Are You Prepared For Foreign Currency Conversions?

 You Should Always Prepare for Currency Conversions Before Traveling

While credit cards are widely accepted and often required for payment around the world, it’s still a good idea to carry some local currency and familiarize yourself with exchange rates before you travel. Personally, I’ve made a habit of creating wallet-sized conversion charts for quick reference on the go.

For my upcoming Danube River cruise, I’ve finally ordered currency for both Hungary and the Czech Republic. Although both countries are part of the EU, they continue to use their own national currencies.

• 5,000 Hungarian Forints equals $13.52.

• 500 Czech Korunas equals $21.46.

To make currency conversions easier while traveling, I always create a simple arithmetic mnemonic:

• For Hungary, I’ll remove three zeros and then multiply the remaining number by about three to estimate the price in US dollars.

• For the Czech Republic, I’ll remove two zeros and multiply by four.

In Hungary, the local currency is still the primary method of payment. While some shops and restaurants in central Budapest accept euros and U.S. dollars, they often come with higher exchange rates.

In the Czech Republic, foreign currencies are rarely accepted, except in duty-free shops. A few supermarkets, hotels, and businesses may take euros, but these options are quite limited.

Sample Prices in Budapest, Hungary (October 2024)

Exchange rate: 1 HUF = 0.0027253 USD

• Bottle of water: 200-300 HUF ($0.55-$0.82)

• Pastry in a pastry shop: 350-500 HUF ($0.95-$1.36)

• Candy bar: 250-350 HUF ($0.68-$0.95)

• Breakfast in an average restaurant: 1,500-2,000 HUF ($4.08-$5.45)

• Lunch in an average restaurant: 2,500-3,500 HUF ($6.81-$9.54)

• Dinner in an average restaurant: 4,000-6,000 HUF ($10.91-$16.36)

• Metro ticket (one-way): 350 HUF ($0.95)

• Taxi ride (15 minutes): 3,000-4,500 HUF ($8.18-$12.27)

• Haircut: 4,000-6,000 HUF ($10.91-$16.36)

• Goulash at a local café: 1,500-2,000 HUF ($4.08-$5.45)

• Cup of coffee at a coffee shop: 600-800 HUF ($1.64-$2.18)

• Movie theater ticket: 1,500-2,500 HUF ($4.08-$6.81)

• Simple doctor’s visit: 10,000-15,000 HUF ($27.27-$40.91)

• Rent for a two-bedroom apartment: 220,000-350,000 HUF ($600-$954)

• Electricity bill for an apartment: 10,000-20,000 HUF ($27.27-$54.54)

Sample Prices in Prague, Czech Republic (October 2024)

Exchange rate: 1 CZK = 0.0432776 USD

• Bottle of water (supermarket): 15 CZK (~$0.65)

• Pastry in a bakery: 30-50 CZK (~$1.30-$2.17)

• Candy bar: 25-35 CZK (~$1.08-$1.52)

• Breakfast in an average restaurant: 100-130 CZK (~$4.33-$5.63)

• Lunch in an average restaurant: 150-250 CZK (~$6.50-$10.82)

• Dinner in an average restaurant: 300-500 CZK (~$12.99-$21.66)

• Metro ticket (90-minute): 40 CZK (~$1.73)

• Taxi ride (15 minutes): 300-350 CZK (~$12.99-$15.15)

• Haircut (men’s): 300-500 CZK (~$12.99-$21.66)

• Goulash: 150 CZK (~$6.50)

• Coffee (café): 56-70 CZK (~$2.42-$3.03)

• Movie theater ticket: 250 CZK (~$10.82)

• Simple doctor’s visit: 800-1,000 CZK (~$34.62-$43.28)

• Rent for a two-bedroom apartment (city center): 47,325 CZK (~$2,048.35)

• Electricity bill for an apartment: 2,500-3,000 CZK (~$108.19-$129.83)

Prices may vary slightly depending on location and establishment, but this provides a good overview of typical costs in Budapest and Prague.