# Hoarding dollars.



## MaidenScotland (Jun 6, 2009)

Zamalek yesterday


I was in the exchange to buy pounds with US dollars. 

2 people in front of me.. 

First person buys pounds with US dollars. 

Second person an American tried to buy $200 dollars to be told they had none, he turned round and asked me if I was buying or selling I told him selling, he asked if I could sell him $200 which I said I could. 
The staff were furious with him and me but they still took my other $300 and exchanged it. 
They would not let the guy wait in the shop until I had finished my transaction and told him rudely to get out of the place he had no business in there. 

So there I was standing on July St exchanging money.

They are hoarding dollars because they can get more on the black market.. well that is my opinion.


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## aykalam (Apr 12, 2010)

what rate did you get?


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## hurghadapat (Mar 26, 2010)

MaidenScotland said:


> Zamalek yesterday
> 
> 
> I was in the exchange to buy pounds with US dollars.
> ...


You could well be right 


Dollars start running out for Egypt's currency bureaus | Reuters


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## hurghadapat (Mar 26, 2010)

*dollars*

Well I'm blowed....i've just had to moderate my own post...Lol...that's what happens when you get a phone call mid post


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## Homeless (Jul 31, 2012)

I was unfortunate enough to have to be in Egypt last month and found that buying or transferring money out of the country is considerably more difficult but just as arbitrary. One bank would transfer the money happily and another branch of the same bank refused. I had little bit of Egyptian pounds left and wanted to change them to dollars and was first told that they had plenty and I could buy anytime I like then when I went to buy some they told me I had to fill out papers that will have to be approved by the central bank or some crap like that. I had to look around a bit to find Dollars at currency exchange stores and at the end I found Canadian and US dollars in whatever quantity I wanted but at 7.45 for Canadian and 7.5 for US. Of course I did not hesitate to change them and ran like hell.


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## jemiljan (Nov 28, 2011)

Homeless said:


> I was unfortunate enough to have to be in Egypt last month and found that buying or transferring money out of the country is considerably more difficult but just as arbitrary. One bank would transfer the money happily and another branch of the same bank refused. I had little bit of Egyptian pounds left and wanted to change them to dollars and was first told that they had plenty and I could buy anytime I like then when I went to buy some they told me I had to fill out papers that will have to be approved by the central bank or some crap like that. I had to look around a bit to find Dollars at currency exchange stores and at the end I found Canadian and US dollars in whatever quantity I wanted but at 7.45 for Canadian and 7.5 for US. Of course I did not hesitate to change them and ran like hell.


Have you tried Western Union for bank transfers? 

About 25 years ago, you had to present your original, validated and stamped exchange certificate from the bank that proved that you had legally changed x amount of foreign currency into EGP, in order to change them back. Of course, that was back when they forced you to change $100 at the ridiculous "official" rate (I recall that it was something like .89 EGP to 1 US$), which naturally resulted in a flourishing black market. You would find illegal money changers all along Champollion street, operating in broad daylight. The government finally wised up and they fixed the official rate to the black market rate, and wiped out the entire black market enterprise. Overnight, Champollion street became eerily calm.


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## Homeless (Jul 31, 2012)

I thought of western union but was more comfortable paying extra for dollars and having them in my pocket and I also believe they have a limit of one thousand dollars and I needed to transfer substantially more.

Interesting that you know about how the system worked that many years ago. I was there then. To be exact more than 28 years ago. We needed to stamp the money on the passport after having proof of traveling like visa and tickets. I was told that I needed to do that a couple of weeks ago by Barclays.


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## jemiljan (Nov 28, 2011)

Homeless said:


> I thought of western union but was more comfortable paying extra for dollars and having them in my pocket and I also believe they have a limit of one thousand dollars and I needed to transfer substantially more.


Last I checked, which was several months ago, I was told the WU limit was $5,000. Turns out that my company can move more through Credit Agricole, where they have their accounts, with even lower fees. 



> Interesting that you know about how the system worked that many years ago. I was there then. To be exact more than 28 years ago. We needed to stamp the money on the passport after having proof of traveling like visa and tickets. I was told that I needed to do that a couple of weeks ago by Barclays.


Yes, and a re-entry visa was also essential to return on the same visa, which only took a mere half-day at the Mugamm'a as opposed what then consumed an entire day.


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