Apply For Renewal of Money Remittance Licence in Egypt
- Step 1.
The first step is to complete an application form to renew of the Money Remittance License and it should be sent to the baking supervisor at National Bank of Egypt supported by evidence of tax payments and copies of the Audited Accounts of the previous years. The application must be submitted two months prior to the expiration date of the license to make money transfers.
- Step 2.
- The second step is to attach the documents to the application form.
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- documents from previous years , and the proper maintenance of the books of accounts and registers.
- Copy of the permit that has expired.
- Copy of the current tax clearance (original for spotting).
- an acceptable performance in terms of Net-worth and Turnover in accordance with the requirements of the National Bank of Egypt.
- any other document to be deemed necessary to be required by the National Bank of Egypt.
- A copy of the expiring Money Remittance License
- 3.
The third step is to submit the application form with the document required and provide an amount of 15-30 days before the renewal is scheduled. Permits will be issued after successful assessment.
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- If there is a need to provide additional information with the purpose of processing the application , the Bank will communicate it in writing
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- When it is satisfied that all of the requirements are met and all the necessary requirements have been met, send a letter of intention to the applicant, advising the applicant that they must:
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- pay the Renewal License cost in the amount of LE5000 payable to the National Bank of Egypt by bankers ‘ cheques;
- Step 4.
In the event of meeting the requirements above or else, the National Bank shall:
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- Issue a new licence to the applicant;
- In writing, inform the applicant that the renewal request was rejected and inform applicants who have been unsuccessful that appeal to the National Bank of Egypt for review of the denial decision is possible within 30 days of the date of decision.
Required Documents For Renewal of Money Remittance Licence
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- Properly kept book keeping register
- Academic Qualification documents
- Signatures and signatures of the staff members. staff members.
- Address of the applicant
- Documentation of tax payments made as a provisional
- A tax clearance document
Office Locations and Contacts
- Central Bank of Egypt
Contact Information
Central Bank of Egypt
54 El-Gomhoreya Street
11511, Cairo Egypt
Tel:+202 27702770
Tel:+202 27701770
Tel:+202 25976000
Emails: General enquiries/ Complaints
info@cbe.org.eg
research@cbe.org.eg
monetary.policy@cbe.org.eg
career@cbe.org.eg
HelpDesk RTGS
RTGS.Helpdesk@cbe.org.eg
Fax:+20 2 25976081
What are all the Eligibility
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- A Money Remittance could be established by any corporate body or organization that has been authorized through the National bank of Egypt to transfer funds from a local as well as foreign-born worker an individual from their home country.This could include electronic money transfers, Mobile money, Western Union money transfer, or any other method that is accepted from the National bank of Egypt.
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- An applicant for a Cash Remittance applicant must have Egyptian National.
- Any company or individual who are registered as a business in Egypt with the registrar for Companies.ie Credit unions and banks as well as other financial services businesses are considered to be remittance transfer service providers.
Fees
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- The cost of application are LE.1000
- Registration processing is LE.5000.
Validity
Valid for one year
Processing Time
Processing takes 21 days for processing
Instructions
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- A person cannot operate an money Remittance business unless possessing an money Remittance License.
- Any person who infringe or fails to adhere to the provisions of section 1 shall be guilty of an offence and will be punished according to the law.
- Additionally, you should receive information on when the money will be available, as well as instructions regarding your rights to dispute transfers and what to do in the event there is an error, and the procedure to file complaints.
The Information You Need
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- Name of the applicant
- Address of the Applicant
- Where is the Foreign Exchange Bureau
- License Number
- A tax clearance document.
- Documentation of tax payments made in the form of a provisional tax
- Full names, addresses , and names of employees of the bureau.
- Identification documents that are legal. The national driver’s licence or international passport is ideal for this.
- Documentation of your legal address. Rent receipts from your house, as well as utility bills that state your house location are accepted .
The Document is required
- Transfer house which offer remittance services to customers, either directly through banks using SWIFT or via money transfer agents that work with banks.
- Application for renewal of Money Remittance Licences must be accompanied by evidence of tax payment as well as a copies of the audited accounts for the preceding year’s activities and must be presented by the National Bank of Egypt two months prior to the expiry date.
External Links
http://www.cbe.org.eg/NR/rdonlyres/989C90C0-9940-439A-B2A2-9908A4F22FD1/1516/MobilePayments.pdf
http://www.un.org/esa/esa02dp26.pdf
https://www.justlanded.com/english/Egypt/Egypt-Guide/Money/Transferring-money