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Best Exchange rate - cash or travellers cheques

stoke on trent
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230 posts
25 reviews
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Best Exchange rate - cash or travellers cheques

Hi

I go Sharm in 5 weeks, so need to think about currency. Was going to take around £50 in Egyptian money - does anyone know the best place to exchange over here - the Post Office is 8.8016 today.

Also, shall I take the rest in cash or Sterling travellers cheques? Usually take travellers cheques but are they as easy to exchange over there?

Am also taking my Abbey National credit card as no commission on foreign purchases.

Thanks for your help.

Andrea

chorley,lancashire
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1,695 posts
60 reviews
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1. Re: Best Exchange rate - cash or travellers cheques

Wow that is low, we got 9.46 five weeks ago from the post office and i thought that was bad, we took sterling as we could use it in the shops and pubs etc in sharm, we got very bad rate from our hotel and their atm gave you poor rate and charged you for transaction, i used the bank of alexandria, got 10.96 and no fee cos i used a nationwide flex account,

merseyside
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7,959 posts
84 reviews
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2. Re: Best Exchange rate - cash or travellers cheques

The rate over there is normally 10% more than you could get in the UK. www.luxortraveltips.com has the rate updated. I take sterling and exchange in Egypt. If you need some LE's then you could get some on landing at the visa booths.

London UK
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2,562 posts
28 reviews
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3. Re: Best Exchange rate - cash or travellers cheques

I would take sterling travellers' cheques and sterling. Everywhere, including taxis, will accept sterling and many outlets will accept travellers' cheques w, i.e. they treat them as cash. The banks do not charge commission. Remember the Egyptians want hard currency, sterling, euro, dollars, etc, so they make it as easy as possible for people to spend and change hard currency into the local economy. If you lose the travellers' cheques they can be quickly and easily replaced. I don't know what you do if you lose your pre-paid debit card. It also releases you from trying to find a suitable ATM.

Do not change any sterling into Egyptian Pounds (LE) in the UK. You will receive at least 10% better rate of exchange in Egypt. It is also useful to take about US$60 in single dollar bills for tips and buying duty free, especially at the airport. Tips in currency notes are more appreciated than coin as the banks will not change coin and besides a US$1 tip is cheaper than £1. In round figures £1 = LE10.25 and US$1 = LE5

Redhill, United...
Destination Expert
for Sharm El Sheikh
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4,046 posts
77 reviews
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4. Re: Best Exchange rate - cash or travellers cheques

We always take sterling,the rate is much better in resort than back in the UK.

Woodbridge, United...
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258 posts
28 reviews
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5. Re: Best Exchange rate - cash or travellers cheques

the prepaid debit card has the same advantages as travellers cheques. if lost/stolen cash is replaced within 24 hours.

also have advantage of being able to use in any shop that accept visa. they are also pin protected.

to get sterling travellers cheques from Thomas Cook..they charge 3% commision...then you often pay commision again to change in the resort.

the card is charged at 2% commission.. and then pay upto £1.50 for each withdrawal

6. Re: Best Exchange rate - cash or travellers cheques

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