Apart from the flexibility it offers, remote work has opened endless earning opportunities by connecting local talents with international clients. Thanks to the country’s solid digital infrastructure, a youthful, budding, talented population, and time zone compatibility with many countries, Egypt has caught the eyes of many global recruiters and clients. However, this immense opportunity comes with a new challenge – managing international payments.
You see, most international clients pay in USD, EUR, or GBP, which is often better than earning locally. Unfortunately, most local banks cannot handle international transactions seamlessly and may even require an intermediary service provider, which adds charges. Even then, you cannot control your finances because the money is immediately converted, often at an unfavourable rate.
From payment delays to high fees, complicated paperwork, and unfair exchange rates, traditional banks are beginning to run out of luck, paving the way for emerging, reliable payment options. This article explores reliable options for Egyptian remote workers receiving foreign income.
Also read: The best way to receive and hold foreign currency in Egypt
Since entering the cross-border scene during the global pandemic in 2020, Grey has grown rapidly into a digital payment solution that provides Egyptians with multi-currency accounts supporting USD, EUR, and GBP payments. The fintech platform allows you to keep your income in these currencies, make international payments, or convert to EGP only when exchange rates are favourable. Transactions on Grey are affordable and transparent (you know exactly what you are paying for and how much before completing the transaction). It integrates seamlessly with global freelancing platforms like Upwork and Fiverr, allowing you to access your earnings swiftly.
Grey offers mid-market rates on transactions without hidden mark-ups and withdrawals into your local account without losing a chunk of your earnings. Users can also access a virtual USD debit card to pay for online services, subscriptions, and purchase directly in USD. Its invoicing tool helps freelancers streamline their finances with automation features and multi-currency support.
You can practically get an account within minutes by following these steps:
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Wise is another popular option for Egyptians receiving payments from abroad. It offers multi-currency accounts with local bank details in major currencies, making it easier for European and US clients to send payments.
Wise is known for using mid-market exchange rates and relatively low fees compared to traditional banks. Users can hold multiple currencies, convert between them, and withdraw to their local bank account when needed.
However, Wise may have more limitations on account availability and verification by location, and some features may not be fully accessible to all Egyptian users. Despite this, it remains a trusted option for those who can access its full services. To get started:
Also read: How to build a remote work routine that fits Egyptian culture and global demands
This is one of the most widely used payment options by international clients because it is very familiar. While you can receive your foreign income in Egypt via PayPal, the platform has major restrictions on features available in other countries. The platform also imposes high fees, including withdrawal, automatic transfer, transaction, and currency conversion fees.
This is a favourite among freelancers who earn through platforms such as Upwork and Fiverr. It integrates seamlessly with these platforms, making it easier for users to access their earnings efficiently. Despite its popularity, a major concern for Payoneer users remains the high fees, especially with emerging fintech options. Payooner might charge up to 2-3% for currency conversion and an annual inactivity fee of $29.95.
Also read: Paypal and Payoneer alternatives for freelancers in Egypt
This is a relatively new kid on the block that has been making waves in Egypt by offering US bank accounts that support direct ACH and wire transfers. While they don’t support other major currencies like EUR and GBP, they offer competitive exchange rates for withdrawal into local EGP accounts.
Opting for a reliable payment option for remote work in Egypt will save a lot of stress, as you won't have to battle payment delays or charges that eat into your earnings. Grey is technically a remote worker’s best friend as it provides USD, GBP, and EUR accounts for receiving international payments without forced conversion. You can keep your foreign currency for as long as you want or withdraw it to your local EGP bank at a favourable rate.
Sign up on the website or download the app to receive foreign income reliably
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