The best exchange rate for changing Egyptian pounds is always obtained by paying with a card, as it is by far the most economical option. And to carry some cash, the best choice is to withdraw money from an ATM.
In other words, the best strategy to save money to the maximum would be to always pay with a card (as we will see later, in 2024, Wise’s card offers the best exchange rates and the lowest costs in the market) and only withdraw the amount of cash we will need from an ATM.
This technique to save the most money on your vacations may surprise you because, after all, if you go to any exchange house or bank, you will see advertisements claiming “no commissions,” and one might think that it would be logical to exchange pounds at the current exchange rate and that’s it, right? Well, not quite! Everything has a cost, even paying with a card has a cost, although they may not tell you or you might not see it at first glance.
Let me tell you a secret: this website was created by a group of friends who have worked for several years in currency exchange offices, and frankly, changing cash is the worst option by far. In fact, to give you an idea of the magnitude of this bad alternative, you should know that most currency exchange operators or bank employees have discounts to exchange currencies compared to the exchange rates offered to customers. But even with those discounts, we never exchange cash. At most, depending on the trip, we only take a small amount for certain payments or in case it’s necessary to enter the country.
So, it’s clear: always pay with a card and only withdraw the pounds in cash that we will need. Now let’s see how to pay the least possible cost in both cases:
What is the best card for paying abroad?
Based on the study we conducted on all the cards in the market for this year 2024, for paying in any foreign country, travel cards have lower costs than bank cards, and among travel cards, the one with the lowest costs is the Wise card.
These results are valid not only for the costs of payments in international stores in foreign currency (Wise would offer the best conditions, other travel cards would be on average about 4 times more expensive, and bank cards on average about 10 times more expensive); but also for the costs of withdrawing cash in foreign currencies from ATMs outside your country (Wise would again have the lowest fees, other travel cards would be on average about 4 times more expensive, and bank cards on average about 20 times more expensive).
Also, if you want to know precisely the cost differences and functionalities among the different cards you can find in the market in 2024, don’t miss our comparative study at this link. As you will see, this comprehensive study analyzes all types of cards (debit, credit, and prepaid) and all types of providers (banks, fintech companies, financial institutions, etc.).
Do we need to take our country’s cards abroad?
As we mentioned earlier, it is preferable to use the Wise card rather than a conventional bank card or other travel cards, as you will save a significant amount of money when paying in foreign stores and when withdrawing money from international ATMs by paying the lowest possible commissions.
In this way, in principle, it would not be necessary to carry any other card, but keep in mind that if you are going to make payments such as renting a car, you will need a credit card, as most car rental companies will hold an amount as a deposit and will only accept credit cards.
If, on the other hand, you are not going to make this type of operation, it is recommended to leave your bank cards with a higher balance at home and only for security reasons, it would be advisable to carry an extra debit card with a little balance in case of emergencies (imagine that your other card gets damaged or stolen, and you also lose your phone, so you have no means of payment).
Keep in mind that in case of theft, you run the risk of fraudulent operations being carried out with your cards up to their limits, while with the Wise card we recommend, your balance will never go negative, so only the deposited balance could be spent.
Additionally, you can instantly block your Wise card from your mobile phone, whereas with your bank cards, you may need to call your bank to cancel them, risking that they may not provide service at that moment due to being a holiday or outside customer service hours.
For all these reasons, when traveling, it is always much better to carry a debit card like Wise with the amount of money you will need. If you need more, you can always reload it instantly through the mobile application, and if you want to block it due to loss or theft, you can also do it immediately through the app. This way, you will have full access to your money at all times, without paying commissions for it and minimizing the risk of theft.
As you can see, this card has numerous functionalities through the mobile phone, so it’s important to make sure your phone’s battery is always well charged. For this, remember that plug types may vary in many countries. Therefore, it would be a good idea to purchase a universal plug adapter for traveling, as it will be useful for any future trips you plan to take. In this link, at a very affordable price, we show you a universal plug adapter, as well as other ideal and necessary products for traveling.
Finally, it is important to know that if you are going to take your credit card from your country to be able to pay deposits for operations such as car rentals, it is advisable to inform your bank before traveling abroad about your travel plans and the limits you will need. Keep in mind that all cards have daily, weekly, and monthly limits, and when traveling, you will spend more than usual, so if you have somewhat low limits without realizing it, you could reach your limit and find yourself in serious trouble.
