FrugalMonkey Discount Travel News

Tag: currency

  • 8 Tips for Frugal Travel

    Even if you have set a budget ahead of time, it is easy to end up spending way more money than you would have ever imagined on your vacation, especially if you’re traveling abroad.


    Here are some tried and true frugal travel tips to help you enjoy your next trip without breaking the bank. Be realistic with local currency. As soon as you exchange your money, it’s easy to feel like you have a stack of monopoly money in your hands. In addition to reminding aware that you are spending actual money, be sure to come up with a quick way to calculate the exchange rate into your currency (for example, if the exchange rate is 1.345, round that up to 1.5 and multiply every purchase by time and a half). On a related note, before you leave, research what kind of fees your bank or credit card charge for getting cash out of foreign ATMs or for foreign purchases and plan accordingly. Travel with friends. Traveling with friends (or another couple) is a great way to cut down on lodging and other costs. Sharing a large discounted vacation rental (condo or house) with a group of friends can end up being much cheaper than booking a hotel room alone. If you’re your rental has cooking facilities, all of you can go grocery shopping at the beginning of the trip and cook at the house most (or all) nights instead of spending money in a restaurant. And remember, it can be much more fun to travel with another couple or a group of friends! Book a hotel with a continental breakfast (or at least a coffee machine in the room). Most hotels that offer continental breakfasts are not more expensive than their counterparts (i.e. other two-star hotels) that do not. If you have a coffee machine in your room but there is no continental breakfast, scope out the surrounding areas for options. Not having to pay for breakfast and coffee for you and your tribe can really help stretch your dollar (or allow you to spend more on meals out). For meals and shopping, avoid “touristy” areas. Many local businesses prey on tourists’ impulses and, sadly, their confusion by hiking up prices and positioning themselves next to main tourist sites or area. So, even though that crêpe or mini Eiffel Tower may look great, resist the temptation to hand over your euros on the spot. Instead, head to a less touristy area to eat and/or shop there. Not only will it be less expensive, the products and experience will be much more authentic. Remember, picnic lunches are also an inexpensive (and fun) alternative to eating lunch in a restaurant each day. Read out post about eating cheaply in Paris. [caption id="attachment_4411" align="alignright" width="225" caption="Using public transportation is a great way spend less money while traveling."][/caption] Rethink the value of souvenirs. How many times have you purchased an expensive souvenir on a trip and got it home only to think “what I am going to do with this?” That’s the funny thing about being on vacation, we see things we think we “need” to buy that we would never even consider purchasing if we saw it back home. Truth is, many souvenirs are either very expensive (not a great value) or useless (or both). Instead take home local canned goods like jellies or jams, teas and coffees. Each time you enjoy your “souvenir,” it will bring back memories of your trip (and you are sure to use it). Start thinking of your photos and your travel journal as your souvenirs. Chances are, these are the things that will be most meaningful to you years after your trip. Also, don’t feel like everyone at the office or every member of your family needs a “remembrance” of your trip to another country. They’ll be happy just seeing your pictures and hearing your stories. Carry a water bottle and light snacks. Having sustenance on you at all times will help you avoid buying expensive snacks and sodas because your blood sugar is low and you are “desperate.” For health reasons, it’s good to stay hydrated while you’re traveling, especially if you’re doing a lot of walking. Know your cell phone plan. I know many friends who have accrued some major charged on their cell phone bills as a result of making calls or texting from abroad. To avoid these unexpected expenses, read through your cell phone contract or contact your carrier before hopping on the plane so that you understand what the financial implications of calling or texting from abroad will be. Use public transportation as much as possible. Be sure to research the public transportation options in the place you’ll be staying, including reduced rate multi-day/week travel cards. If you know about and feel comfortable with your public transportation options from day one, you’ll feel less tempted to take a cab everywhere you need to go.

  • Managing Money in India – The Rupee and What It Buys You

    A visit to another country often means adjusting to another currency. In India, that currency is the rupee.

