Currency exchange

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Currency exchange

Post by Once bitten » Tue Aug 02, 2016 5:09 pm

Now we are set on freeing ourselves from the EU yoke, what is the going rate on sterling?
8) 8) 8) 8)



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Re: Currency exchange

Post by Hafiz » Tue Aug 02, 2016 6:43 pm

Read the general newspapers on the black rate and assume there is a risk of getting yourself in serious trouble for benefiting from it.

Black market dealers have been recently rounded up and jailed. Do I need to go further for the prudent future traveler that you, no doubt, are?

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Re: Currency exchange

Post by Dusak » Tue Aug 02, 2016 8:23 pm

The local souq is full of black traders. Whats the problem? :cg
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Re: Currency exchange

Post by Major Thom » Wed Aug 03, 2016 6:18 am

Not just the sook either D, most shops now in Luxor are offering a better rate for European Currency and te Dollar than any of the Banks.

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Re: Currency exchange

Post by Bombay » Thu Aug 04, 2016 3:23 pm

Once bitten wrote:Now we are set on freeing ourselves from the EU yoke, what is the going rate on sterling?
8) 8) 8) 8)
At lot bloody less than before we started "freeing" ourselves.

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Re: Currency exchange

Post by Once bitten » Thu Aug 04, 2016 3:32 pm

wow!!!!! I asked what the going rate was, as I always bring sterling and often use the banks as there is one on the corner where I live. I did not ask for a load of useless rubbish. :xx
8) 8) 8) 8)

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Re: Currency exchange

Post by HEPZIBAH » Thu Aug 04, 2016 4:30 pm

I use Coinmill as my guideline. I check it just before I leave the UK and usually find the rates in the airport and town have been pretty much the same as that given.

Today the rate is showing at £1 = LE 11.63
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Re: Currency exchange

Post by Bombay » Thu Aug 04, 2016 9:26 pm

Once bitten wrote:wow!!!!! I asked what the going rate was, as I always bring sterling and often use the banks as there is one on the corner where I live. I did not ask for a load of useless rubbish. :xx
8) 8) 8) 8)
No you didn't anyway you get a bit more than the online rates in the banks here better than overseas but as I said you get less now than before. It changes daily.

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Re: Currency exchange

Post by A-Four » Fri Aug 05, 2016 12:06 am

Bombay wrote:
Once bitten wrote:wow!!!!! I asked what the going rate was, as I always bring sterling and often use the banks as there is one on the corner where I live. I did not ask for a load of useless rubbish. :xx
8) 8) 8) 8)
No you didn't anyway you get a bit more than the online rates in the banks here better than overseas but as I said you get less now than before. It changes daily.
Hope you don't have a go at me Bombay for correcting you here, but it changes twice a day. :wi

Once Bitten, to check the for ever changing rate, click on to Bank of Egypt.....latest, and it will give you the exact official price.

I hear so much about the 'black market' in Luxor, but according to my latest information from Cairo the rate stands at 15.20LE to £. Although it is of little interest to any one reading this, it is certainly a clear indication of what the future will be. :wi :wi :wi .

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Re: Currency exchange

Post by Who2 » Fri Aug 05, 2016 1:37 am

5 hours ago I got 14 le... 8)
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Re: Currency exchange

Post by DJKeefy » Fri Aug 05, 2016 7:30 am

A-Four wrote: I hear so much about the 'black market' in Luxor, but according to my latest information from Cairo the rate stands at 15.20LE to £. Although it is of little interest to any one reading this, it is certainly a clear indication of what the future will be. :wi :wi :wi .
Why will it be of little interest to anyone reading this? we don't all put money first, some of us genuinely feel for the people of Egypt and it's future.
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Re: Currency exchange

Post by A-Four » Fri Aug 05, 2016 12:35 pm

DJKeefy wrote:
A-Four wrote: I hear so much about the 'black market' in Luxor, but according to my latest information from Cairo the rate stands at 15.20LE to £. Although it is of little interest to any one reading this, it is certainly a clear indication of what the future will be. :wi :wi :wi .
Why will it be of little interest to anyone reading this? we don't all put money first, some of us genuinely feel for the people of Egypt and it's future.
I do not get your point.

Looking at the whole of what I have written here, I am suggesting that it would be unwise for Once Bitten, or for any one else for that matter to deal with the 'black market' for obvious reasons, and that it continues to bleed Egypt dry,......and we all know who suffers the most.

Where I have indicated the present 'black market' price, hopefully this will suggest to Once Bitten and others that they leave their exchange until the last possible moment, being that as a rule any 'black market' rate today, reflects 'tomorrows' official price.

Yes, I feel for the poor of Egypt and its future, but this problem is down to the dithering of Cairo.

