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Egypt
uses the pound for its currency (denoted as L.E); Egyptian pounds
are divided into 100 piastres. Notes are in denominations of 1, 5,
10, 20, 50, 100 pounds and 5, 10, 25, and 50 piastres. Coins are 5
and 10 piastres.
Egypt's ports of entry offer money-changing facilities where some
even have credit card machines. Changing money in Sinai is just as
easy as that on the mainland of Egypt. Some international banks are
available in Sinai such as Thomas Cook in Sharm El-Sheikh. Many of
Sinai's major hotels offer money-exchanging facilities yet the rates
are slightly jacked up.
Travelers' cheques can easily be changed in all main towns and cities.
Visa, and American Express cheques are widely accepted. Although,
this form of tender will only be accepted by major banks and these
are constrained to within the official rate of exchange set by the
Egyptian government, while private brokers, licensed by the government,
will often refuse them quite whimsically. Smaller independent brokers
are both very safe and offer the most appealing returns.
Credit cards are useful to use at bank machines to draw cash with.
However, not all facilities accept cards as a method of payment and
insist on getting paid in cash. Credit cards are readily recognized
at large hotels, resorts and diving facilities and are best used for
larger purchases such as hotel bills and diving reservations and courses.
Hard cash currency is in high demand in Egypt, and as such there exists
a traders black market. But this is not only illegal but entails excessive
risk disproportionate to the return, especially for visitors. Residents
may be more cavalier, although the risks remain the same.
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