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Recently I exchanged money privately and was pleasantly surprised to receive 10% more than the rate in the bank. Then I read in the paper that this was the normal "black market" rate. Has anyone got experience/advice on exchanging money unofficially? Of course it's nice to get 10% more, but no doubt there are risks too.
Paul
Posts: 3 | From: tunbridge wells, kent, uk | Registered: Oct 2003
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Dear Paul Farmer yea there is different between bank value and market value"Black Market), for example, if you wanna change Dollar from Bank 1 US Dollar $ = 6.18 Egyptian Pound LE but at the black market it will be flactuated between 7.00 ~ 7.20 with a percentage different in rate about 13~16.5 %, but that is illegal at egypt, and it is againest Egyptian Law, so take care )))))))).
Posts: 29 | From: Nasr City, Cairo, Egypt | Registered: Nov 2003
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hi Paul if u really so serious about it, and have sum of money, if u interested, mail me personally ..thanks...bassaniopets@yahoo.com
Posts: 16 | From: cairo | Registered: May 2003
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Paul, dont be alarmed and distressed! It is an african thing, everyone does it. In some african countries, it is legal especially in West Africa, here in Egypt, I dont know but it is normal. Get value for your money, exchange in the black market. they do their business cleanly most places in africa, but in egypt, cant trust them too much so be careful but on a final note, hey have no worries!
quote:Originally posted by paul farmer: Recently I exchanged money privately and was pleasantly surprised to receive 10% more than the rate in the bank. Then I read in the paper that this was the normal "black market" rate. Has anyone got experience/advice on exchanging money unofficially? Of course it's nice to get 10% more, but no doubt there are risks too.
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The Egyptian Government now ordered all the exchange offices to use the bank value with severe punishment to those who don't follow this procedure. so take care,
Posts: 471 | From: egypt | Registered: Sep 2003
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take it easy, it may not be perfectly legal, but everybody does it. Every business man will be happy to exchange your Dollars or Euros at the blackmarket value. Why? because the required funds may not be available at the banks in time, which is very bad news for international business transactions.
[This message has been edited by karinfarid (edited 13 January 2004).]
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We are an Egyptian company using equipment that is not made in Egypt. It has to be purchased in the UK. We are very pro-active in promoting Egypt and have recieved awards for our product. We need to puchase equipment in the UK this year to the value of £160,000 sterling. Normally we would go to the bank and ask them to send the money to the UK. They would change it on paper and charge us a fee....everything done and everyone happy. Now they say that they can only transfer the money if we have it in Egypt in sterling. We cannot buy it legally. I rang the Egyptian British Chamber of Trade today, and was advised to buy on the free market. I said i understood that this was the black market and illegal. The very jovial Egyptian gentleman said "That's the way it's done, there is no other way - I do it myself" He advised me to look harder in Egypt, the size of the exchange was no problem, "If you want to change a million sterling, believe me there will be someone who will do it" I'm a lawabiding citizen for one thing, and another is that the extra 10% or more on £160,000 sterling is Big Beans. It's hard enough to raise the money legally with competition as tough as it is. Any ideas?
Posts: 9 | Registered: Jul 2003
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I wish I could, but we have the only Gold Medal award winning Hot Air Balloon Rides in Luxor.(Two medals, Hamdulillah) As an Egyptian company (My Husband is Egyptian &I have dual nationality) our employees are Egyptian, but Egyptians are not big users of balloon flights....... However it is a very popular passtime with tourists, most of whom these days pay by visa card. Of course this is rendered in Egyptian Pounds. So we are bringing into Egypt large amounts of hard currency......gilding the lily of Egypt by offering something with a WOW factor.....but have our hands tied on trying to remain legal AND in business. Posts: 9 | Registered: Jul 2003
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Perhaps you could market your services abroad as part of a package. You may be able to do so with the help of a tour agency. They will pay you abroad and you will be able to use these funds to purchase what you need. Just an idea.
Posts: 59 | From: Cairo | Registered: Sep 2003
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quote:Originally posted by Mad Dilys: We cannot buy it legally. I rang the Egyptian British Chamber of Trade today, and was advised to buy on the free market. I said i understood that this was the black market and illegal. The very jovial Egyptian gentleman said "That's the way it's done, there is no other way - I do it myself" He advised me to look harder in Egypt, the size of the exchange was no problem, "If you want to change a million sterling, believe me there will be someone who will do it" I'm a lawabiding citizen for one thing, and another is that the extra 10% or more on £160,000 sterling is Big Beans. It's hard enough to raise the money legally with competition as tough as it is. Any ideas?
Some one a while back asked why egypt is so poor, well, that is exactly why. Doing business in egypt in legal way is very difficult if not impossible and people are often drive to illegal means to acomplish the most routine of tasks.
Nevertheless, WHY IS EVERYONE TALKING BUT LEGAL AN NOT LEGAL. what happened to INTEGRITY
quote:Originally posted by Mad Dilys: We are an Egyptian company using equipment that is not made in Egypt. It has to be purchased in the UK. We are very pro-active in promoting Egypt and have recieved awards for our product. We need to puchase equipment in the UK this year to the value of £160,000 sterling. Normally we would go to the bank and ask them to send the money to the UK. They would change it on paper and charge us a fee....everything done and everyone happy. Now they say that they can only transfer the money if we have it in Egypt in sterling. We cannot buy it legally. I rang the Egyptian British Chamber of Trade today, and was advised to buy on the free market. I said i understood that this was the black market and illegal. The very jovial Egyptian gentleman said "That's the way it's done, there is no other way - I do it myself" He advised me to look harder in Egypt, the size of the exchange was no problem, "If you want to change a million sterling, believe me there will be someone who will do it" I'm a lawabiding citizen for one thing, and another is that the extra 10% or more on £160,000 sterling is Big Beans. It's hard enough to raise the money legally with competition as tough as it is. Any ideas?
can you charge any part of the amount on egyptian credit cards? they're forced to give you the official exchange rate.
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