Money Transfer to Orascom - Makadi Bay Project

[Mussa1]

Hi
Having bought a property at the Makadi Project i need to transfer money to Orascom as i am now signing the contract.

What is the best way to transfer money to them and also does anyone know if there are any charges i have to pay if i transfer money from a UK bank account to thier account, are there any charges i have to pay on their behalf?

Any advise will be helpful

 

[Steveand Christine]

Hi
Having bought a property at the Makadi Project i need to transfer money to Orascom as i am now signing the contract.

What is the best way to transfer money to them and also does anyone know if there are any charges i have to pay if i transfer money from a UK bank account to thier account, are there any charges i have to pay on their behalf?

Any advise will be helpful

We transfered the money from our own bank in England, there was a £20 or £30 charge. We transfered in English pounds what we thought was near enough the right amount, it turned out to be about £100 light due to not knowing the rate of exchange which is applicable on the day it arrives in their bank. As we were going to Hurghada to sign the contract with our solicitor shortly after the transfer we just paid the difference when we got there. You could transfer the money in Egyptian pounds but the exchange rate would be lower than it is in Egypt so you will end up paying more.
Hope this helps.

Steve & Christine

 

[sanddune]

The exchange rate will be lower than a FX trader.
Search for an FX trader online and get a quote from them. Some will fix the rate for 12 months. Ideal if you are paying over a long period.
The post office now offer foreign exchanges, but infact they use HiFx who are one on the major traders.
Best of luck .

 

[matilda]

Funny, all of us (i mean the future owners) have the same questions simultaneously. I try to find the right way to money transfer to the developer daylong also

 

[rumbaba]

If I remember correctly, Orascoms account is with HSBC.

HSBC offer a deal between on HSBC account to another where i think a transfer costs £10. If you have a special account with them transfers can be free.

Obviously you are tied to teh bank's own exchange rate though.

Kind regards,

Rumbaba

 

[Alan Cockayne]

If I remember correctly, Orascoms account is with HSBC.

HSBC offer a deal between on HSBC account to another where I think a transfer costs £10. If you have a special account with them transfers can be free.

Obviously you are tied to the bank's own exchange rate though.
Kind regards,
Rumbaba

On a visit, if you can open a foreign currency account in the HSBC or Barclays bank in Egypt where you intend buying, you may fnd you can draw it out in Sterling. Then find the best currency exchange bureau in town.

But it is far more advantageous to take Sterling over and change it at the highest rate. The difference could be the cost of your trip and don't be tempted to take the developer's or hotel's own rate of currency before you check the going rate in town.

Alan. Coralife-Style Consultants.

 

[Mussa1]

Thank you for all the info

Does anyone know, if i transfer money from a UK account to their account and make payment in UK Sterling how much i will get charged for them to withdraw there money

As i have been told i have to pay all the charges, i know what my bank will charge for the transfer but how Commercial International Bank (C.I.B) will charge

 

[dcwest]

Proposed purchase

Hi, I am thinking of buying a property in Makadi, did any of you use an agent or did you purchase direct from Orascom?

Regards

 

[sanddune]

Hi, I am thinking of buying a property in Makadi, did any of you use an agent or did you purchase direct from Orascom?

Regards

I would recommend Classica and i doubt i would be the only one.
Check out the other thread on Makadi on this website and you will see only good comments about Classica.

 

[dcwest]

Agents

GDI Overseas appear to be the main Agent of Sun Homes, have you heard of them and if so would you recommend using them?

 

[dcwest]

GDI or Sun Homes

Sorry I meant to say GDI Overseas (the main Agent for Makadi Project) or Sun Homes? I am a bit weary about sending money to an agent has anybody heard or deal with either of them.

 

[Farah]

Sorry I meant to say GDI Overseas (the main Agent for Makadi Project) or Sun Homes? I am a bit weary about sending money to an agent has anybody heard or deal with either of them.

Hello All,
First post! Bought a T3 in Q1 with Sun-Homes. I used Tarek and Rational FX - sorted it all in 2 weeks last August . Bit nerve wrecking but to date, no complaints about the service received from all. Enjoyed a visit to the site with Sara and her colleague from the Hurghada office in March. Glad to find the development progressing so well. Now wish we had more info on surrounding projects i.e. Where/what the Jungle hotel? Sunwing Waterworld opening in 2011? Always enjoy reading postings from the contributors to this forum and hope to have more useful information to relay in future.....maybe as Q1 nears completion!

 

[Alan Cockayne]

Money Transfers

Sorry I meant to say GDI Overseas (the main Agent for Makadi Project) or Sun Homes? I am a bit weary about sending money to an agent has anybody heard or deal with either of them.

Over the years purchasing fees have sometimes been lost in transfer due to agents using them as a means to extract their commissions.

While Makadi Bay main agents (appointed by Orascom) may be highly respected and have the power of attorney to handle money transfers it should clearly state in your contract which bank the Holding Account (preferably an Escrow) Orascom are using or have approved.

For that matter, each project/developer should be working accordingly which will prove transparant in the long term.

Your Forex / High Street bank should have the receipt from it as proof.
If the transfers go to any other than this it could be construed as illegal and possibly money-laundering.

Real Estate agents may hold Corporative Accounts and handle money transfers for many investors. However, these hold little protection for buyers if the developer has any conflict of contract with those agents in the future.

We saw the problems with El Riad/WWD etc. Why risk others handling such huge amounts of cash without guarantees.

Alan. Coralife-Style Consultants.

 

[moh.hakim]

Transfer money to there bank account through swift transaction .... and you bank should provide such money transfer. i think this is the cheapest way ..

 

[punitalemon]

Office Space Victoria

These day offices are using foreign exchanges. exchange rate will be lower than FX
trader.