Money Matters in Egypt

When traveling to Egypt, understanding how money works will help make your trip smoother and more enjoyable. Egypt’s currency, tipping culture, and the art of bargaining can be a little different from what you might be used to, but don’t worry—this guide will cover everything you need to know to handle money confidently while exploring this fascinating country.

Egyptian Currency: The Basics

The official currency of Egypt is the Egyptian pound, commonly abbreviated as EGP or represented with the symbol £E. Locally, it’s known as “ginay.” Egyptian banknotes come in denominations of 1, 5, 10, 20, 50, 100, and 200 pounds, while coins are available for 1 pound and smaller denominations, but coins are less commonly used.

Exchange Rate: The exchange rate can fluctuate, so it’s always a good idea to check before you arrive. As of recent estimates, 1 USD equals around 30 EGP, but rates can vary depending on the market.

Pro Tip: It’s better to exchange some cash before you arrive or at the airport for small purchases or transportation when you first arrive. However, you’ll typically get a better exchange rate at local exchange bureaus in major cities like Cairo or Alexandria.

Where to Get Cash

Egypt is largely a cash-based economy, especially outside of major cities and tourist hotspots. While credit cards are widely accepted in upscale hotels, restaurants, and larger stores, it’s essential to carry cash for small purchases, street vendors, local markets, or tips.

ATMs: ATMs are widely available in cities like Cairo, Luxor, and Aswan, and you’ll also find them in tourist-heavy areas. ATMs typically allow you to withdraw local currency using your home bank card, but be mindful of transaction fees that your bank might charge.

Pro Tip: When using an ATM, always opt to withdraw cash in Egyptian pounds to avoid poor exchange rates. If the machine offers you a conversion option, decline it and let your bank handle the exchange instead.

Bringing Cash: It’s smart to bring a mix of US dollars or euros and exchange them for Egyptian pounds upon arrival. You’ll often get a better exchange rate than using a credit card, and having some foreign currency on hand can come in handy for emergencies or larger purchases.

Credit and Debit Cards

While cash is king in Egypt, credit and debit cards are widely accepted in most hotels, larger restaurants, and high-end shops, especially in major cities and tourist areas. However, it’s a good idea to notify your bank of your travel plans to avoid any blocks on your cards due to suspicious foreign transactions.

Visa and MasterCard are the most commonly accepted, but American Express and Diners Club may not be as widely available outside of major international hotels.

Pro Tip: Carry small denominations of Egyptian pounds for tips, market purchases, and transportation, as credit cards won’t be accepted in smaller shops, cafes, or when bargaining in souks.

Tipping Culture in Egypt

Tipping, or baksheesh, is a very common practice in Egypt and is expected in many situations, from restaurants and hotels to small services like bathroom attendants or tour guides. Knowing how and when to tip will make your interactions smoother and is an important way to show appreciation for good service.

Restaurants: Most mid-range and upscale restaurants will include a service charge in the bill, but it’s customary to leave a small additional tip for your server. 10-15% of the bill is standard for good service.

Pro Tip: If you’re dining at a more casual spot, or if you feel the service charge wasn’t directly going to your server, it’s always a nice gesture to leave a little extra.

Hotels: In hotels, it’s common to tip porters 10-20 EGP for helping with your bags, and housekeepers 10 EGP per night. If you’re staying in a higher-end hotel or resort, you may want to leave a little more.

Pro Tip: Keep a stash of small bills for tipping, as you’ll find yourself handing them out quite often.

Tour Guides and Drivers: It’s standard to tip your guide and driver at the end of a tour. Depending on the length of the tour, 50-100 EGP per day for guides and 30-50 EGP for drivers is a good rule of thumb.

Bathroom Attendants: Public restrooms often have attendants who will expect a small tip (usually 1-2 EGP) for providing paper or cleaning services

The Art of Bargaining

Bargaining, or haggling, is part of the fun in Egypt, especially in markets (souks) like Cairo’s famous Khan El Khalili or the vibrant bazaars in Luxor and Aswan. Egyptians enjoy the social aspect of negotiating prices, so don’t be shy—it’s expected!

How to Haggle: When bargaining, start by offering half the price of what the vendor initially asks. They’ll likely come back with a counteroffer, and you can work your way up to a fair price. Remember, it’s all part of the experience, so keep it friendly and light-hearted.

Pro Tip: Don’t feel pressured to buy if you’re not happy with the price. Politely declining and walking away often results in the vendor lowering their price even further. Also, try to have small bills ready to avoid any awkward change situations.

Where Not to Bargain: In some places, prices are fixed, such as supermarkets, malls, or established shops in tourist-heavy areas. But in open markets or with street vendors, bargaining is almost always expected.

Tax and Service Charges

In Egypt, many restaurants and hotels include a service charge (usually around 12%) and tax (around 14%) on the bill. In some cases, the service charge doesn’t go directly to the staff, so it’s still customary to leave a tip for good service, especially in restaurants.

Pro Tip: Always check your bill carefully to see if the service charge and tax have been added before leaving an additional tip.

Staying Smart with Money

Keeping your money safe while traveling is just as important as knowing how to spend it.

Splitting Up Your Cash: It’s a good idea to keep your cash in different spots. Use a money belt or hidden pouch for larger amounts and your passport, while keeping a small amount of cash in your wallet or purse for daily expenses.

Pro Tip: Egypt is a safe country for tourists, but pickpocketing can occur in busy areas. Be cautious with your valuables and avoid flashing large amounts of cash.

Currency Exchange: Exchange your money at official currency exchange bureaus or ATMs to avoid unfavorable rates at tourist stalls or unofficial exchanges.

In Summary

Handling money in Egypt doesn’t need to be intimidating. With cash being the most common form of payment, it’s important to always carry small bills for tips and smaller purchases, while credit cards can be used for larger transactions in more upscale areas. Don’t forget to haggle when appropriate—it’s all part of the Egyptian experience! By being prepared and mindful, you’ll feel confident managing your finances and enjoying everything Egypt has to offer.