Not able to get the best currency exchange rates in Egypt? Read this article to find out more about the same.
The Egyptian currency is known as Egyptian Pound (L.E.). One Egyptian Pound has 100 Piastres or 1000 millimes. But only 20 or 25 piastre notes and coins are available. Also, Egypt has more coins than notes. So, you don’t need to worry about losing tiny coins. The notes are amazing to look at as they have images of Ancient Egypt.
NOTE: Do not change your money before you come to Egypt.
It is very easy to change main currencies into Egyptian Currency (Egyptian Pounds, EGP). You will get a much better rate than your native country. So, do not even think to change the Egyptian Pounds in the US, you will lose!
The best place to exchange money is the Currency Exchange shops which you will find at every street. They are everywhere! You can also change at hotel reception desk or pay at restaurants but unfortunately you will not the bank rates.
Euros, Sterling Pound and dollars are easily accepted in Egypt but only notes not coins. The coins are of no use to the people here.
TOURIST TIP: Do not tip Egypt people with coins from your own country. They are of no use to them. (WORTHLESS!!) They cannot exchange these coins in the bank but only with other tourists.
Also, if you see anyone in the street coming up to you showing Euros, sterling Pounds, Dollars or any other foreign coins, don’t get them wrong. They are not begging. They are just asking you to change them with foreign notes as they cannot exchange or use them in any shape or form.
Are CREDIT CARDS the best way to get Egyptian Currency?
MasterCard and Visa are accepted in most of the hotels, restaurants, clubs and bars. But high fees charges for processing the cards most people prefer payment in cash. Majority of hotels, restaurants and shops remain cash-only.
TIP: Always inform your credit card company of every move before you leave for Egypt.
ATM’s or Automated Teller Machines are common throughout Cairo and Alexandria, but a rare site in smaller or rural sights in Egypt. But the exchange rates may vary from machine to machine. ATM’s accepts credit and debit cards from many foreign banks without a problem but if you use more local and region oriented bank then you may run in compatibility issues.
WANT A SOLUTION? Definitely contact your bank manager before going to Egypt for any query that you have. They will see if you can withdraw cash from ATM’s in Egypt.
NOTE: The most common and easiest foreign currencies to change are Euro, English Pounds, US and Australian Dollars.