The Egyptian Pound is the currency in Sharm el Sheikh.
Buying foreign currency, like Egyptian Pounds (EGP), is something you have to do when you go on holiday but you can do it before you travel or you can exchange your holiday money into Egyptian Pounds when you get to to Sharm el Sheikh international airport before going through immigration control.
With regard to small amounts of currency like holiday money, you can exchange GBP to EGP in most high street outlets with a foreign exchange facility. This is valid for the UK as well as for Egypt.
If you are buying a property in Sharm el Sheikh, it is likely that the purchase will be carried out in Egyptian Pounds and that you will make several payments or currency transfers to Egypt over a period of time.
Foreign exchange companies specialize in buying and transferring currency abroad. Because they buy large amounts of currency every year and don’t have the costs associated with traditional banking institutions, a good foreign exchange company can save you money on your currency transfers whether you are buying a property in Egypt, emigrating to Sharm el Sheikh or making regular payments to Egypt.
With online trading widely available, opening an account is usually straightforward and relatively quick. Once your online account is open, you can get quotes and make transfers to Sharm el Sheikh from the comfort of your armchair.
With most foreign exchange companies, you can keep track of the progress of your payment, review your payments history, set up regular payments overseas and even fix the exchange rates for a period up to two years which means you are protected from future currency rate fluctuations.
You should also be able to get a live quote and tell you your currency rate at the time of the transaction rather than after the transaction has been carried out, which is what many banks still do.
Please check that the foreign exchange company you choose is FSA regulated and also regulated by HM Revenue & Customs.