What to do if my card runs out of balance abroad?
If your debit card runs out of balance while abroad, you can always obtain money in a straightforward way:
- If you have a bank card, you should get in touch with a family member or friend who is a customer of the same bank, so they can transfer funds to your account. Transfers between accounts of the same institution are instant, so once the transfer is completed, your card will be able to use the new balance in your account. Another option would be to make an “immediate transfer” between accounts of different banks, as this is also done instantly.
- If you have a prepaid card like the one from Wise, you can reload it through the App (or someone else can do it for you), and you will receive the money instantly.
What should I do if all my cards get stolen abroad?
If all your cards get stolen while abroad, here are your alternatives to get by:
- Use cash you withdrew from the ATM: You can pay with the foreign currency cash in case you made a withdrawal from an international ATM.
- Exchange your home currency into cash: It’s always advisable to carry some cash in your home currency in case of emergencies, as you can exchange it into pounds at currency exchange establishments if needed.
- Use mobile payments: If your phone has NFC technology, and your bank offers mobile payment services, you can link your phone to your card, and even if the card is cancelled or blocked due to theft, you can continue making payments with your phone without any issues.
- Have someone in your home country pay for what you need: If you only need to acquire a plane, train, or boat ticket, anyone you know in your home country could pay for it online and send you the mobile boarding pass (or you can download it from the company’s app).
- Receive money through money transfer agencies: In most tourist cities, there are plenty of these agencies. Anyone you know could make a transfer from your home country, and you can receive the money abroad.
- Sell your jewelry at a gold buying store: In most major cities worldwide, there are numerous gold buying establishments that will easily buy any gold jewelry from you.
- Sell your high-value belongings at a second-hand store: The most sought-after and easiest-to-sell items would be technological products like phones or laptops, as well as good-quality clothing and watches.
- Ask for money: The easiest way to get what you need would be to ask fellow countrymen who can trust you. If you need a small amount, a perfect spot to ask is next to vending machines since people receive change there, and when you ask, it’s very easy for people to give you something.
- Contact your Embassy or Consulate: As a last resort, the representatives of your country can always provide you with assistance.
Where to find the best cash exchange for Egyptian pounds?
As we mentioned earlier, the cheapest way to obtain cash in Egyptian pounds is by withdrawing money from ATMs.
In any case, if you wanted to exchange cash at a currency exchange office or bank, a currency exchange rate with a margin of less than 5% compared to the official exchange rate would be a good rate. Between 5%-10% margin, it would be an acceptable rate; between 10%-15%, it would be a bad rate, and beyond 15%, it would be exorbitant.
The official exchange rate of the Egyptian pound against your currency can be easily found on Google. By subtracting the rate offered to you and dividing the difference between the two by the official rate, you can calculate the percentage of margin they would be applying to you.
Typically, highly trafficked areas in tourist locations are the worst places to exchange currencies, as they apply higher margins on the exchange rates. Therefore, it’s best to search online in advance for a reputable exchange establishment instead of going to the first one you see.
In any case, if it were necessary to exchange a small amount of money, it wouldn’t matter much where you do it in case of emergency and urgency, as it would mean assuming a small extra cost at worst.
How much cash is enough for traveling?
Exchanging cash only serves two purposes:
- It serves as an emergency backup in case your card and phone are stolen so that you can at least get by: buy something to eat, make a call, get to the embassy if you need to request a duplicate passport, and get to the airport to leave the country.
- It serves in case you need to make cash payments: at some street vendors, some vending machines, and for paying certain services such as laundromats, telephone booths, shopping carts that require coins, etc.
Therefore, depending on the number of days you’ll be staying and what you plan to spend in cash, you can estimate more or less what you’ll need, which in any case should not be a large amount.
Is it possible to know if the exchange rate for pounds will be better or worse in the future?
Official exchange rates of all currencies function like any other financial market, just like the stock market. There are, of course, analysts and financial gurus who make predictions, but much like predictions about stocks, there is no evidence to show that anyone can accurately predict future prices based on available data.
Generally, foreign exchange market rates tend to be relatively stable, and within a month, they don’t fluctuate much more than 5%, unless there is an unexpected economic or political event, such as the unforeseen victory of an opposition party with a disruptive economic program.