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Re: Currency exchange

Post by BENNU » Fri Aug 05, 2016 5:17 pm

Once bitten wrote:wow!!!!! ... I always bring sterling and often use the banks as there is one on the corner where I live.
Of course you are not talking about the black market!

Posting under "Places Recommended" could however give others the impression that you were looking for something else than a bank.

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Re: Currency exchange

Post by newcastle » Fri Aug 05, 2016 6:44 pm

Presumably the foreign exchange dealers in Egypt which are still open are licensed for business and adhere to whatever regulations they operate under.

Presumably they have some leeway with regard to margins on buying/selling hard currency.

I usually find they offer a significant improvement on the banks when changing sterling to EGP.

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Re: Currency exchange

Post by Dusak » Sat Aug 06, 2016 10:35 am

newcastle wrote:Presumably the foreign exchange dealers in Egypt which are still open are licensed for business and adhere to whatever regulations they operate under.

Presumably they have some leeway with regard to margins on buying/selling hard currency.

I usually find they offer a significant improvement on the banks when changing sterling to EGP.
And how come? If you operate a bank or exchange house, then presumably you have to offer that days legal exchange rate as shown on the electronic boards, which I again presume are connected to the same official exchange system of this country. So why is it that you would have a hard job finding a bank or exchange house offering the identical rate? And what would be the point of one of these institutions even offering an exchange rate that is lower than the rest, which they do? Folk are not stupid were money is concerned, they shop with their feet to get a better deal.

What is stupid, to my thinking, is the bright spark that instigated the forced temporary removal of the expats living here before they can renew their visa. The Egyptian currency is virtually worthless abroad, so everyone withdraws their currency to pay for the exit and return, or exchange their Egyptian for Euro's, Dollars or Stirling. The banks are already complaining that their own reserves of foreign currency are being hard hit by these countless withdrawals, sometimes twice a year or at least once depending who got what, six months or a year.

That withdrawn money is then spent in another country that in no way benefits Egypt. It would of been better just to leave things as they were with Egypt retaining the foreign currency and the local economy eventually benefiting from the expats disposable incomes. Most now have tightened their belts, cut down their outgoings to pay for the next round of drinks in Greece or wherever they land.

Now, it seems, they have suddenly realized this so are eventually going to dangle a carrot allowing you to ''buy'' a five year visa. This will, for those that choose to take the offer up as I'm lead to believe that it will not be compulsory, replace the lost foreign currency. And will these bonds be cashable at any time or will they have to remain held until you decide to call it a day and leave this country for good. And more importantly, if you did decide to throw in the towel, would your money still be there, if it is, would the value be on par with the initial value?
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Re: Currency exchange

Post by A-Four » Sat Aug 06, 2016 10:46 pm

I notice Newcastle has not answered your requested information here yet, perhaps he has not noticed, I'm sure he will return to it. When he has replied to your exchange enquiry, I will try to help with your enquiry to bank bonds.

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Re: Currency exchange

Post by newcastle » Sun Aug 07, 2016 5:58 pm

I'm not sure I see what question Dusak is asking.

Foreign Exchange bureaux are allowed some leeway over the "official" bank rate . The recent clamp down was on businesses operating with excessive margins.

It still pays to shop around, and most Forex bureaux will beat the bank..albeit by not as much as they used to.

However, not everyone is prepared to wear out a pair of shoes seeking the best rate in town so you will find variation ;)

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Re: Currency exchange

Post by Bombay » Mon Aug 08, 2016 1:03 am


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Re: Currency exchange

Post by Dusak » Mon Aug 08, 2016 10:40 am

OK, ignore the exchange house, but why do banks offer differing exchange rates at the same time on the same day? Surly these are all tied to the official rate of the day for banks.
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Re: Currency exchange

Post by A-Four » Mon Aug 08, 2016 11:08 pm

Dusak wrote:OK, ignore the exchange house, but why do banks offer differing exchange rates at the same time on the same day? Surly these are all tied to the official rate of the day for banks.
What we have with all currencies throughout the world, is what we call a 'fix', probably better known as the 11 o'clock Fix of the London Money Market, (not to be confused with LIBOR fix.) This sets the world currencies for 24 hours, plus it's over night interest rate.

On a local market such as Egypt its currency is allowed to fluctuate within a narrow band, some local banks will offer the top end of that band, while others offer at the lower end. With certain vulnerable currencies such as Egypt's, the national bank sets a fix twice a day.

Beware foreign exchange bureaux, they will always lower the exchange to their benefit the moment the banks close. Nine out of ten such bureaux in London went out of business when the banks started to remain open until 5p.m.

...............Hope you understand that Dusak. :wi

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