Currency and Exchange in Marsa Alam
Understanding the local currency and exchange options is essential for a smooth trip to Marsa Alam. Whether you're paying for a meal, booking a tour, or shopping for souvenirs, knowing how to handle your money will ensure you get the best value during your stay.
Local Currency
The official currency of Egypt is the Egyptian Pound (EGP), often abbreviated as LE (Livre Egyptienne) or £E. Banknotes are available in denominations of 1, 5, 10, 20, 50, 100, and 200 pounds, while coins are available in smaller denominations, including 1 pound and 50 and 25 piastres (piasters).
Exchange Rate: The exchange rate between the Egyptian Pound and other currencies, such as the US Dollar (USD) or Euro (EUR), fluctuates regularly. It’s advisable to check the current rate before you exchange your money to ensure you’re getting a fair deal.
Where to Exchange Currency
You can exchange currency at several locations in Marsa Alam, including banks, official exchange bureaus, and some hotels. Banks and official exchange bureaus generally offer the best rates, but it’s always a good idea to compare a few options before making an exchange.
Recommended Places: Exchange your money at well-known banks like Banque Misr or the National Bank of Egypt, or at reputable exchange bureaus in major tourist areas. Avoid exchanging money at the airport, as rates are typically less favorable.
ATMs and Credit Cards
ATMs are widely available in Marsa Alam, particularly in tourist areas and near major hotels. They are a convenient way to withdraw local currency using your debit or credit card. However, it’s important to notify your bank before traveling to ensure your card will work in Egypt.
Credit and Debit Cards: Most hotels, restaurants, and larger shops in Marsa Alam accept major credit and debit cards, such as Visa and Mastercard. However, it’s advisable to carry some cash for smaller purchases, tips, and in places where cards may not be accepted.
Tips for Handling Money in Marsa Alam
- Carry Small Denominations: It’s useful to carry small notes and coins for tipping, small purchases, and using local transport. Larger notes can be difficult to break, especially in markets and smaller shops.
- Keep Receipts: When exchanging money, keep your receipts. You may need to show them if you plan to exchange any leftover Egyptian Pounds back into your home currency before leaving the country.
- Avoid Black Market Exchanges: While you may encounter offers to exchange money on the black market, it’s illegal and often results in poor exchange rates or counterfeit currency. Always use official channels for currency exchange.
- Check ATM Fees: Be aware that your bank may charge fees for international ATM withdrawals. Some ATMs in Egypt also charge a fee, so it’s worth checking before you withdraw.
- Be Cautious with Cash: While Egypt is generally safe, it’s always wise to be cautious with your cash. Use hotel safes for larger amounts and avoid displaying large sums of money in public.
