Egypt is a beautiful country known for its ancient history, stunning pyramids, and vibrant culture. It is important to understand the currency system in Egypt for a smooth, hassle-free trip. Knowing which notes are in circulation, the best payment methods, and how to save money are essential things to be aware of. This guide will provide you with all the vital details about currency in Egypt.
List of currency notes in Egypt
The official currency in Egypt is the Egyptian pound (EGP), which is often written as LE or E£. One Egyptian pound is further divided into 100 piastres. The Central Bank of Egypt issues various notes in different denominations.
The main currency notes used in Egypt are:
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Denomination
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Appearance
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E£1
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Smallest note, green in colour
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E£5
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Green and purple design
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E£10
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Brown and orange design
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E£20
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Purple design
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E£50
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Blue and pink design
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E£100
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Green and blue design
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E£200
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Largest note, orange in colour
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Using Indian currency
If you are travelling from India, you need to know that Indian currency in Egypt is not accepted. However, there are ways to exchange Indian currency in Egypt:
- Currency exchange Egypt offices: Some exchange offices accept INR and provide Egyptian pounds.
- Banks: Certain banks in Egypt allow INR to be exchanged, but it's not very common.
- Airports: Exchange counters at international airports in Egypt might accept INR, but rates may not be favourable.
Methods of payment in Egypt
Egypt offers various payment methods, including cash, cards, and digital. It is important to know which payment methods in Egypt are widely accepted.
- Cash: Cash is the most preferred payment method. Many small shops, street vendors, and taxis only accept cash. Always carry small denominations (E£10, E£20, E£50) for an easy payment process.
- Credit and debit cards: Most hotels, shopping malls, and restaurants accept Visa and MasterCard. American Express and other international cards may not be widely accepted.
- ATMs: ATMs are available in major cities like Cairo, Alexandria, and Luxor. You can withdraw Egyptian pounds using international debit or credit cards. Be aware of withdrawal limits and bank fees.
- Mobile payments: Digital wallets like Apple Pay, Google Pay, and PayPal are not very common in Egypt. Some large businesses accept them, but cash is still preferred.
- Foreign currency payments: S. dollars, euros, and British pounds are sometimes accepted at tourist locations. However, the exchange rate may not be favourable.
Tips to save money when travelling in Egypt
Travelling in Egypt can be affordable if you manage your expenses wisely.
- Avoid exchanging currency at airports, as the rates are usually high. Use authorised exchange offices or banks for better rates.
- Many local shops and vendors prefer cash over cards. Carry small notes (E£10, E£20) to avoid getting too much change in coins.
- Negotiate while shopping in local markets (souks). Start by offering half the price and negotiate from there.
- Withdraw larger amounts from ATMs to avoid multiple ATM fees. Use banks that have lower foreign transaction fees.
- Metro and public buses are much cheaper than taxis. If using a taxi, agree on a price before the ride or use ride-hailing apps like Uber.
FAQs
- Can I use Indian rupees in Egypt?
Indian currency is not accepted in Egypt. It is best to exchange INR for EGP before travelling.
- Are credit and debit cards accepted everywhere in Egypt?
While big hotels and restaurants accept cards, small shops, markets, and taxis prefer cash.
- Is it expensive to travel to Egypt?
Egypt is generally affordable for tourists. Local food, transport, and accommodation are much cheaper than in many countries.
- Where can I exchange money in Egypt?
You can exchange currency at ATMs, exchange offices, banks, and hotels.
- What should I do if I run out of cash?
You can withdraw money from an ATM, use a credit/debit card, or exchange more foreign currency.
Conclusion
Understanding the currency system in Egypt will help you manage your expenses better. However, while planning your trip, it is also essential to ensure your journey is stress-free. Look for travel insurance online and opt for a policy that offers financial security in case of any unforeseen events. A good travel insurance for Egypt provides coverage against medical emergencies, travel hiccups like lost baggage, flight delays and trip cancellations.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.