Fantasia Exchange is not so fantastic

Sometimes I just really do not understand people. The general blanket belief that we were all born stupid. Yet time and time again I am seeing examples of people who obviously believe just that. 

Corruption is again thriving in Egypt. I don't know if it ever actually disappeared, but at least it appeared to do so for a short period of time there. 

The sad thing about corruption in this country is that it is not a phenomenon reserved to the upper echelons of society. No, it goes all the way down to the bottom feeders. Enter Fantasia Exchange, located on Sheraton Street.

 

I am regularly exchanging currency so I keep up to date with the conversion rates. Currently, the dollar sits around 5.94 EGP to 1 U.S. dollar, give or take a few piasters. It has sat around this rate for a few months now.

With the ongoing banking crisis in the world it is of course normal for currency exchange rates to fluctuate. These fluctuations are rarely as dramatic as falling an entire Egyptian pound however, unless the economy of the 'host' country if you will has completely collapsed. It rarely happens over-night. 

But Fantasia Exchange would have you believe it does. Or, they just assume that you're ignorant and don't bother to check exchange rates before attempting the conversion.

Now, I have previously blogged about the Nile Exchange located on Sheraton Street and their blatant thievery. Let's take the exchange rate of today as an example. 

The rate today as posted online is: 1 U.S. $ equals 5.962 Egyptian Pounds. 

Therefore you would expect exchange places to hover around this figure. They make take a slight commission, but nothing really noticeable. 

Until you go to Nile Exchange. 

There, you would see the following exchange rate: 

1 U.S. $ equals 5.092 Egyptian pounds. 

Sneaky beggers. 

This means essentially that for every 100 U.S. $ you convert, you're losing close to 20 $ (or 100 EGP). That is not a small sum of money. 

Fantasia Exchange have decided that they too want in on this game. Meaning, were you to go to Fantasia Exchange you would notice the same 0 placed after the decimal point.

Is it coincidence these two are basically across the street from one another? Did someone in Nile Exchange march across the road and tell the tellers they could line their pockets with HUNDREDS of EGP every day by adding in this figure?

The sad thing is that I used to use Fantasia to exchange money. No longer my friends. Is it too much to expect honesty these days? 

So, consider yourself warned. If you choose to frequent either of these exchange places, expect to get ripped off. 

Click here for a great currency conversion site online. 

Egypt's Banks Re-open

Banks in Egypt re-opened today, allowing life to return to some sense of normality. Or at least this is how the picture is being painted.

When they say "banks," and "re-open," what really should be said is a "select few" and for minimal hours only.

The closure of banks have affected millions throughout the country, with people running out of cash to provide their families with even he staple necessities. ATM machines, with the resumption of Internet services, were able to provide some people with their salaries, but still many were left cashless.

In Hurghada, all foreign exchange places were shut down, for obvious reasons. I had heard rumours that foreigners were able to exchange cash in hotels, so decided to check it out. 5 hotels later, still unable to exchange anything. I was getting the same response from everyone "we don't have any Egyptian pounds left."

Today, Egypt is meant to be returning to normalcy. What many people were unaware of however, is that when they said "banks," what they really meant were the main branches. In Hurghada, this meant that only 6 banks or so (the main branches for banks based in Hurghada) were actually open. Every other bank still had their metal shutters down, and no sign of life inside.

I passed one of these branches on my way to work today. The Egyptian National Bank. I couldn't help but gasp when I saw the crowds outside. No less than 300 people were milling outside of the bank, all clamouring to be allowed inside and get their money in the brief 3 hour window that banks were open for.

There were in fact so many people, that the traffic on the side of the road by the bank came to a complete standstill, and the army was called in to monitor motor and pedestrian traffic. A mini road block was set up with an armored vehicle, and army soldiers stood armed outside to ensure things would run smoothly. (where's your camera when you need it!)

In my office, salaries are slowly being paid to the workers, but it's always a question of "ok...who wants to brave the crowds at the bank to make the withdrawal?"

Should be interesting to see what the next few days bring...If life really will gain a level of normalcy again. It bears mentioning that the Egyptian Stock Exchange has yet to open, and no date has been set for this to happen either.

Hurghada lesson one

After making the move out of Cairo and deciding finally to move to Hurghada, there are always a lot of things that need to be taken care of, as with any move. Shuffling through your belongings, wondering where the eff you've managed to acquire all the new things, questioning how you'll get all your boxes in the car (which I didn't manage), and how long will it take to settle in your new place.

Moving here was easy. Hurghada has many places available to rent, it took no more than a day to find somewhere nice to live, in a nice location, close to the necessities. Of course transportation here is just as easy as in Cairo, although the taxi's are certainly of a higher standard. Clean taxis with AC! Wooo hooo!!!

My new place is in a great location, I'm very fortunate to have found it. It's within walking distance of no less than four supermarkets, pharmacies, shopping areas, and importantly for me, Western Union, as I seem to be in there more often than not haha. Having dollars doesn't bother me, it was always easy to change in Cairo. Either with a CBS automated machine, or at the Nile Exchange across from Golds Gym in Maadi. I never had a problem with the place at all, I always got a fair exchange rate, and it was open at all hours of the night - perfect for the night owl :p.

My first Western Union transfer came through to Hurghada last week. No problems picking it up, the office is just down the road from me too. While walking back, I noticed a Nile Exchange here too. I popped in to change 200 dollars, and was shocked when the guy returned to me 1008 LE. I asked for a receipt, and he pointed to the exchange board which had the dollar at a rate of 5.04 LE to the dollar. Much much lower than I remembered, but I hadn't checked the exchange rate earlier that day. I figured that the dollar was suffering from a horrible drop, and I'd wait to change the rest of my dollars until the dollar strengthened.

As luck would have it, later on that day I was walking down the main tourist strip, and passed another exchange place. I figured I'd pop in and see if the exchange rate had changed. To my surprise, it had. By four points. Miraculously, the exchange rate was at 5.47. I had to ask the cashier if the dollar had jumped astronomically throughout the day. He looked at me comically, asking why I ask. Once I mentioned I'd changed money earlier in the day, he immediately asked if I'd gone to the Nile Exchange.

Turns out I'm not the first one to be duped by them, and I probably won't be the last. What these douchebags do, is add a 0 to the rate, for all currencies they exchange. Thankfully I only changed 200 dollars, but it still cost me close to 100 LE in an unfair rate. So, for anybody thinking of coming to Hurghada, or even just visiting, please learn from my first mistake, and don't change at the Nile Exchange!