One of the questions coming from the person planning or going to travel abroad always ask other ones is “how much money do I really need to exchange before travel?” It might sound quite simple at first, but it is quite complicated. Why? Because it has several factors for you to consider before exchanging money.
And, today, we are going to clear things up for you. After reading this article, you will know exactly how much you really need to exchange the money. Also, we will provide several tips and tricks for you to have enough money for your next journey.
Without further ado, let’s look at the relevant factors before exchanging money.
Understanding Your Purpose of Your Trip, before Exchanging Money
Before traveling abroad, each trip has different purpose of travel. For example, some trips are designed for personal leisure, shopping, studying, visiting family members or beloved ones, joining conferences, or even doing business deal.
Either way, those examples are just some of the main purposes for traveling abroad. And, because of those differences, so to with the amount of money used for each trip.
Namely, if we would like to travel for leisure purpose, we might be asked to purchase something back home. As a result, we need to exchange enough money for purchasing those. Additionally, if we are travelling for business purpose, we need to prepare money for travel expenses (i.e., hailing fares, bus fares), especially in the country where cashless payment is not common form of the payment.
Daily Expense Can Help You Decide How Much You Need to Exchange
Another related factor to consider before exchanging money for travelling abroad is “estimated” daily expense during the time outside the home country. By including the cost of living in each day, we can, at least, estimate the minimum amount of money that is necessary for staying abroad.
From my own experience, I stayed in Taiwan for 4 days. Normally, in Taiwan, my daily cost of living is not exceeding NT$ 1,000 (or around THB 1,125), which I can totally guarantee that you can live in Taiwan like a millionaire (seriously), from travel expenses to dietaries.
It is worth mentioning that this number is not including hotel nor flight ticket, which usually planned in advanced and it should not be a problem.
Do Not Forget Emergency Fund!
Besides of daily expenses, cash reserve (or emergency fund) is also crucial for your trip since we cannot predict whether the trip goes as plan or not, and this fund could help you surviving when daily expenses are exceeded your threshold or something out of our controls happened during the trip.
Why this one matter? Well, because there are some cases that cash card or credit card could not help you for going through the tough situation. Moreover, the money withdrawal fees is really high, especially when you travel abroad. For those reasons, preparing cash reserve in the destination’s currency is quite essential for your trip, and it should be considered during your planning processes.
And, How Much Money Do We Really Need to Exchange, Exactly?
As we stated earlier, each currency exchange transaction serves different purpose, which has several related factors and reasons behind the factor. The general rule of thumb in this article is to total your daily expenses, your other expenses, and cash reserve (around 20% of other ones). We believe that this formula is more than enough for you to travel hassle-free.
For those of you who want to see the formula, here it is. You can use this formula to calculate how much do we really need to exchange~. Noted that your milage may be wary.
(Daily Expenses x The Number of Travel Days) + Other Projected Expenses + Cash Reserve
At this point, you might realized that the money in designated currency might not be enough for you, and you might ask “what should I do? I am going to travel tomorrow!”
We, X-ONE, are proud to present our X-ONE Delivery, deliver to your door anywhere and anytime. You can exchange the money at the best exchange rate in the market, without visiting our branch. Simply by add friend with our LINE Official Account @x-one.exchange, or contact us for more information with this phone number: (+66) 2-166-8888.
And, do not forget to download X-ONE mobile application today at the App Store or Play Store. Or, visit our center at X-ONE Currency Exchange Center on Surawong road, Bang Rak, Bangkok. Finally, you can check our exchange rate in real-time, all the time, at https://www.x-one.co.th.
For those of you who interested in exchange currency at the great rate, with our money delivery service, for the best value and the most convenience, be sure to check out our exchange rate at X-One Currency Exchange Center.
- For more information, please contact us at:
- Tel: (+66) 2-166-8888
- Reserve the money at the best rate, with delivery service, with ease via LINE Official Account
- LINE: @x-one.exchange
- Check the currency exchange rate at real-time
- X-One Currency Exchange Center
- Currency Exchange Center on Surawong road, Bang Rak, Bangkok.