Egyptian Currency Guide: What Travelers Need to Know

The local currency and payment methods are very important to understand while traveling to Egypt. The official currency in Egypt is the Egyptian Pound, abbreviated as EGP, and understanding how to exchange and use money will help ensure a stress-free visit.

Here's everything you need to know about Egyptian currency, exchange rates, and payment methods for travelers arriving from other countries.

1. Egyptian Pound (EGP)
The official currency of Egypt is the Egyptian Pound, abbreviated as EGP. The pound is divided into 100 piasters, but piasters are rarely used in daily transactions. The symbol for the Egyptian pound is £E or sometimes EGP.

- Banknotes: Egyptian pounds are available in denominations of 1, 5,10, 20, 50, 100,  and 200 pounds.
- Coins: Coins come in 25 piastres, 50 piastres, and 1 pound.

2. Currency Exchange for International Travelers

You can exchange foreign currency for Egyptian pounds upon arrival in Egypt at any airport, bank, currency exchange office, or hotel.

- Best Currency to Exchange: US dollars (USD) and euros (EUR) are widely accepted and easy to exchange. Japanese yen (JPY), British pounds (GBP), and other major currencies can also be exchanged at banks and currency exchange offices.
- Currency Exchange Locations: The most common places where currency is exchanged are the Cairo International Airport, major hotels, local banks, and exchange kiosks in touristy areas.

3. Egypt ATMs

In Cairo and other major cities and towns that cater to tourists, there is easy access to ATMs. Many of these machines accept cards such as Visa, Mastercard, and American Express.

- Withdrawal Limits: This means some ATMs have daily withdrawal limits, and one will be forced to withdraw smaller quantities or make a number of them.
- Charges: Be conscious of possible fees on withdrawal imposed by your bank at home or the provider.

4. Credit Cards and Payment Methods

Credit and debit cards are largely accepted in large hotels, restaurants, and shops throughout Egypt, especially in Cairo, Sharm El Sheikh, and Luxor. However, in smaller businesses, among local vendors, and in more remote areas, it may not be possible to pay with anything but cash.

- Visa and Mastercard are the most widely accepted international credit cards.
- American Express may be accepted in some high-end establishments but not as commonly as Visa or Mastercard.

5. Tips for Currency and Payment in Egypt

- Avoid Currency Exchange at Airports: While it’s convenient to exchange money at the airport, the exchange rates may not be as favorable as those offered by local banks or currency exchange offices in the city.
- Carry Small Bills: It’s always a good idea to have smaller denominations for tipping or purchasing from smaller shops.
Use local currency for smaller purchases: Even as cards are largely accepted, at the local markets, to travel by taxi, and by small shops require payments in pounds.

6. Currency Exchange Rate

The conversion rates vary; thus, one has a reasonable assurance to look upon the prevailing exchange rate prior to going and converting it to another. Currently speaking, 1 USD = approx. 30 EGP. Different rates are obviously there for the currencies of different countries like GBP, EUR, and JPY.

Last but not least, for travelers:

- Take US Dollars with you. It is widely accepted, and there should not be any problem exchanging it into Egyptian pounds.
- Use ATMs wisely: in case of need, use them in big cities, but remember that fees are possible.
-Notify Your Ban: In case of going on travel, let your bank know about your travel so they won't block your credit or debit card as suspicious activities.

Conclusion

Handling Egyptian currency is relatively easy, be it changing foreign currency, using ATMs, or paying with credit cards. Cash remains the most prevalent means of paying for things, although credit cards are widely accepted in tourist areas. With some forethought and knowledge of how to handle money in Egypt, you will find that your trip can be both convenient and enjoyable. Safe travels!