Tips for Keeping Currency Exchange Straight in Budapest and Prague?

Don't have any great suggestions. When I was in that area where there are a number of currencies I could usually concentrate pretty well on remembering the basic conversion rate for a given country. If you can do some rough calculations about daily costs you may get away with 1 ATM visit but even if you have to go again the fees shouldn't be too extravagant. It will likely take you a day just to get an idea about the cost of meals, souvenirs, museum fees etc., so I do plan on 2 ATM trips. I figure if I am leaving (or getting close) with less than about $20 US in a particular currency, I did okay. That means a nice coffee in the train station, maybe a pack of cookies and a couple of souvenir coins for my "collection." (BTW, careful of the cabs in Prague.)

We did get money from ATM in Budapest and ended up with some left, we did not get any in Prague but paid for most everything by cc - the few small item we paid cash for they were happy to Euros - was the exchange rate good - not but it was such a small amount I didn't really care. In the future I will probably not get Forints in Budapest either unless my stays were longer in each place but for a few days it was not worth it for me.

I hope you don't leave with an attitude that everyone will be trying to rip you off. That will wreck a trip and not make you many friends.

When spending the money in Budapest a good way to get a feel for the cost of things is drop two zeros and divide by two. The exchange rate against the dollar is very favorable right now so this system will be off by about 15%, but count that as savings.

10,000 forint, drop two zeros = 100, then divide by 2 = about $50.00 (more accurately it is really about $43.00)

Ann,

I dont see how you can get ripped off unless youre at a place with no prices.

the local currency will have denominations on it so its just a matter of adding it up to equal the price. minus any taxes and such.

If you have a smart phone you can download a currency exchange app. Even my inexpensive cell phone i got in the UK has one.

also, i dont see having extra local currency at the end of my stay there an issue. I keep some for my "souvenirs" and give some to my nephews.

happy trails.

"... how much to take so we are not stuck with it ..."

People scoff at me for compulsive planning and carrying a computer, but it does have it's advantages. Before I go, I have a spreadsheet expense report filled out with all of my anticipated expenses. I've booked my room, so I know what that will cost, and I already know what transportation will cost. I know the cost of any expected admissions and I know from experience that I spend an average of 20€/day for food (lunch, dinner, drinks, tip, breakfast is included with my room).

When I arrived in Prague, I expected my expenses there to be about 3500 Kc for the two days. I got 3900 Kc from the ATM, just to have a little margin (400 Kc was about $16). I actually spent 3000+ Kc (food cost less than I expected), so I had 900 Kc left (about $45).

I'll keep it for when I go back or sell it to someone going to the Czech Republic so they can have some Koruna when they arrive.

Hi,

Absolutely nothing wrong with carrying a pocket calculator along. I always have two, one in the luggage in case the one on my person is lost, and alot less likely pickpocketed from. No thief that desperate is going to take a simple pocket calculator so reminiscent of dinosaur traveling. But, it's effective when you do precalculations or double checking. Having florints is no problem. Save them for the next trip there. I would.

As Ray indicated, you may not want to try to take your whole budget out of the ATM at once. Get a little cash and see how far it goes. ATMS are everywhere if you need cash. It helps to have a mental quick calculation, as James provided for Forints. For Czech Koruna, you could drop one zero and divide by two. If Rick's book lists a pension for 2,000 kc, I think of it as $100. Oanda says it's $98 today at the typical ATM rate or $99 at the typical credit card rate. Don't print your cheat sheet using the interbank rate, since you'll never get that deal.

As my time in any foreign country is winding down, I'm rationing out local cash. It almost gets comical the last day or two as I intend to come home with no cash on hand.

When flying out of Prague in April, I sent my wife to McDonalds in the airport with Czech money equal to $15 U.S. She came back with a couple of coffees and a small sack of food--and no $. Nuff said.

Thanks for the tips. Is there a currency app anyone can recommend? I think I am going to go with $150 at the Atm and if need to go back will. As far as being ripped off it's only from reading these boards and Rick's books about servers, not using credit cards that has got.us more cautious than usual and planning on just using cash instead of credit cards

@Ann, so since you are going to Budapest let me put your mind at ease; at least there. I spend a lot of time in Budapest and feel as comfortable there as I do in any store or restaurant in the US.

I do just the opposite of you. My credit card gives good exchange rates so I charge as much as possible and only pull out enough cash for pocket change.

I seriously doubt that you will come across a restaurant or any other institution that does not take credit cards. Not that there are not a lot that don't, but odds are in the places tourists go things will be fine.

American cards without the chip are accepted anyplace you are likely to go.

In restaurants they don't take your card. They bring the card swipe to you. You get to watch then swipe it and you get to verify the amount. About the only trick that goes on is when they hope that you didn't realize the tip was already included. This isn't terribly common and the bills they show you can be confusing. I ask if it includes the tip. I trust their answer, and then when I hand them the card to swipe I tell them how much to enter (a number that includes a tip). If you look at the bill and the meal is $10 and you enjoyed it, and if $10 is reasonable in your mind then worry more about that then if it was a $9 meal and you tipped them twice. Although in Budapest the odds are such that I bet it doesn't happen to you.

Taxi drivers: don't get in the street cabs, call City Taxi or one of the other major brands to come get you. They take credit cards too. To tip your round up to an even hundred forints, but at least 300 forints.

The ATM may ask if you want them to convert the money before sending the withdraw to the bank or if you want your bank to convert the money. ALWAYS choose your bank for better rates.

Money left over. Send me a PM and I will give you an address to mail it to.

Does that help any?

