Banking and Currency in Egypt

Getting a detailed understanding of the local currency of a country can be a big headache for not just new visitors but also seasoned travelers. It is handy to have prior knowledge of when and how to obtain currency, and how to use it wisely. Here we've prepared a practical guide to money and banks in Egypt, which will help you make the necessary preparations before your visit.

Introduction to the Local Currency in Egypt

The official currency of Egypt is the Egyptian pound (EGP, or simply E£), and the basic unit is the pound. You can sometimes see it signified using the local character ج.م.

The Egyptian pound is divided into 100 piastres. The smallest denomination of EGP is 5 piastres, which is hardly in circulation in the market today. The most common denomination of piastres is 25 and 50 piastres, and these two denominations are available in both coin and banknote form. The pound itself comes in paper denominations of 200, 100, 50, 20, 10, 5, and 1 pound. For coins, there are 10 piastres, 5 piastres, and 1 pound.

For ballpark calculations, consider 16 EGP to be equivalent to 1 USD, 20 EGP to 1 GBP, 17 EGP to 1 EUR, and 10 EGP to 1 AUD.

It is wise to carry some Egyptian pounds with you for small purchases as most small vendors and restaurants only accept the local currency rather than USD or EUR. For security reasons and convenience, we recommend not carrying around a conspicuous volume of banknotes with you when traveling. You may consider using a credit card to pay large bills.

Use of Credit Card

Generally speaking, both debit and credit cards issued by major foreign banks are widely accepted in the major cities of Egypt, in malls, upscale stores, and restaurants, and in the star-rated hotels of Cairo, Alexandria, and Aswan.

Please do check with your bank before visiting Egypt about the validity of your card and the potential fees. Also confirm with them if your card can be used in Egypt. Make sure they know you are going to travel to Egypt, or your payments may be denied as protection against suspicious activity.

Always bring some Egyptian pounds during your visit, especially when traveling outside of the large cities and for use in places like local markets, small restaurants, and vendors.

Exchanging Money in Egypt

The Egyptian pound is the only official currency of Egypt. Although some vendors and service providers may accept USD and EUR, not many people use other currencies for business. This means that travelers would have to change their currency to EGP for consumption.

It may be difficult for you to get Egyptian pounds in your country, and there is a limitation of bringing no more than 5,000 EGP (about USD 320) into the country, as stipulated by local authorities. Hence, exchanging after arrival would be a great idea.

Airports, local banks (including their ATMs), and large hotels are ideal places to exchange major foreign currencies (USD, EUR, GBP, etc.) in large denominations.

The most convenient and ideal way is to find a local ATM and withdraw money. You can easily spot them in large cities, but please make sure you get enough cash before heading to a remote area, such as the desert.

The exchange rate at hotels may not be as good as at the banks. And you would need to bring your passport since it may be required when exchanging the local currency.

Reliable Banks in Egypt

As travelers, we should always trust our home banks. But what if our home banks do not operate in Egypt? Finding international banks may be a more reliable option. There are famous international banks that operate in Egypt, such as HSBC, etc. Of course, there are local banks that can provide you services during your visit as well, such as the Commercial International Bank (CIB), Credit Agricole, Alex Bank, National Bank of Egypt, and Banque du Caire.

Some Tips that May Help

You may enjoy a better rate if you choose to be charged in the local currency (EGP). Do the math of the conversion in advance, and it may help you save money.

Try to tip with banknotes instead of coins.

Make sure your banknotes are new and clean when exchanging money. The bank may refuse damaged money, and ATMs do not accept folded, torn, or scuffed banknotes.

There is fake money in circulation in Egypt and dishonest traders sometimes look for opportunities to give it as change to travelers or other unsuspecting people. Ask your local guide for help if you are not sure.

Last but not least, we at Global Highlights can assist you with your trip planning and avoiding the travel hassles.