A summer trip to Egypt promises to be thrilling, whether travelling alone or in a group. With iconic sights from the Pyramids of Giza to the vibrant souks of Cairo and the serene beaches of Hurghada, there is a lot to look forward to. While you pack your bags and draft your summer itinerary, let’s discuss managing your finances in Egypt.
Tourists often encounter currency exchange traps, such as inflated airport fees, poor hotel rates, or risky street deals. Falling for these traps can eat into your funds for Nile cruises or Luxor temple tours.
This article offers helpful tips on navigating Egypt’s exchange landscape while maximising your funds and having the best summer of your life.
Also read: Egypt visa requirements for US citizens
First, let’s talk about Egypt’s official currency. The Egyptian pound (EGP) is marked as “LE” or “£E,” with notes in 5, 10, 20, 50, 100, and 200 EGP denominations. There are coins in 25, 50 piasters, and 1 EGP. The value of EGP fluctuates slightly, but you can check the live rates on Grey, Google or Xe. However, exchange services at the airports or hotels offer worse rates, usually 5–10% below mid-market rates.
You should note that the Central Bank of Egypt (CBE) strictly regulates foreign exchange, limiting cash imports to USD 10,000 and EGP exports to 5,000, with heavy penalties for unofficial deals. Checking mid-market rates before exchanging helps you identify fair deals and avoid losses.
Exchanging money at the airports or hotels might be convenient, but usually costly. ATMs at reputable banks like the National Bank of Egypt (NBE) or Banque Misr might offer better rates. ATM fees could, however, range from 20 to 50 EGP per withdrawal. If you have no choice, exchange only small amounts at the airport or hotel for immediate needs. Then, visit city banks or authorised exchange offices for larger sums.
Also read: How anyone can open a bank account in Egypt as a visitor
Planning a trip abroad often means booking flights, hotels, or tours on international websites that charge in US dollars. Instead of relying on local bank cards that come with poor exchange rates and hidden fees, Grey gives you a better way to pay.
With Grey, you can open a USD account, top it up, and use your balance to pay for travel-related expenses, from airline tickets and accommodation to online bookings and subscriptions — all at competitive exchange rates. You also get access to a USD card, so you can make online purchases directly in dollars without automatic conversions or surprise charges. Transactions are usually swift. You can open an account within minutes with a utility bill, valid ID, and photograph.
Street vendors or unofficial exchangers in tourist areas like Khan el-Khalili may offer tempting rates (e.g., 1 USD = 52 EGP), but these are illegal under CBE regulations. Risks include fines, confiscation, or receiving counterfeit EGP. Scams are common, with tourists shortchanged or given outdated notes. Stick to regulated options like banks (e.g., Commercial International Bank, QNB) or licensed bureaux de change in Cairo or Alexandria, which provide receipts and fair rates. Always compare rates and request a transaction receipt to ensure compliance and transparency.
Many ATMs in major cities offer competitive EGP rates. Choose ATMs at banks like HSBC or Banque Misr over standalone machines, which may charge higher fees. Use cards with low foreign transaction fees. Contactless cards are accepted at major hotels, restaurants, and malls in urban areas, but cash is essential for small vendors and taxis. Consider holding EGP denominations for markets or rural areas like Aswan, where cards might not be readily accepted.
Staying in Egypt requires some cash for daily expenses like street food, Cairo metro fares, or entry fees for tourist attractions. Exchanging large sums risks losses if rates improve or you’re left with excess EGP, which can’t be exported beyond 5,000 EGP. Estimate how much you need for a period and exchange just about that amount at a time at banks or authorised exchange centres. Monitor rates across providers, as even banks differ slightly. Avoid carrying large amounts of cash in crowded spots like Khan el-Khalili due to pickpocketing risks, and store money securely in hotel safes.
Also read: Best places to visit in Egypt for summer holidays
Falling prey of Egypt’s currency exchange traps can sap your travel budget. Grey offers a reliable solution to keep your funds safe. Grey is a fintech platform that simplifies money management for tourists, allowing you to hold and convert funds at competitive rates, avoiding airport and hotel markups.
Sign up on Grey’s website or download the mobile app to ensure your summer trip to Egypt is financially stress-free.
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