International labour office geneva

do not brand specific migrant products as they 

are deemed to be unsuccessful

. The results of the interviews are in contrast to the review 

of existing literature, which points out that fees for transactions and the lack of a 

sophisticated banking system specifically (and financial sector in general), could be a 

reason for the low channeling of remittances via banks (European Investment Bank, 2006). 

In fact, one of the few studies that has focused on remittances of Egyptians living in Italy 

identified that banks are cheaper for transacting remittances compared to money transfer 

organizations (MTOs) such as Western Union, Thomas Cook, and Money Gram). The 

mean value for transaction through banks was 7 per cent compared to 12 per cent by 

MTOs (Orozco, 2003). Another study emphasized that Egyptian banks are heavily present 

in Italy and Egypt; Arab Bank has one branch in Rome, and 12 in Egypt and Misr Bank 

has cooperation agreements with Banca di Roma, but also with Western Union and Money 

Gram also heavily present in Egypt (European Investment Bank, 2006). 

18 

Labour migration for decent work, economic growth and development in Egypt

 

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Labour migration for decent work, economic growth and development in Egypt  

19 

Egypt Post has also developed a financial service through which migrants can send 

money to a specifically identified person from their bank abroad and the beneficiary is able 

to cash it in an Egypt post office in Egyptian pounds for a fee. Moreover, Egypt Post 

provides a variety of remittance services including paying government entities when 

abroad and having electronic remittances, etc.5