Exchange rate

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Nwilliams
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Exchange rate

Post by Nwilliams »

Hi can anyone help me please we come to luxor in sept and my hotel is 441 us dollars is it better to pay in dollars or English as I always seem to end up paying a lot more than my booking cost as they confuse me with there way of converting to Egyptian they seem to go from English to dollar then Egyptian which way is best does anyone know thank you



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Re: Exchange rate

Post by newcastle »

Obviously dollars - if you have them.

Failing that, Sterling.

I’d try to avoid having to use EGP....you’d probably be given a lousy rate, depending on the hotel.

Presumably, when you booked, you should have been told what methods of payment, and currency, the hotel accepts.

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Re: Exchange rate

Post by HEPZIBAH »

newcastle wrote:
Fri Jul 26, 2019 3:51 pm
Obviously dollars - if you have them.
newcastle - why is it obvious? It's not to me. (I hate numbers - especially when attached to currency. I probably hate converting my £ to $ even more.)
My answer would have been much more complex, so please help me out here and spell out 'obvious' in words I can understand.
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it is what you do with what happens to you.
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Re: Exchange rate

Post by newcastle »

HEPZIBAH wrote:
Fri Jul 26, 2019 7:14 pm
newcastle wrote:
Fri Jul 26, 2019 3:51 pm
Obviously dollars - if you have them.
newcastle - why is it obvious? It's not to me. (I hate numbers - especially when attached to currency. I probably hate converting my £ to $ even more.)
My answer would have been much more complex, so please help me out here and spell out 'obvious' in words I can understand.
By all means :lol:

The hotel booking price is, going by the post, in dollars. I suspect it’s a booking site rather than the hotel direct. If the poster has dollars, then using them is the cheapest option.

Changing any currency into dollars will involve some loss. Probably the loss is less with £ to $ than with EGP to $.

If the hotel offers the option of paying in £ or EGP, you can be sure that the rate they quote will involve some loss over paying in $......possibly a bigger loss than if you had bought $ from your bank before travelling.

I suspect the poster doesn’t have dollars so it’s a question of buying sufficient now (in UK) or dealing with the hotel.....who are quite likely to give you inferior rates changing £ or EGP into $.

All this assumes the poster intends to settle the account in cash, rather than with plastic .

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Re: Exchange rate

Post by DJKeefy »

I thought the hotels only accept dollars from foreign staying guests, I remember reading some rule or law stating this, even though rules can be broken in Egypt.

I would change English pounds to Dollars in the UK and then give the hotel the 441 dollars as stated on your booking receipt.
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Re: Exchange rate

Post by crewmeal »

The Winter Pavillion asked me how I wanted to pay for my bill on my card. £ or $ or LE. I chose LE and the bank were not charging for the transaction either.

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Re: Exchange rate

Post by BENNU »

crewmeal wrote:
Fri Jul 26, 2019 8:57 pm
The Winter Pavillion asked me how I wanted to pay for my bill on my card. £ or $ or LE. I chose LE and the bank were not charging for the transaction either.
They asked if I would pay in Danish or Egyptian on my Visa card. Before I had a chance to answer, they said that it would be cheaper in Danish. I have often experienced the same in Norway.

If they don't ask, it will be in my own currency, when I pay with a plastic card.

Some online agencies mention that the price is based on € or $ and will be converted to local currency on arrival. I prefer to pay online when booking.

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Re: Exchange rate

Post by newcastle »

DJKeefy wrote:
Fri Jul 26, 2019 8:51 pm
I thought the hotels only accept dollars from foreign staying guests, I remember reading some rule or law stating this, even though rules can be broken in Egypt.

I would change English pounds to Dollars in the UK and then give the hotel the 441 dollars as stated on your booking receipt.
So would I. :lol:

It is the law that foreigners have to settle their accounts in hard currency......but being Egypt, many hotels choose to ignore it. Probably they make quite a turn by offering to accept EGP at a poor rate.

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Re: Exchange rate

Post by newcastle »

crewmeal wrote:
Fri Jul 26, 2019 8:57 pm
The Winter Pavillion asked me how I wanted to pay for my bill on my card. £ or $ or LE. I chose LE and the bank were not charging for the transaction either.

Surely the benefit or otherwise of choosing between currencies would depend upon :

a) in what currency the bill was calculated

b) what exchange rates the hotel was using as between various currencies.

It’s rare to find a UK bank offering free use of its plastic abroad! Lucky you!!

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Re: Exchange rate

Post by BENNU »

newcastle wrote:
Fri Jul 26, 2019 9:36 pm

It’s rare to find a UK bank offering free use of its plastic abroad!
:o Oh, in that case, do not listen to me!!! It does not cost me anything to use my Danish Visa cards in other countries, including Egypt and UK.

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Re: Exchange rate

Post by newcastle »

BENNU wrote:
Fri Jul 26, 2019 10:10 pm
newcastle wrote:
Fri Jul 26, 2019 9:36 pm

It’s rare to find a UK bank offering free use of its plastic abroad!
:o Oh, in that case, do not listen to me!!! It does not cost me anything to use my Danish Visa cards in other countries, including Egypt and UK.
It doesn’t surprise me!

The UK is a bit of a minefield with some banks charging a range of fees for using their plastic.

