Are you curious why I can’t buy Egyptian Pounds in the UK? We have good news for you: You can buy them. Here, in this article, we will reveal exactly where to purchase Egyptian Pounds in the UK and we will clear all your doubts regarding this fact as well.
Egypt’s currency is known as the Egyptian currency. So, if you are planning to make a trip to Egypt soon, then this guide will be worth reading. As a Uk resident, you can have a range of options to buy Egyptian Pounds in the UK.
Don’t get stressed! Just be with me and explore everything regarding purchasing Egyptian Pounds in the UK.
Table of Contents
Why Can’t I Buy Egyptian Pound in the UK?
Yes, you can buy Egyptian Pounds in the UK. Egyptian Pounds are available at most foreign exchange locations including the Post Office, and online through their travel money service.
It has been said that the Egyptian Pound is volatile against other currencies, so you must consider this before exchanging.
At present, Egypt is seen as a low-cost travel destination, the reason behind this is the volatility of the Egyptian Pound. Moreover, local costs are increasing with inflation in the mid-teens.
The primary driving factor for this volatility is the Central Bank’s devaluation of the pound. They did it twice in 2022. Since 2022, they have adopted a “flexible-exchange-rate policy” following a request by the International Monetary Fund (IMF).
As a result of this new policy, Egypt has secured a three billion dollar financing package from the IMF.
According to some reports, the Egyptian pound seems to continue falling. So, if you are planning to purchase Egyptian pounds for your upcoming trip, you can wait until just before leaving. This way, you can enhance your overall purchasing power while exchanging GBP for EGP.
Is The Egyptian Currency a Closed Currency?
No, the Egyptian currency is not a closed currency. That means the Egyptian currency can be purchased in foreign jurisdictions. The United Kingdom is not an exception. According to some reports, the exchange rates in foreign markets seem to be worse than in the Egypt market.
How To Buy Egyptian Pounds in the UK:
If you are looking to buy the Egyptian pound in the UK then you will have a range of options, including both in-person and online service. One of the most convenient options is online services.
The UK Post Office has a travel money service that lets individuals order Egyptian pounds before their trips. This service offers in-person service in thousands of locations and allows people to order online.
If you order Egyptian pounds online, then you have to pick up the pounds either at a Post Office branch or delivered to your home.
Is It Better To Exchange the Currency in Egypt or the UK?
If you are worried about whether it will be good to exchange the currency in Egypt or the UK, it will depend on how soon you will be required the money after reaching the country.
However, you can understand that the rates will be much better in Egypt compared to the rates in the UK.
Also, it will be a comfortable and convenient option to exchange the currency in the UK for you. Also, we can say that whether the currency exchange will be better in Egypt or the UK< will depend on the priorities of the person making the exchange.
Conclusion
Well, hope, you have got your answer regarding why can’t I buy Egyptian Pounds in the UK. Yes, you can buy the Egyptian Pounds in the UK.
There are two possible ways, either in-person or online services. To purchase Egyptian Pounds, you can contact any major foreign currency exchange outlet.
If you want to use online exchange services then you can access those available through the Post Office’s travel money service.
