Understanding the currency and money-related matters is essential for travelers visiting Egypt. The official currency of Egypt is the Egyptian Pound (EGP), denoted by the symbol "£" or "E£". Here's a comprehensive guide to money and currency in Egypt to help you navigate your finances during your travels.1. Currency Denominations:The Egyptian Pound is divided into smaller units, including:
- Piastres (or Qirsh): 100 piastres make up 1 Egyptian Pound. Piastre coins are commonly used for small transactions.
- Banknotes: Egyptian Pound banknotes come in various denominations, including E£1, E£5, E£10, E£20, E£50, E£100, and E£200.
2. Currency Exchange:It's advisable to exchange currency upon arrival in Egypt for the most favorable rates. Here are some currency exchange options:
- Banks: Banks in Egypt offer currency exchange services, and you can exchange major foreign currencies such as US Dollars, Euros, British Pounds, and others. Banks are typically open from Sunday to Thursday, with limited hours on Fridays and Saturdays.
- Exchange Offices: Exchange offices, known as "forex bureaus" or "exchange bureaus," are widely available in tourist areas, major cities, and airports. Compare exchange rates and fees before conducting currency exchange.
- ATMs: ATMs are abundant in Egypt's urban centers and tourist areas. They accept major international credit and debit cards such as Visa, Mastercard, and Maestro. Withdrawals are usually in Egyptian Pounds, and you may incur foreign transaction fees from your bank.
3. Payment Methods:Cash is the primary form of payment in Egypt, especially for small transactions, market purchases, and transportation fares. However, larger establishments, hotels, and restaurants in tourist areas may accept credit cards. Here's what you need to know:
- Credit Cards: Major credit cards like Visa and Mastercard are widely accepted in upscale hotels, restaurants, shops, and larger establishments. However, smaller vendors and establishments may prefer cash.
- ATM Withdrawals: Use ATMs to withdraw cash in Egyptian Pounds for convenience. Ensure your debit or credit card has a four-digit PIN, as this is typically required for ATM transactions in Egypt.
4. Tipping Culture:Tipping, or "baksheesh," is customary in Egypt for various services. Here are some tipping guidelines:
- Restaurants: A service charge may be included in the bill at upscale restaurants. If not, a tip of around 10-15% of the total bill is appreciated.
- Tour Guides and Drivers: It's customary to tip tour guides, drivers, and other service providers in the tourism industry. The amount can vary depending on the service provided and your satisfaction.
- Porters and Hotel Staff: Tip hotel staff, porters, and housekeeping for their services. A small amount of E£10-20 is customary.
5. Safety and Security:Exercise caution when carrying and exchanging money to avoid theft or scams. Use reputable exchange offices, banks, and ATMs, especially in tourist areas. Keep your cash and valuables secure and be vigilant in crowded or touristy places.
By familiarizing yourself with Egypt's currency and money matters, you can navigate financial transactions with ease during your travels. Whether exchanging currency, using ATMs, or tipping for services, understanding local customs and practices will enhance your experience in this fascinating country. Enjoy your time exploring the wonders of Egypt!