    One rupee is equivalent to around two US cents. A rupee is divided into 100 paise, although paise coins are becoming scarce. Most Indian tourist towns and cities have automatic teller machines linked to international networks. Cards are also accepted at many Indian stores, upmarket restaurants, hotels, and train stations. However, as power outages are frequent and machines are often out of order, visitors should always carry a back-up such as cash or travelers' checks. This is also important if traveling off the beaten track, as small towns are unlikely to have ATMs or currency trading facilities. Indian banks including Citibank, ICICI, HSBC, HDFC, the Punjab National Bank, and the State Bank of India also accept foreign cards and major currencies such as US dollars, UK pounds, and euros. Charges for international transactions can be high, but often the favorable bank exchange rate cancels this out.rupees Making larger transactions less frequently can help to keep the price down. Tourists should carry their passport at all times, as they will need to present it to change currency or travelers' checks. Unlike many countries, it's uncommon to pay a fee for exchanging currency. When changing money, tourists should check each note carefully. Dirty, ripped, or disintegrating notes are common, and may not be accepted as legal tender. If tourists do get saddled with these defective notes they should exchange them for new ones at Reserve Bank of India branches. Many shopkeepers and service workers do not have a lot of change, so it's worth carrying a supply of small currency. Rs 10, 20, and 50 notes are useful, so take some of these smaller notes when changing currency. India is a country which caters for all budgets. While luxury accommodation and fine dining restaurants will please rich travelers, those on a budget won't feel like they're missing out too much.
    Prepare to pay more for services in India's largest cities, including Mumbai and Delhi. Entry to local attractions can cost more for international tourists, who may also pay a surcharge to use their still and video cameras. Dining is very affordable, with a meal at a basic restaurant costing as little as Rs40. Street vendors charge even less than that for their hearty cuisine. A splurge at a gourmet eatery might cost between Rs150 and Rs350, which is still significantly less than it would in Europe or the United States. Transport is also cheap, from hiring a car and a driver to get about the city to catching a plane from one end of the country to the other. Tourists are not permitted to take rupees out of India, although this is rarely enforced. To be on the safe side, travelers can convert their rupees to another foreign currency at the airport before leaving India.

  • Travelers’ Tips for Managing Money in Hong Kong

    piggybankworld-116x1161Hong Kong is a tourist mecca, with visitors from around the world lured by the bargain shopping, buzzing nightlife, and delectable cuisine. But it can be confronting at first for foreign travelers with little concept of the country’s money.

    Hong Kong may be famous for its economical shopping options, but a stay in the Asian nation can be pricey. Accommodation is a large expense, and drinking in those famous bars isn’t cheap either.


    Tourists should expect to spend roughly HK$600 a day if staying in midrange hotels and eating average meals.

    There are a few areas where tourists can save money though. Hong Kong’s transport system makes getting around affordable with its inexpensive taxis and public transport options. Hong Kong also enjoys no sales tax, adding to its allure for serious shoppers. While tipping is practiced in Hong Kong, the rules are not as strict as some countries such as the United States. There is no obligation to tip taxi drivers or bellboys, although if service is exceptional a small gratuity can be given. Most restaurants automatically add a 10% service charge, but diners may choose to add an additional tip. If a service charge is not applied, a 10% tip is customary.

    Automated Teller Machines, or ATMs, can be found almost everywhere in Hong Kong. Most are linked to international systems including Cirrus, Maestro, and Visa Electron. Some also allow Visa and MasterCard holders to withdraw money, although tourists using this service should beware of high processing fees and interest charges.

    Unlike many tourist destinations, Hong Kong has no currency controls. Visitors can enter and leave the Asian nation with as much cash as they like. Hong Kong banks generally offer the best rates for transferring foreign currencies, although travelers should be mindful of additional fees. Some banks charge non-account holders hefty commissions on each transaction. While this fee can be worthwhile if you’re converting a large quantity of money, it’s not practical for small amounts. Here a better option is a licensed moneychanger, such as Chequepoint. While these organizations do not charge a commission, their exchange rates are less attractive than the banks. These rates are clearly posted so travelers can make an informed choice. The exchange counters at airports and hotels generally give the worst exchange rates in Hong Kong.