USD payment sent to egypt
I sent a USD payment from the US to a developer in Egypt (CIB USD account). The money was received in USD, but the company converted it internally to EGP for my condo payment.
The issue is the rate they used doesn’t match the CIB exchange rate on the day the funds were received.
This created a difference of about 10k EGP.
My questions:
Is it normal for developers in Egypt to use their own rate?
Are they allowed to use a different rate than the bank? Even though it was sent to their USD bank account.
What’s the best way to avoid this in the future? Because I have payments due every 3 months.
Thanks for any advice.
I only have US passport
u/Few_Engine_5389 — 9 days ago