Transferring a large amount from Egypt to Canada

Last activity 01 December 2024 by heyes68

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msbluntNew member27 November 2024 20:18:06

Hi everyone

First post here. I am planning to sell my property in Egypt in the hopes of transferring proceeds to Canada to help pay off some of my mortgage. There is a lot of restrictions in Egypt currently regarding exchanging to foreign currency or wire transferring large sums. I have dual citizenship and wondering if anyone dealt with a similar issue before?

Is there a way to get some sort of exception or easing on these rules providing that Its all through proper channels and documented? I know there are exceptions that occur with paying off medical bills and tuitions but uncertain about mortgage.

heyes68Active memberToday 17:53:50

Hey, I haven’t dealt with this specific situation, but I can share what I’ve learned. It can be tough with Egypt's currency and transfer restrictions. When I was looking into transferring money abroad a while ago, I found it helpful to talk to a local bank about the best way to go about it legally. You might also want to explore working with a financial advisor who specializes in international transfers—they can guide you through the process. Some people have had success with family or trusted contacts helping move money through proper channels. It’s all about making sure the documentation is solid, especially with something like a property sale.

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