Which would be the best option .. £'s or €'s

harita


Joined: 14/08/2008
Posts: 1343

Message Posted:
10/02/2012 13:58

Shortly to visit Egypt ..

What would give the best rate of exchange in Egypt .. Pounds or euros

gracey


Joined: 04/02/2012
Posts: 142

Message Posted:
10/02/2012 14:03

euros would

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
10/02/2012 14:25

I have worked there on and off for the last 6 years, I can asure you either GBP, EU or USD are most welcome. Rates are all connected, no advantage to any of them, just take what costs you nothing to take out of the bank here.

Try to use money changers as in Cy rather than bans as you will get a better rate.

DO NOT use ATM's in hotels, the pay out rate is set by the hotels and they take a large commision.

Also do not be afraid to tip in UK coins, the staff in the hotels collect them up and ask people to change them for paper notes when they have enough.

skybluesam


Joined: 24/12/2008
Posts: 447

Message Posted:
10/02/2012 14:25

Blackburn Shekels?????

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
10/02/2012 14:27

Just about wherever you go in the world the $ is supreme. Not only is it accepted everywhere but it trades with the tightest margins. If you must change to an intermediate currency (from say tl to ??? to Egypt Pound) then $ is what I would suggest. If you already have either € or £ in sufficient quantity then take € as gracey suggests.

harita


Joined: 14/08/2008
Posts: 1343

Message Posted:
10/02/2012 15:06

Surely skybluesam you mean rupees ..

More banks in Blackburn dishing out rupees than shekels or pounds ..

harita


Joined: 14/08/2008
Posts: 1343

Message Posted:
10/02/2012 15:11

Jovial_John .. Message 5 ..

My money will be in £'s initially .. Then changed here to whatever $'s €'s or left in sterling

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
10/02/2012 15:29

If you change from £s to anything (€ or $) then you lose on the exchange rate - if you then change again to Egypt £ you lose again. I am sure that your best option is to take £ and change in Egypt - then you only lose once. But please shop around in Egypt for a decent exchange rate - certainly not hotels or shops.

The only other thing to consider is travellers' cheques because not only are they safer but you normally get a better rate changing those than banknotes. But it would depend on any charges you might pay for the travellers' cheques in the first place - I used to get them free via my Amex card so it was always worth it.

Enjoy your holiday!

harita


Joined: 14/08/2008
Posts: 1343

Message Posted:
10/02/2012 15:36

Jovial_John .. Would it be possible to get travellers cheques in TRNC

harita


Joined: 14/08/2008
Posts: 1343

Message Posted:
10/02/2012 17:54

BTTT.

Jovial_John .. Is it be possible to get travellers cheques in TRNC ? ..

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
10/02/2012 18:08

I am sorry - I simply don't know.

Ed1957


Joined: 03/09/2011
Posts: 377

Message Posted:
10/02/2012 18:12

Do they still use travellers cheques anywhere?

theparson


Joined: 28/05/2011
Posts: 129

Message Posted:
10/02/2012 20:01

Ignoring the finances for a second......a couple of tips.

1. Make sure your travel insurance policy is the best you can afford.

2. Dont go to any football matches.



Have a nice trip.

illidan


Joined: 10/02/2012
Posts: 1

Message Posted:
10/02/2012 23:56

2)don`t go to any football matches.

lol.

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
11/02/2012 07:23

Other thing to consider is to take out cash at ATM when you arrive at airport. You can laer take out some from other bank ATM's.

Exchange rates there are at bank rates, not hotel rates, and you can use any currency cards.

I used to do this a lot, but make sure your card is set up to use abroad, Barclays for instance only allow cards to be used in other countries if they are set up for that country.



If you can get T/cheques, you have to pay for them, you won't gte as good rate as cash, but they are of course insured.

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
11/02/2012 09:15

yrret - I disagree. If harita takes Egyptian £ from an ATM using her TRNC debit card the exchange rate is that offered here and it will be poor because they are not traded here.

It is the same as if I take tl from an ATM using my UK debit card - I get a poor exchange rate. It is far better to take UK£ from the ATM here and then change it locally because there is a demand for sterling here but no demand for tl in the UK.

Of course the same pricipal applies to harita - if she can find an ATM in Egypt that will dispense Sterling.

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
11/02/2012 11:41

Pobably right on a Tl debit card, I was thinking GBP or Eu as as she mentioned in msg #1

To be honest I was thinking more assuming drawing on a UK card or RoC Eu card.

I worked there on and of for 6 years until last year, and used to draw LE on my UK account or my south Eu account and it was always a good rate, but don't use hotels.

If she banks in the south with Piraeus, there are branches in Cairo, but again banks all charge a commision.

Money changers give a better rate for cash as they do when changing funds in NC as mentioned in msg#3 above - take whatever it costs nothing to get from the bank.