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]

Thanks - not going anywhere with this

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.


...

 

[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]

Example rate - today at 11.49 EGP to UK Sterling

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.

..
..

 

[dave99]

Small Exchange agency offering a good deal

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.


..

 

[dave2u]

Latest Currency

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

 

[iain]

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]

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.

 

[Organics1]

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?

Yes I have and also read the article that Georgina had posted.

There was no way that Egypt could ride this storm unaffected, so it was inevitable.

Even the "mighty" Orascom are not immune to the Credit Tsunami.

 

[propertastic]

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!

The EGP is very much tied to the USD, which is why the GBP has died against the EGP so badly over the past few weeks.

The GBP has actually improved against the EUR recently.

 

[Lsab]

I know this is nothing to do with Egypt but all the currencies (except Kuwait) in the Gulf are tied to the dollar and for the first time in several years we're actually getting an excellent rate when we transfer our dinars in to sterling. We're trying to make the most of it while it lasts!

 

[danny]

Currency rates / transfering problems

I use xe.com to compare current conversion rates and never change money in the UK as the local rate wherever you go in the world is always better. The £ is being battered against all currencies at the moment whereas the $ seems fairly strong, ironically the Yanks caused all this financial mess and come out smelling of roses, whilst we in the UK are left holding the baby.
I think that anyone from the UK will find wherever in the world they go on holiday in the next few months their spending power will be diminished.

 

[rgk]

as long as property prices don't drop in egypt then are assets there are increasing in value relative to sterling
but stable property prices are the big if!

 

[M Butler]

Last week the exchange rate went up to 10 LE to £1 sterling and has fallen to 8.98 yesterday - in less than a week..... Last year we were getting around 11.5 LE to the £ sterling.

Poorer Margaret!!!!

 

[dave2u]

the thing is this will make properties in egypt up 10% more expensive and will make egypt a bit less competative

 

[iain]

the thing is this will make properties in egypt up 10% more expensive and will make egypt a bit less competative

True - but let's face it not many places can compete with Egypt on price , 365 day sunshine, beautiful coral, and 5 1/2 hours flight from UK and less from most of Europe.

 

[Odd-bod]

I have been keeping a very close eye on what has been happening as I am due to part with a40% payment on Viva Reef this week. In real terms this means when I paid my reservation fee the rate was 10 LE/£ with me having to send £19000, now I am looking at 8.6 as the best rate I can get through a specialist transfer co with a result of £22093 an extra £3,000.
I haven't signed any contracts as yet so I still have a choice, I may lose £1000 but if the rate goes back up in say 6 months time, I'll have saved £2000, but my biggest fear is that others cannot absorb the increase as well as I can & the flats end up unsold.
Any thoughts on this.

 

[Jon123]

Following up on Propertywatch's informative post (thanks!) last year here on sending money from the UK to a sterling denominated account in Egypt, I was wondering whether this is still the most cost-effective method, or has someone else found a better way?

I have just opened a bank account in sterling here in Egypt and the bank manager told me he could give me, for e.g, yesterday around 8.65 EGP/GBP, as opposed to the 8.62 on the board. Is a SWIFT transfer from the UK still the best way of getting my money over here in Hurghada? Please let me know if anyone has any other suggestions. Thanks