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    • cnoc
    • By cnoc 14th Jul 17, 10:19 AM
    • 2 Posts
    • 1 Thanks
    cnoc
    Best way to get Egyptian holiday money
    Hi,

    First post - apologies for any newby errors!

    We went to Egypt (Hurghada) last year and got a far better rate out there than we could get here for Egyptian pounds (we got about 10 to 1 in Scotland and 14 to 1 in Egypt). A couple of weeks after we returned the Egyptian government announced it was no longer "pegging the Egyptian pound to the US $". This hugely devalued the Egyptian currency. I was just wondering of this means I'd be better to change my money here before we go back in October, or if I should take Sterling and change it out there for a better rate again?

    Thanks in advance for any help!
    • eDicky
    • By eDicky 14th Jul 17, 12:25 PM
    • 2,608 Posts
    • 1,118 Thanks
    eDicky
    We went to Egypt (Hurghada) last year and got a far better rate out there than we could get here for Egyptian pounds (we got about 10 to 1 in Scotland and 14 to 1 in Egypt). A couple of weeks after we returned the Egyptian government announced it was no longer "pegging the Egyptian pound to the US $". This hugely devalued the Egyptian currency. I was just wondering of this means I'd be better to change my money here before we go back in October, or if I should take Sterling and change it out there for a better rate again?
    Originally posted by cnoc
    A change in value of the Egyptian (or any) currency applies wherever it is being traded, so it will still be better to exchange cash in Egypt. But it's not the best way - that would be to use a fee free card such as Monzo or Starling Bank for purchases or ATM withdrawals, the rates will always be better than exchanging cash anywhere (on same-day comparison).
    Evolution, not revolution
    • cnoc
    • By cnoc 15th Jul 17, 9:00 AM
    • 2 Posts
    • 1 Thanks
    cnoc
    A change in value of the Egyptian (or any) currency applies wherever it is being traded, so it will still be better to exchange cash in Egypt. But it's not the best way - that would be to use a fee free card such as Monzo or Starling Bank for purchases or ATM withdrawals, the rates will always be better than exchanging cash anywhere (on same-day comparison).
    Originally posted by eDicky
    Aye, that's not really what I was meaning. The last time we were there we were getting bettter rates out there as people out there valued pounds more than the actual exchange rate, so when you used them in shops they were giving you up to 40% over the official rate. I think this was due to the government pegging the Egyptian pound to the US$ which gave it an artificially high value. Even the best credit cards could't give a rate close to the one we were getting out there. My question was whether that'll still be the case now that the E£ is no longer pegged tot the US$? I guess you'd have to have been in the last wee while to know.
    • eDicky
    • By eDicky 15th Jul 17, 10:22 AM
    • 2,608 Posts
    • 1,118 Thanks
    eDicky
    Aye, that's not really what I was meaning. The last time we were there we were getting bettter rates out there as people out there valued pounds more than the actual exchange rate, so when you used them in shops they were giving you up to 40% over the official rate. I think this was due to the government pegging the Egyptian pound to the US$ which gave it an artificially high value. Even the best credit cards could't give a rate close to the one we were getting out there. My question was whether that'll still be the case now that the E£ is no longer pegged tot the US$? I guess you'd have to have been in the last wee while to know.
    Originally posted by cnoc
    Now I understand, thanks for clarifying. I can only guess that the extra high rates you were getting for cash pounds are unlikely now that the Egyptian currency is unpegged, but it's still probably better to exchange cash over there than in Scotland. Others may know more.
    Last edited by eDicky; 15-07-2017 at 10:25 AM.
    • LelBop
    • By LelBop 19th Jul 17, 10:25 PM
    • 2 Posts
    • 0 Thanks
    LelBop
    Travel FX
    Hi there,


    I too have just ordered Bulgarian Lev from Travel FX. However, my TSB bank didn't recognise the sort code etc under company payment. Travel FX state you can't cancel once you have submitted your order but they don't have any of my banking details. Can you tell me how you got on in May please?
    • LelBop
    • By LelBop 19th Jul 17, 10:32 PM
    • 2 Posts
    • 0 Thanks
    LelBop
    Hi, has anyone ordered currency from Travel FX? We ordered some today and were told to pay in at Lloyds TSB quoting a ref number. Hoping our money should be delivered on friday, it just seems a bit dodgy to pay for it before seeing the currency and the lady at the bank had never come across it before despite Lloyds being the named bank on TravelFx website. Maybe I'm worrying for nothing but would like some positive reviews...which i can't seem to find! thanks
    Originally posted by dippydooda

    I'm worried too we ordered Bulgarian Lev with Travel FX but TSB bank doesn't recognise it as a company to pay. I'm very reluctant to pay a "person". Did you get anywhere in May??
    • erb
    • By erb 20th Jul 17, 10:42 AM
    • 515 Posts
    • 82 Thanks
    erb
    Travel FX
    I used Travel FX in May with no problems. I paid via bank transfer using the bank details they provided and paying a person. The sort code was 23-05-80.
    Regards
    erb
    • Abo123
    • By Abo123 21st Jul 17, 6:17 PM
    • 1 Posts
    • 0 Thanks
    Abo123
    Hi, first time poster. My Son will be working in Spain for 12 months. He will be paid in the UK. He will open a Spanish bank account, whilst out there. Few questions. Sending money to his Spanish account seems to be expensive, any ideas? Is there a good credit card or prepaid card he should use whilst out there? Currently with Lloyd's in UK. Thanks. Paul.
    Last edited by Abo123; 21-07-2017 at 6:25 PM. Reason: Error
    • zagfles
    • By zagfles 21st Jul 17, 7:09 PM
    • 11,988 Posts
    • 9,944 Thanks
    zagfles
    Hi, first time poster. My Son will be working in Spain for 12 months. He will be paid in the UK. He will open a Spanish bank account, whilst out there. Few questions. Sending money to his Spanish account seems to be expensive, any ideas? Is there a good credit card or prepaid card he should use whilst out there? Currently with Lloyd's in UK. Thanks. Paul.
    Originally posted by Abo123
    If he's going to be paid in the UK presumably in GBP, does he need a Spanish bank account?

    Maybe he does if he needs to write cheques or do bank transfers eg to pay rent, but if he can pay for everything by cash or card then he could just open a Metrobank account and use that for cash withdrawals and debit card spending. Maybe get a Halifax Clarity credit card as well.
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