transfer Agency Licence;
   • Class B Forex Bureau and Money Remittance Licence;
   • Class C Direct Entrants Licence; or
   • Class D Sub - Agency Licence.
   • In considering an application under subsection (2), the national Bank of Egypt may require to be satisfied as to the following licensing criteria
6. Remittance providers now must also investigate complaints. If you think a mistake was made and promptly contact the company, it generally has 90 days to investigate the matter and must notify you of the investigations results. For certain types of errors, such as if the money never arrives, you may be able to get a refund or have the transfer sent again.
   

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Required Documents

• a certified copy of a statement of affairs of the applicant;
• a certified copy of the applicants memorandum and articles of association;
• a certified copy of the applicants certificate of incorporation;
• a feasibility study including financial projections for three years (balance sheet, profit and loss account and cash flow statements), organizational structure, physical location and postal address;
• bank statements of the bureaus shareholders and directors for a period of six months prior to the date of application;
• duly completed fit and proper forms for the shareholders, directors and principal officers of the Remittance Bureau;
• credit reports from a credit reference bureau for the shareholders, directors and the principal officers of the Remittance bureau;
• a declaration by the applicant that none of its directors and/or shareholders has ever been declared bankrupt, participated in the management of a collapsed institution, convicted by any court of competent jurisdiction in Egypt or elsewhere of a criminal offence involving fraud, money laundering, tax evasion, or any other act of dishonesty;
• a declaration by the applicant that none of its directors and/or shareholders holds a similar position or role in any other Remittance bureau;
• an undertaking by the applicant to comply with the provisions of the National Bank of Egypt Act, the Regulations, the Remittance Bureau Guidelines and any instructions/ directions issued by the National Bank of Egypt regarding the establishment and operations of Remittance bureaus at all times; and
• any other information as may be required by the National Bank of Egypt.
• Proper book keeping Register
• Academic Qualification documents
• designation and specimen signature of the staff members
• Address of applicant
• evidence of provisional tax payment
• A tax clearance certificate.
  

Office Locations & Contacts

Central Bank of Egypt
Contact Information
Central Bank of Egypt
54 El-Gomhoreya Street
11511, Cairo Egypt
Contact Link

Eligibility

The following institutions/organizations are legally eligible institutions to provide low cost international remittance service in Egypt.

• International money transfers operators in association with banks, which are licensed entities to provide money-transferring services internationally. These are Western Union, Money Gram, Maniflo, and Adam Funds etc;
  
• Commercial banks, which are, licensed business organizations to provide financial intermediation;
  
• Non-Financial organizations, which are business organizations that are allowed to engage in remittance services through their branches overseas
  

Fees

Explain the fees structure which is required for obtaining the certificate/document.

Validity

The validity is of 2 years.

Documents to Use

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Sample Documents

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Processing Time

The processing time is 60 days.

Related Videos

Videos explaining the procedure or to fill the applications.
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Instructions

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e.g. The state office holds birth records since january 1908.

Required Information

• Full Name of Applicant
• Address of Applicant
• Location of Foreign Exchange Bureau
• License Number
• A tax clearance certificate.
• Evidence of provisional tax payment
• Full names, addresses and designations of the employees of the bureau.
• Proof of legal identification. Your national driver's license or international passport are the best for this.
• Proof of legal address. House rent receipts, and utility bills stating your house address are acceptable
  

Need for the Document

Remittance Service Providers are licensed transfer houses that provide remittance service to customers either directly by banks via SWIFT or through money transferring agents working in association with bank.

Information which might help

A remittance is a transfer of money by a foreign worker to an individual in his or her home country.
Money transfer in this case means international Remittance Transfer by Nationals means monetary transfers that overseas Egypt and foreign nationals of Egyptian origin make money transfers to their home country through Remittance Service Providers (RSPs)or sending money from
Ethiopia to other countries.

Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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