How can I get the best exchange rate between US dollar and the Egyptian pound?
The Egyptian pound trades freely with other major currencies, meaning the rate fluctuates from day to day and hour to hour.
It’s always a good idea to check the real mid-market rate of a currency before you choose a money changing service. You can find the mid-market rate here on finder.com and once you know this rate, you can compare the different service providers. These service providers almost always operate with a buy rate and a sell rate, so you want to make sure both of those rates are as close to the mid-market rate as possible.
If you are sending money to friends or family in Egypt, online money transfer services often offers the best exchange rates. International bank transfers are also safe and reliable, but most of the time they don’t give you the best exchange rate. Lastly, if your friends or family in Egypt requires cash pickup, services like Western Union may be your best choice.
If you are travelling to Egypt, bringing an international debit card and withdrawing cash once in Egypt may give you the best rate. Fees on overseas card use and ATM withdrawals vary by card and bank though, so be sure to check the terms with your own bank first.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
$1, $5, $10, $20, $50, $100
1c, 5c, 10c, 25c, 50c
The Egyptian pound is the official currency of Egypt. It replaced the Egyptian piastre in 1836, which had been used since the Ottoman Empire. In the early 1930s, the Egyptian pound was the first currency to employ a watermark to thwart possible counterfeiting.
E£ , ج.م
25pt, 50pt, £1, £5, £10, £20, £50, £100, £200
25pt, 50pt, £1
What affects exchange rates between the US dollar and the Egyptian pound?
Since the Egyptian pound is now a free floating currency, the exchange rate is subject to the forces of supply and demand. Higher demand for Egyptian pounds means the exchange rate to other currencies will be higher. Similarly, lower demand for the Egyptian pound means you can buy your pounds for less dollars.
Egypt has experienced a long period of time with political and economic uncertainty, which adds pressure on the exchange rate. Political turmoil in Egypt means that you can get more pounds for your dollars, which is a good thing if you are traveling or sending money to Egypt. However, for anyone living in Egypt it may not be so good since their buying power overseas is reduced.
Send money from USD to EGP
How does the Egyptian pound trade against the US dollar historically?
Until 1914, the Egyptian pound was on a gold standard with one pound equal to 7.4 grams of gold. Later, the Egyptian pound became pegged to the British pound at a rate of 0.975 Egyptian pound to one British pound.
The peg with the British pound remained until 1962, when Egypt chose to instead peg its currency to the US dollar at a rate of one Egyptian pound to $2.55 USD. The US dollar peg remained in place until 1989, when the Egyptian pound was allowed to float, although only within a very narrow range, under a “managed float regime.”
In 2016, the Egyptian pound was finally allowed to float freely without any central bank intervention. All restrictions on foreign currency exchange were also lifted that year, resulting in a sharp drop in the exchange rate against both the US dollar and most other currencies.
US Dollar to the Egyptian Pound for the last 10 days
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US Dollar to the Egyptian Pound for the last 10 months
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US Dollar to the Egyptian Pound for the last 10 years
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Market rate for common transfer amounts USD to EGP
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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