There are a number of sites to guide you however . My favourite is :

https://www.moneysavingexpert.com/trave ... ey/#need-7

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Re: Exchange rate

Post by A-Four »

DJKeefy wrote:
Fri Jul 26, 2019 8:51 pm
I would change English pounds to Dollars in the UK and then give the hotel the 441 dollars as stated on your booking receipt.B
No way,...... to do this method through the British banking system would cost anything up to 15% on commission alone.

I will write up my advise tomorrow.

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Re: Exchange rate

Post by crewmeal »

Just to prove a point, however this is for debit cards not credit cards.

https://www.thisismoney.co.uk/money/sav ... ummer.html

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Re: Exchange rate

Post by newcastle »

crewmeal wrote:
Sat Jul 27, 2019 6:52 am
Just to prove a point, however this is for debit cards not credit cards.

https://www.thisismoney.co.uk/money/sav ... ummer.html

I’m not sure what point you’re proving. Even the NatWest debit card involves some cost.

But the real point is if, say, your bill at Winter Palace came to $500 and the hotel said you could pay 10,000EGP instead....surely you wouldn’t opt for the latter?

It all depends what conversion rate is being offered.

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Re: Exchange rate

Post by newcastle »

A-Four wrote:
Fri Jul 26, 2019 11:34 pm
DJKeefy wrote:
Fri Jul 26, 2019 8:51 pm
I would change English pounds to Dollars in the UK and then give the hotel the 441 dollars as stated on your booking receipt.B
No way,...... to do this method through the British banking system would cost anything up to 15% on commission alone.

I will write up my advise tomorrow.
Only a complete sucker would suffer 15%. Perhaps you’re thinking of buying from an airport booth. :lol:

The Post Office only charge about 2% over mid market inter bank rate.....and some outfits charge even less.

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Re: Exchange rate

Post by A-Four »

From reading your initial post here Nwilliams, you seem to suggest that on previous hotel bills, they are charging you a double conversion rate, being £ to $ then to LE. If you was to attempt this in the U.K. under the usual standard tourist conversion rate it would cost you approx 30%. (Anyone who has ever purchased LE in the U.K. know exactly what I mean, the lose alone there is 20%)

Egypt's conversion rates are quite different, simply because it welcomes hard currencies such as the £ $ and €, in exchange for its dreadful LE, which it knows you can only spend in Egypt. Your hotel should as a rule have a Bureau de Change, simply go there and ask what is the day fixed rate for $441 converted to the £ sterling. Then you simply pay for your hotel room in the exact amount in sterling as quoted.

Some small hotels in Luxor try to play games on unsuspecting tourists. If you arrive in the late evening, you certainly do not have to pay your bill immediately, remember they hold your pass port.

Important note. - British people should never use their debit or credit cards for hole in wall machines or purchases, use only in an emergency.

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Re: Exchange rate

Post by crewmeal »

I’m not sure what point you’re proving. Even the NatWest debit card involves some cost.
The point I'm proving is to say that NatWest will not charge for withdrawing cash on a debit card whilst abroad for the month of August, whereas some other banks will charge. (Naturally terms and conditions apply)

I would hate to think that folk are withdrawning cash on a credit card. The rates must be horrendous!!!

I stand corrected. I've just checked my hotel bill from last year and paid in US$. The rate charged by my credit card company was $1.27 which is roughly what it is today.

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Re: Exchange rate

Post by newcastle »

crewmeal wrote:
Sat Jul 27, 2019 10:41 pm
I’m not sure what point you’re proving. Even the NatWest debit card involves some cost.
The point I'm proving is to say that NatWest will not charge for withdrawing cash on a debit card whilst abroad for the month of August, whereas some other banks will charge. (Naturally terms and conditions apply)

This doesn’t seem to be so according to the NatWest website :

Transactions with charges
Foreign currency withdrawal from any UK cash machine (ATM)
Cash withdrawals or the purchases of currency or travellers cheques outside the UK
Purchases made outside the UK (for example, purchasing goods in a shop)
Purchases made anywhere in a foreign currency (for example, online/telephone purchases made in or outside the UK
Transactions without charges
Sterling cash withdrawals from any UK cash machine (ATM) or Natwest branch in the UK, Channel Islands, Isle of Man, Gibraltar or any outlet displaying the Visa logo
Purchase of foreign currency or travellers cheques in the UK

https://personal.natwest.com/personal/l ... broad.html

Again :

How much does it cost to use my NatWest credit or debit card cards abroad?

Whether you choose to spend abroad using your debit or credit card, you’re going to incur some fees.

https://transferwise.com/gb/blog/using- ... ard-abroad

Of course, the internet is not infallible and the NatWest may be giving its customers a charge free August (as they have in the past). But, if so, they’ve kept pretty quiet about it.

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Re: Exchange rate

Post by crewmeal »

I refer the honourable gentleman to my previous post or this one.

https://www.rbs.com/rbs/news/2018/05/fe ... bank-.html

You have to be a reward customer though hence terms and conditions.
NatWest and Royal Bank of Scotland are offering fee free debit card purchases for foreign transactions abroad for the summer from 3 May until 31 August 2018 for Reward, Premier and packaged account holders. Over 3 million customers are set to benefit from the initiative.

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Re: Exchange rate

Post by newcastle »

Apologies Crewmeal....I hadn’t read the link attached to your earlier post.

I note the arrangement doesn’t apply to cash withdrawals.

But even if you’re offered a choice of currencies in which to pay, surely the choice depends on what conversion rate the hotel is offering? I see you eventually paid in $. I was surprised when you originally said you’d opted for EGP as I would have thought the conversion rate for that would be very poor.

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