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What is the Local Currency in Egypt and Where Can I Exchange Money? A Complete Guide

Introduction

Egypt is a popular tourist destination, known for its ancient history, beautiful beaches, and vibrant culture. If you’re planning a trip to Egypt, you’ll need to familiarize yourself with the local currency and know where to exchange your money. In this guide, we’ll provide a comprehensive overview of the local currency in Egypt, where to exchange money, and tips for handling money during your trip.

The Local Currency in Egypt

The local currency in Egypt is the Egyptian pound (EGP), which is abbreviated as LE (short for livre égyptienne). The Egyptian pound is divided into smaller units called piastres or qirsh, with 100 piastres equal to one Egyptian pound. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, and 500 EGP, while coins are available in denominations of 25 and 50 piastres, as well as 1, 5, and 10 EGP.

Where to Exchange Money

There are several options for exchanging money in Egypt, including banks, exchange offices, and hotels. However, it’s important to be cautious when exchanging money, as some places may offer unfavorable exchange rates or charge high fees.

Banks: Banks in Egypt offer competitive exchange rates and are a safe and reliable option for exchanging money. Many banks have branches located in popular tourist destinations, such as Cairo and Luxor, making it easy to exchange money during your trip.

Exchange Offices: Exchange offices are another option for exchanging money in Egypt. These are typically located in tourist areas and offer competitive exchange rates. However, it’s important to be cautious when using exchange offices, as some may charge high fees or offer unfavorable exchange rates.

Hotels: Many hotels in Egypt offer currency exchange services for their guests. While convenient, these services often charge high fees or offer unfavorable exchange rates, so it’s best to compare rates before exchanging money at a hotel.

Tips for Handling Money

When handling money in Egypt, it’s important to be cautious and take precautions to avoid theft or loss. Here are some tips for handling money during your trip:

Carry small denominations of Egyptian pounds for tipping and small purchases.
Keep larger denominations of Egyptian pounds in a secure location, such as a hotel safe.
Avoid carrying large sums of money with you when sightseeing or exploring tourist areas.
Use ATMs located inside banks or shopping malls to avoid card skimming scams.
Be cautious when exchanging money with street vendors or unlicensed money changers.

Conclusion

In conclusion, if you’re planning a trip to Egypt, it’s important to be familiar with the local currency and where to exchange your money. Banks and exchange offices are safe and reliable options for exchanging money, while hotels may charge high fees or offer unfavorable exchange rates. By taking precautions when handling money, you can ensure that your trip to Egypt goes smoothly and that you have the necessary funds to enjoy all that this beautiful country has to offer.