Money In Egypt
Whether you have an upcoming travel adventure in Egypt or you’re looking into planning one, it’s important to understand their currency and economics before departure. After all, you’re going to be spending money while you’re over there, right?!
As a tourist, understanding currency and exchange rates are imperative to a successful trip. The last thing you want is to underestimate the value and mistakenly tip hundreds of dollars as opposed to just a few.
Luckily, exchange rates are easy to understand, and the currency is easily transferrable.
The Official Currency
The official name of Egyptian currency is the Egyptian pound, not to be confused with the Euro pound. The standard acronym for the Egyptian pound is EGP.
Similar to other forms of currency, the EGP has tiered denominations. Just as US currency has cents and dollars (comprised of pennies, nickels, dimes, quarters, and dollars), so the EGP has notes and piastres.
For reference, 1 EGP comprised 100 piastres. This can be compared to 1 USD comprising 100 cents.
Notable Exchange Rates
While exchange rates are subject to constant change, as of the date of writing, the following are the most common exchange rates involving major currencies of the world.
$1 CAD = E£ 12.39 EGP
$1 USD = E£ 15.72 EGP
€1 EURO = E£ 18.2 EGP
$1 AUD = E£ 11.35 EGP
¥1 Chinese Yuan = E£ 2.44 EGP
Using this guide, you can now easily budget your trip and forecast day-to-day expenses. As a broad recommendation, budgeting 600-1200 EGP daily should suffice for a fairly standard and enjoyable Egyptian adventure. Obviously stated, if you’re looking to experience a more luxurious adventure, budget accordingly. In contrast, if you are backpacking, you can likely get away with less than 600 EGP daily.
Important Tips for Tourists
Traveling to a foreign country carries a lot of uncertainty and fear. This is especially apparent when it comes to money and theft. Below are a few key tips when it comes to Egyptian currency, money safety, and travel expenses.
Traveling with EGP
Thanks to the Egyptian Tourism Authority, foreign tourists are unable to enter the country with more the 5,000 EGP. To put that into perspective, that’s only $300 USD. As such, while it’s fine to travel with a small EGP stash, be prepared to exchange the majority of your cash upon arrival.
Don’t fret, though! Exchanges are available at all airports and most large hotels for a small exchange fee. Although ATMs are common and credit/debit cards are widely accepted in most tourist areas, its always a good idea to keep a small sum of EGP on your person.
Money Safety
Traveling to any foreign country carries its own risks, especially when it comes to money and petty theft. While the tourist areas of Egypt are generally safe, the country has experienced its fair share of crime.
Because of this, it’s important to arrive prepared. When traveling the streets of Egypt, always conceal and protect your money and valuables in a safe space. Additionally, don’t carry the entirety of your cash at once. Instead, store a small emergency fund in your hotel room and utilize the safe if they offer one.
Tipping Culture
The tipping culture in Egypt is prevalent and encouraged. As such, be prepared to tip for food, taxi cabs, and at local markets, among other places. Just a few notes will suffice, however, in order to keep the peace and enjoy your stay, tip the locals where possible.
Final Thoughts
Traveling to any foreign country requires a keen understanding of currency, and Egypt is no different. Luckily, electronic payment is available at most restaurants, bars, and shops, so your credit card should work virtually everywhere.
Nevertheless, as long as you follow the tips provided above, you shouldn’t have money-related issues. All that’s left to do is spend and enjoy your Egyptian adventure!