Currency rates / transfering problems !!!

[awahee123]

A rate is simply agreed for anything via a conversion,however if it is possible that you would lose in the conversion then it would be a mistake to go ahead with the transaction.

I have purchased goods with sterling I certainly didnt lose in the transaction,however my post has never mentioned that anybody would gain or lose by using the mentioned currencies rather then egyptian pound.

[dave99]

Originally Posted by awahee123

A rate is simply agreed for anything via a conversion,however if it is possible that you would lose in the conversion then it would be a mistake to go ahead with the transaction.

I have purchased goods with sterling I certainly didnt lose in the transaction,however my post has never mentioned that anybody would gain or lose by using the mentioned currencies rather then egyptian pound.

Thanks - but the point of this thread is to try to find the best way to pay for things, big and small, for non-Egyptians (my interest being as a Brit), and "personal" deals is not what I had in mind.


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[Peter Mitry]

'Personal' is the operative word here; you know the exchange rate so you get the price in each currency and do what is best on the day. Isn't that how we always buy things? Its personal choice - you do what is right for you!

[dave99]

Originally Posted by Janoulaki

Right,

it is well known that Egyptian Pound is not stable enough to make a transfer in it.

Making a payments will be a bit difficult, but will keep you posted once my currency company opens it's own Egyptian Pound Account and we will be able to trade.

I will have an answer by this week as we just spoke to the financial association to get a permission.

As a potential assistance to those interested in changing money:

just had a rate offered of 11.49 Egyptian pounds to £1 UK sterling

Anyone EVER had a better rate than this.

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[dave99]

Hi
Just found a new exchange agency that claims to offer rates better than anyone else - as a trail they quoted me 11.41 LE Egyptian pounds, for £1 Sterling - has anyone had a better rate in the last 3 months.

Seems like a good deal - they also claim to be able to get the money bank to bank within 48 hours which is also quite fast.


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[dave2u]

the latest currency 1.00 GBP = 8.68169 EGP thats a lot less for our moneyand proves that even egypt could have problems

[iain]

Originally Posted by dave2u

the latest currency 1.00 GBP = 8.68169 EGP thats a lot less for our moneyand proves that even egypt could have problems

Do you mean problems in being too expensive for tourists? this means the EG£ has strengthened against the GB£ it was EG£ 10 to 1 GB£ a couple of months ago.

In fact its the GB£ weakening rather than EG£ strengthening. I bet sales of properties will be switching back to Egyptian Pound prices soon!

[propertywatch1]

Iain... you are quite right the developers here over the last few months have had to alter their prices due to the weak GBP. Due to the ever fluctuating Pound the only way they can guarantee a stable price is to quote in Egyptian Pounds.

The Egyptian pound as you rightly say is strong against all currencies and as we know the Egyptian business man is very shrewd when it comes to financial matters.

I live here in Hurghada on the british resort and they too are considering putting their prices in EGP. Its only logical that prices will also go up due to the exchange rate.

[Organics1]

Originally Posted by dave2u

the latest currency 1.00 GBP = 8.68169 EGP thats a lot less for our moneyand proves that even Egypt could have problems

I was just thinking the same thing.

It doesn't really matter if they start quoting the prices of property in Egyptian Pounds or how they're dressing it up, you'll still be paying more than you did 2 months ago. And whilst all this talk of recession keeps going on investors will keep dumping the pound and it will continue to lose against most currencies.

[queenie40something]

Hi a couple of days ago in Sharm we were getting 9.67. You always get about 10% more changing it there. Have you seen my post from the BBC news about the credit crunch hitting Egypt in the media thread?

I have merged the thread with this one on exchange rates.