How To Transfer Your Money To Egypt

Transferring money internationally is much more difficult than it sounds

, and it can turn out to be a complicated process. Here are some tips that will help you when transferring your money to Egypt:

What You Need to Know About Egyptian Currency

The official currency of Egypt is the Egyptian Pound. One pound is equal to 100 piastres, and the coins are available in 5, 10, 20, 25 and 50 piastre denominations. When you see prices in shops written with the abbreviation LE rather than the pound symbol, remember that LE means "livre egyptienne" which is French for Egyptian Pound. Coins are hard to get hold of in Egypt, and because of this most prices will be rounded up to the nearest pound.

Exchange Rate

At the moment, the currency has a great exchange rate with the British Pound, making Egypt a popular destination for holidays from the UK. As well, the cheap prices in this country compared to the UK are resulting in many British people becoming interested in investment in real estate in Egypt. Foreign buyers are finding that most real estate in Egypt is much cheaper than what they are used to. However, when moving over your money to Egypt it is important to get a favourable rate as this can make a huge difference in your savings.

Get Help From A Professional

When purchasing a property in Egypt, it is a good idea to get help from the services of a foreign exchange broker. These professionals understand the ins and outs of the international banking world, and will be able to help you accomplish what you need while saving money and reducing hassle. They can help you set up a regular payment, buy a large asset such as a property for sale in Egypt, or send your money in an international money transfer.

Also, a specialist currency broker will likely be able to get you a much more favourable currency exchange rate than the high street bank. The difference in the exchange rate might not seem like a big deal, but when it comes to large purchases such as a property for sale in Egypt, a small percentage can add up to a lot of money. Most high street banks charge service and transaction fees, so you will save a good amount of money by choosing a foreign exchange broker. Make sure that the broker who you choose is FSA regulated and certified.

Another option is to acquire your Egyptian pounds from the Post Office. You even have the option of ordering your Egyptian currency online. The Post Office is likely the best bet for small amounts of spending money, but if you are transferring over your entire savings and setting up a bank account it is best to use a foreign exchange broker.

by: James P Martin

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