Egypt and Italy sign agreement to facilitate money transfers through post offices

Adel Allakani, Saturday 5 May 2012

63,000 Egyptian residents in Italy are expected to benefit from the agreement brokered to facilitate and lower the costs of money transfers via post offices to family and friends in Egypt

Egypt Post and its Italian counterpart, Poste Italiane, signed an agreement to facilitate remittances from Egyptian workers in Italy through 1300 post offices in Egypt’s governorates and 700 post offices in Italy.

According to Mossaad Abdel-Ghani, the president of Egypt Post, the agreement will make it easier, faster and cheaper for Egyptian workers in Italy to transfer money to their families and friends in Egypt.

The transfer fees are fixed at 5 Euros per transaction, which will be split between the two parties. The agreement was signed in Italy by Abdel-Ghani on the Egyptian side and Massimo Sarmi, chairman of the Poste Italiane Group.

Abdel-Ghani estimates that 70 percent of the 90,000 Egyptians residents in Italy will benefit from the new service, adding that many similar agreements are being discussed with countries where there is a strong Egyptian community, such as in the United Arab Emirates, France and Germany.

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