USD to EGP for business payments
A foreign business paying an Egyptian supplier can send US dollars or have dollars converted to Egyptian pounds (EGP). Egyptian law lets companies hold foreign currency, but domestic transactions must be in pounds and some exports must be paid in foreign currency through a bank in Egypt before shipment, so the right currency depends on what the supplier sells.
- On 6 March 2024 the Central Bank of Egypt (CBE) Monetary Policy Committee announced that the exchange rate would be determined by market forces, and the CBE describes a transition to a flexible inflation-targeting framework with a liberalized foreign exchange market.
- Article 212 of Law No. 194 of 2020 lets any person retain foreign currency and make inward and outward transfers through banks or licensed entities, while domestic transactions must be in Egyptian pounds unless an exception applies.
- Decision No. 273 of 2025 added 65 commodities to the list of exports whose full value must be paid in convertible foreign currency through a bank in Egypt before shipment.
- An Egyptian IBAN has 29 characters starting with EG, and Egyptian banks have required IBANs for transfers since 30 June 2020.
- Mashreq Egypt charges 0.1%, minimum $2 and maximum $10, to credit an inward foreign currency transfer to a foreign currency account.
The Egyptian pound at a glance
The Egyptian pound (EGP) is issued by the Central Bank of Egypt (CBE). On 6 March 2024 the CBE's Monetary Policy Committee announced that the exchange rate would be determined by market forces, and the pound has moved with the market since. The CBE describes its monetary policy as transitioning to a flexible inflation-targeting framework, in accordance with the liberalization of the foreign exchange market. For a dollar-based buyer, a pound invoice therefore carries exchange rate risk until it is paid.
| Item | Egyptian pound |
|---|---|
| Currency code | EGP |
| Issuer | Central Bank of Egypt (CBE) |
| Exchange rate regime (CBE wording) | Determined by market forces since 6 March 2024; flexible inflation targeting with a liberalized FX market |
| Holding foreign currency | Allowed, through banks or licensed entities (Law 194 of 2020, Article 212) |
| Domestic transactions | In Egyptian pounds unless an exception applies |
| Listed exports | Full value in convertible foreign currency through a bank in Egypt before shipment |
| CBE payment systems | RTGS, ACH, Cheques Clearing House and the Instant Payment Network (IPN) |
Sources: CBE, special MPC press release (6 March 2024); CBE, Monetary Policy Framework; CBE, Payment Systems. Checked on 29 October 2026.
Egyptian rules that decide the currency of your payment
Two laws matter most when you pay an Egyptian supplier.
- Law No. 194 of 2020, Article 212. The law of the CBE and the banking sector lets any natural or legal person retain any amount of foreign currency and make inward and outward transfers, through banks or licensed entities. A supplier you pay in dollars can keep them and decide when to convert. The same article requires domestic transactions in Egypt to be conducted in pounds unless an exception applies, so your Egyptian agent or subsidiary pays local suppliers in pounds. The law also requires banks to report all foreign exchange operations to the CBE, which is why the supplier's bank asks the purpose of each receipt.
- Export proceeds for listed goods. Decision No. 235 of 2013 lists exports whose full value must be paid in convertible foreign currency through a bank in Egypt before shipment, and Decision No. 273 of 2025 added 65 commodities to that list. For those goods, a pound payout does not meet the rule: pay in dollars, before shipment, to the supplier's bank in Egypt.
Our guide to paying suppliers in Egypt covers both cases in full.
How a payment reaches an Egyptian supplier
Egyptian banks adopted the IBAN standard in 2020. As reported by Daily News Egypt, an Egyptian IBAN has 29 characters: the country code EG, two check digits that catch typing errors, and the domestic bank account code, and from 30 June 2020 transfers would not be accepted without an IBAN. Inside Egypt, the CBE lists RTGS, ACH and the Cheques Clearing House among its payment systems, along with the Instant Payment Network. A payment from abroad reaches an Egyptian bank as an international wire over SWIFT.
| Route | Supplier receives | Published receiving charge (Mashreq Egypt) |
|---|---|---|
| SWIFT wire to a foreign currency account | USD, held under Article 212 | 0.1%, minimum $2, maximum $10 |
| SWIFT wire to a pound account | EGP, converted at the bank's rate | 0.1%, minimum EGP 5, maximum EGP 50 |
| Local EGP payout through a provider | EGP | Not valid for listed exports that must be paid in foreign currency |
Sources: Mashreq Egypt, corporate service charges; Daily News Egypt (4 July 2020); Law No. 194 of 2020. Checked on 29 October 2026.
Use the IBAN of the account in the invoice currency, written without spaces; a dollar wire to a pound account is converted at the bank's rate. Check the bank's code with our SWIFT code lookup.
What converting USD to EGP costs
A dollar to pound conversion costs the mid-market rate, the midpoint between buying and selling prices at that moment, plus the margin your provider or the supplier's bank adds, plus the payment fee. Since March 2024 the pound has been set by market forces, so quotes can move during the day; compare the pound amount the supplier receives, not the headline rate. If you pay dollars, the receiving charge is small at Mashreq Egypt's published rates, and the supplier chooses when to convert. Intermediary banks can still deduct fees from a wire sent with shared charges.
Helm is a financial technology company, not a bank. Its US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with customer funds held at Lead Bank. A Helm account holds dollars in your company's own name and sends international payments to suppliers by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Pay an Egyptian supplier in USD or EGP?
- Pay USD for listed exports, in full, before shipment, to the supplier's bank in Egypt. A pound payment does not meet the rule.
- Pay USD for other goods when the supplier invoices in dollars. It can hold them under Article 212.
- Pay EGP for local services and pound invoices, through a provider that pays out locally where the supplier agrees. Domestic transactions inside Egypt are in pounds.
For Egyptian exporters receiving dollars, see our guide to receiving USD in Egypt.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Is the Egyptian pound floating?
The CBE's Monetary Policy Committee announced on 6 March 2024 that the exchange rate would be determined by market forces. The CBE describes a transition to a flexible inflation-targeting framework in line with the liberalization of the foreign exchange market.
Can an Egyptian supplier receive and keep US dollars?
Yes. Article 212 of Law No. 194 of 2020 lets any person retain any amount of foreign currency and make inward and outward transfers through banks or licensed entities.
Which Egyptian exports must be paid in foreign currency?
Decision No. 235 of 2013 lists exports whose full value must be paid in convertible foreign currency through a bank in Egypt before shipment, and Decision No. 273 of 2025 added 65 commodities.
How long is an Egyptian IBAN?
An Egyptian IBAN has 29 characters starting with EG. Egyptian banks have required IBANs for transfers since 30 June 2020.
What does an Egyptian bank charge to receive a dollar wire?
Each bank publishes its own tariff. Mashreq Egypt charges 0.1%, minimum $2 and maximum $10, to credit an inward foreign currency transfer to a foreign currency account.
What does Helm charge to pay a supplier in Egypt?
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
References
- Central Bank of Egypt: Special MPC press release, 6 March 2024 (copy hosted by Amwal Al Ghad)
- Central Bank of Egypt: Monetary Policy Framework
- Central Bank of Egypt: Payment Systems
- Law No. 194 of 2020 Concerning the Central Bank and the Banking Sector (English translation, Andersen Egypt)
- RegAlert: Decision No. 273 of 2025 adding commodities to the export proceeds list
- Daily News Egypt: Banks in Egypt switch to IBAN standard (4 July 2020)
- Mashreq Egypt: Corporate service charges
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.