Working out how much holiday money to take when you go on your next holiday is never easy that why this information may help you.
Calculating Holiday Money
The total amount required - If planning for a holiday then estimate or tally up on a piece of paper the amount of money you are likely to spend on food per day, drinks, snacks, days out, gifts and misc. Take into consideration it's better to have more than less. Think about how much money you're budgeting for the trip. Or, if you are planning a large purchase such as a property abroad, paying bills or suppliers then work backward and start with the currency you need and find the total you need to exchange, take into consideration that you need to have a live trading account which is free to open.
Calculating How Much Holiday Money to Take
Monitor the exchange rate of the currency to which you wish to convert. Keep track of the currency you wish to buy, our currency calculator is free to use and will give you an indication of who is offering the best exchange rate on our comparison charts, please note travel money can be purchased up to a max of £2500 online, instant transfers offer no minimum and usually cater for around £5000 transfers and currency brokers transfers start at £2500 and will transfer any upper amount. Note that you want to set the currency you have to 1; the value listed next to the currency you're exchanging to is the exchange rate.
How much Holiday Money should I Take
Calculate how much money you'll have after the exchange. Multiply the money you've budgeted by the exchange rate. The answer is how much money you'll have after the exchange. If "A" is the money you have in one currency and "B" is the exchange rate, then "C" is how much money you'll have after the exchange. So A X B = C, and A = C/B.
For example, say you want to convert US dollars to Euros. 1 US dollar is worth 0.74716 Euro. Your exchange rate is 0.74716. If you're planning on taking $1500 US dollars with you, you would multiply 1500 by 0.7618. The answer 1120.7 euros. At the time of this revision 09.10.13 Here's an example of the "work backward" method. Say that you know you'll need 20,000 US dollars for your trip. You discover that 1 US dollar is equivalent to 1.5572 sterling. To figure out how many US dollars you would need to save at the current exchange rate, divide 20,000 by 1.5572. The answer, 12843.8, is how many US dollars you need to exchange.