1 Egyptian Pound (E£)=100 piastres (pt)

You can exchange traveler checks or cash at major banks or American Express and Thomas Cook offices. ATM cards, Visa and MasterCards can also be used in major cities. Cashpoints will usually dispense in the local currency.  If you are traveling to lesser tourist areas, make sure you have enough local currency with you.  You will likely get a better rate of exchange if you wait until you get to Egypt. 

Some travel agents perpetuate the myth that you will not need the local currency, but bartering is much easier in Egyptian Pounds (EL).  You might find that you need a fairly large quantity of 1EL notes to give as tips.  It is a good idea to familiarise yourself with the currency before you get to Egypt (maybe get 20 E£ worth of mixed notes or look on ebay / google), so you know what you are looking at.  Apparently coins are becoming more widely used, but people do prefer to trade in notes still.  You might feel like you have to give tips to everyone, from the concierge right down to the lady attending the toilets.  Some hotels have 24 hour banks / bureau de change.

 Make sure you have some US dollars for the airport on the way home! 

You should always use the EGP, as coming from USA so will get more buying power. Don't make the mistake of buying EGP on line from in your home country before the trip, because after reading blogs that said you couldn't exchange money easily at the airport. In reality there are exchange booths BEFORE you even get to the customs desk in Cairo! They gave 5.50 for USD as opposed to the 4.50 in the US. So, wait to exchange. AND, they are all very stingy with the small notes -- and you will need these ALOT for tipping and shopping. The hotels also will exchange the larger notes for smaller also.