Is it better to exchange money before going on holiday?

Question

I am going to egypt next week and was wondering, is it better to exchange all my money before I go or take money out of a cash machine when i am there (Even though the bank will prob charge me for this!). Will the exchange rate be better in Egypt?

Answer 1

You are better to exchange money before you go.

You will normally get a better and fairer rate than in Egypt and the currency you receive will be guaranteed to be genuine Egyptian money. There are many forgers and thieves in Egypt and moneychangers and those people who hang around cash machines are not always as trustworthy as in your own bank at home.

Answer 2

Since you're going to Egypt which is a hot tourist spot, I'm sure you'll be able to exchange money quite easily there. I'll not advice you to carry too much cash on you; just enough to get you by for the first few days after which you can cash your travellers' checks. These travellers checks are safe and convenient. Purchase these trv cks prior to your departure and cash them in Egypt as you need money. Don't use the ATM in a foreign country unless you really have to because it could be unsafe plus not only will your bank charge for the withdrawal, it will also charge the foreign conversion rate fee, about 2 to 3 percent. Get yourself a money belt that you can wear inside your clothes for security reasons and keep a little cash in your pocket. As for the better exchange rate, you'll most likely get better rate at private money exchangers compared to banks but always shop around a little to ensure you're getting the best exchange rate. You can exchange money or cash travellers cks at the airport or around the city. Have a safe and fun-filled trip.