If you’re wondering “Why can’t I buy Egyptian pounds in the UK?” we’ve got good news for you… you can.
In this article, we’ll share exactly where to buy Egyptian pounds in the UK and we’ll answer the most frequently asked questions about Egyptian pounds as well.
Alternatively, if you’re frequently traveling and in need of international account opening support, you can use our other free resources to start right now.
In our free articles, we cover topics ranging from international account opening to opening a non-resident bank account in Portugal and much more.
In fact, if you’re looking for non-resident banking in Portugal, the banks in Portugal, and want to know why people bank in Portugal, you can access our free article linked here for more information.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Why Can’t I Buy Egyptian Pounds in the UK?
- Is the Egyptian Pound a Closed Currency?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Why Can’t I Buy Egyptian Pounds in the UK?
You can buy Egyptian pounds in the UK. In fact, Egyptian pounds are available at most foreign exchange locations, including the Post Office, or online through their travel money service. That said, the Egyptian pound is volatile against other currencies, which is important to consider before exchanging.
While Egypt is currently seen as a low-cost travel destination, the reason for that is due to the volatility in the Egyptian pound. In fact, locally, costs are increasing with inflation in the mid-teens.
One driving factor for this volatility is the Central Bank’s devaluation of the pound, which they did twice in 2022. Since then, they have adopted a “flexible exchange-rate policy” at the request of the International Monetary Fund (IMF). As a result of this new policy, Egypt has secured a three billion dollar financing package from the IMF.
That said, the Egyptian pound is expected to continue falling. So, if you are planning on purchasing pounds for an upcoming trip, you may want to wait until just before leaving. That way, you’ll be able to increase your overall purchasing power when exchanging GBP for EGP.
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Is the Egyptian Pound a Closed Currency?
No, the Egyptian pound is not a closed currency. This means it can be purchased in foreign jurisdictions, including the United Kingdom. That said, the exchange rates in foreign markets are likely worse than those in Egypt.
If you would like to learn more about UK banking laws, such as how long a cheque is valid for in the UK, you can get started with our free article linked here.
How to Buy Egyptian Pounds in the UK
Individuals looking to buy Egyptian pounds in the UK have a range of options that they can consider, including both in-person and online services. That said, one of the most convenient options is likely the most obvious, which we’ll explore now.
How to Order Egyptian Pounds
The UK Post Office has a travel money service that allows individuals to order Egyptian pounds (and 60 other currencies) ahead of upcoming travel. This service offers both in-person service at thousands of locations and online ordering. If an individual does order online, the pounds can either be picked up at a Post Office branch or delivered to their home.
Frequently Asked Questions
Below are two of the most common questions that we receive from people wanting to know why they can’t buy Egyptian Pounds in the UK. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can You Buy Egyptian Pounds in the UK?
Yes, you can buy Egyptian pounds in the UK. To purchase Egyptian pounds, you can contact any major foreign currency exchange outlet, or use online exchange services like those available through the Post Office’s travel money service.
Is It Better to Exchange Money in the UK or Egypt?
Whether it is better to exchange money in the UK or Egypt depends on how soon you need currency when arriving in the country. Also, while the rates are generally better in Egypt than they are in the UK, it is possible that exchanging in the UK will be more convenient. In other words, whether it is better to exchange in the UK or Egypt depends on the priorities of the person making the exchange.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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