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I am owed about £7000 from a friend in Egypt but we are having a very difficult time transferring the money to my UK bank account, as the money is in UKP (sterling) WU and moneygram only accept USD, the banks want a government signed contract between us, and paypal is new in Egypt and will not accept debit cards or his new visa card so he cannot sign up to these services, so my question is, is bitcoin a way that we could transfer the funds directly to me and will I be able to convert the bitcoins to Sterling, and how much will this cost? many thanks to all that reply Tony

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  • I am from Egypt and banks in Egypt does not require a signed contract. I highly doubt that and sounds strange to me. Check the bank yourself or tell me its name to check for you. Also Paypal will not refuse debit or credit card. I was using an online visa card issued in Egypt with no problem at all with Paypal. You can create a bitcoin address and sure your friend can convert the money in bitcoins and send to your address, latter you can change that to any currency you want. Dec 25, 2017 at 12:40

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Yes it is possible.

Steps.

1) Find a bitcoin seller in Egypt.

2) Buy Bitcoins in Egypt. Your Friend must provide a bitcoin address to receive the bitcoins.

3) You provide a bitcoin address to your friend where he sends the bitcoins.

4) You find someone willing to buy bitcoins with sterling in your location.

5) Sell your bitcoins and receive Sterling.

You both will need a bitcoin wallet. And a way to contact with a bitcoin seller/exchange.

You can do the exchange in person (ie, LocalBitcoins) or directly to your UK bank account using a service like Coinbase.

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