Money Matters

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Egyptian Currency

The basic unit of the Egyptian currency is the Egyptian pound (ginee). The foreign symbol for the ginee is LE (LE 2.00 means two ginee). The pound (ginee) is divided into 100 piasters (irsh ). There are coins, but they are seldom used. The most-used note denominations in LE are: 1, 5, 10, 20, 50, 100 and a newly launched 200. A one-pound coin has recently been launched, and is now used along with the one-pound note.

Once an Egyptian note enters circulation it is rarely withdrawn before it literally falls apart due to wear and tear. Consequently, do not be surprised if it is dirty and ragged. As long as it is in one piece (even if it is being held together by several generations of tape), the note remains valid. Sometimes vendors will refuse to accept a particularly ragged note from you, although if you press the point you can usually force them to take it. However, it will save you a great deal of trouble if you make it a policy to refuse to accept any notes which are clearly about to fall apart.

Hang on to your small bills (one pound); it is not unusual for vendors and taxi drivers, to lack small change.

Faculty and administrators' monthly salary payments

The faculty and administrators' monthly Egyptian pound salary is usually paid directly into their accounts at the CIB at the end of each month. However, faculty can choose to have their salary paid to another bank in Egypt.

Everyone must provide the Payroll section of the Controller's Office with their CIB or other bank account numbers.

AUC CIB Branches

For the convenience of the AUC community, CIB has a branch on both campuses:

New Cairo campus, Administration Building, Plaza Level.

Tahrir Square campus, Main Building, access throug the cafeteria.

Working hours: From 8:30 am to 2:00 pm, Sunday to Thursday.

In general it is better to open a savings account than a current (checking) account because paying with cash is much more common than paying by check in Egypt.

Saving accounts - Individual or joint accounts

With a letter from the Provost’s Office the initial LE 1000 (or $1000 for the U.S. Dollar account) deposit to open the account is not required.

It is possible to open a joint-account, and both parties must bring their passports or IDs (Egyptians).

A.T.M. (Automated Teller Machine)

There are ATM machines on both campuses. You need a photo for the application and for each card, in case you request two cards on a joint account. Please make sure that you request, on the application form, to have the card delivered to the CIB/AUC Branch, where you can collect it from. Allow two weeks for the card to be ready and delivered to the CIB/AUC branch. When you get the card it must be activated through any CIB ATM machines. If you face any problems, the CIB/AUC Unit Head may help you.

Withdrawals and deposits from current pound and savings accounts, and from dollar accounts are in Egyptian pounds only.

Maximum withdrawal at a time and per day – LE 6000, and LE 8,000 for purchasing.

There are no transaction fees if using a CIB machine.

The card may be used at any ATM machine bearing the sign Cirrus, Visa, Master, Maestro in Egypt and abroad. Transaction fees are 2% (minimum LE 20) of the amount cashed, and will be debited against your account.

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