@ Ann,

I only had one swipe credit card to my name up until a few days ago, but what i would do if going into a any store/restaurant or someplace manned, i would pull out my only credit card and show them and ask if they accepted it.

99.99% it was no issue. If it was i would find an ATM and pull out some $$$.

btw, i ALWAYS have some local currency since some public toilets are fee based. Also, i find myself using it for things like snacks, postcards, stamps and tips.

what i noticed overthere was that most of the places like restaurants have the portable credit card Point of Sale (POS) card readers whereas in the USA i have yet to see one in our restaurants. I know there are things like square and such and ones that some shop merchants use when at a swap/garage sale but in general i havent seen many of them in use over here.

as far as currency exchange app, ive been using XE currency app. I got the PRO version since it was cheap.

happy trails.

I use a no-fee debit card for ATM use and so calculating the amount of all needs via one withdrawal is not necessary.

yup, I try to use credit card when I can to manage cash......I live David s idea of spending it at mc Donald's, but if you cant do that or don't have nephews to hand it to as souvenirs......there is usually a couple of charity drops in international airports....things like world wildlife fund or something relating to world hunger. I dropped off my us change in one of those on the way out......not worth carrying 87 cents us all over Europe......

Did pretty good in Prague. Ended up with about $25 leftover in CZK. I hadn't planned on using my cc for buying our transit passes but did so that would have covered the $25.

When we were in Vienna we were by a change booth and I asked cause I was curious. The woman said for 500 CZK she said I would get $12 euros.

Then today was talking to a woman who was taking the same train as us and then she was going to Prague. She said she had to get currency for Prague. I thought great we could get rid of ours but she then seemed suspicious. Unfortunately we are seeing more suspicion both ways. Maybe just the times. I don't remember that in past travels.

When we got to Budapest today I needed to use the restroom at the train station. Walked in and realized the man there was collecting money. I said I hadn't gotten change yet and he said it would be 50 cents in euros which I had.

We were tired and hungry so didn't get change and paid for dinner with credit card. The woman at reception at the IC where we are staying said there is an ATM around the corner from the reception desk. I looked at it but think we will just go to a bank tomorrow. Saw a Citibank a few blocks away.

@Ann, I spend 3 to 5 weeks a year in Budapest. I would guess that over the years I have used at least 25 different ATM's from at least 4 different banks resulting in will over 100 transactions. I have never been disappointed or surprised by the results of the transactions. But banks are good too..................

And, the only restrooms requiring tips that I have run across have been at the Market Hall. But I would suspect that any large heavily trafficked facility might be the same. I haven't run into it in a restaurant yet.

EDIT: My wife just corrected me. She tends to use the facilities more than I do. She can recount a couple of restaurants that charged 100 forints (about 40cents). Also I noted the last time I was at the market that they have installed coin operated gates. But there was still a woman sitting at the door to make changes (redundant?)

And yes, Keleti can be a little "rustic" in places. Still, not a bad experience. At least I have never seen a squatty or a Turkish toilet in Budapest. Could be worse.

@ Ann...At the train station WC when the man told you it was 50cents (in Euro), since presumably you didn't have Hungarian change, I assume you paid him the 50 cents. He told you the truth. Had this scene taken place in Germany, Austria or France, you would have gotten the same answer for wanting to use the WC at a train station there. Actually, 50 cents is cheap. The price in Germany goes froms 50cents to one Euro.

Two years ago, I paid 6 Czech Koruna (I had Czech currency) to use the restroom in Pilsen. At the time, that was 24 euro cent.

"for 500 CZK she said I would get $12 euros." I don't know what the rate was then, but today, at the interbank rate, 500Kc is 18 euro. Exchange booths charge a rate (%) plus a fixed fee. For small amounts, the fixed fee makes a big difference.

The bathroom was at the train station. I had already paid once at a Mcdonalds in Prague so wasn't totally surprised. I just said I hadn't gotten change yet and that's when the man told me that I could pay 50 cents in Euros. I was happy that I had the euros.

After being given toilet paper and turning the corner to go to the toilet area I received my first remains of communism in Hungary. There was a faded, old lounger chair against the wall and the stalls themselves that took one back to a very grey period.

I was brought back to the present quickly when taking the metro. The green line station with the huge escalator and high ceilings felt like the one in D.C. Plus we are staying in District V and the views of the Danube are beautiful. Walking this area last night felt like being in Soho or TriBeCa when NYC was a lot lighter and fresher. We got a great deal at the IC and the views are spectacular. Last night off to the left across the Danube up the hill there were fireworks and after what looked like maybe a laser show.
What a lovely welcome. Would love to know where they were coming from.

Having solved the money conversion with the wisdom of this forum, I need to come up with plans for the next 3 days, a local breakfast place and the best goulash. Any recommendations on them and a good boat ride would be welcome. Thanks again!

Good Boat Ride, take the train up to Szentendre and the boat back. The front desk can give you the details.

Breakfast: (nice and reasonable distances that will get you "into" Budapest and off the river front)

Café Vian in the Gozsdu Courtyard. Home of the 5 euro breakfast http://www.gastro.hu/Cafe-Vian-Gozsdu/437 and some really nice staff.

or

Ket Szerecsen a very well respected real Hungarian restaurant that is open for breakfast http://ketszerecsen.hu/?lang=en#menu-item-336 Take the M1 up to the Opera stop and walk about 5 minutes.

I seem to remember that Lugas has decent Goulash http://lugas-etterem.com/etlap/

But there is more to good Hungarian food than Goulash, if you go out your hotel and look to your left you will see some orange and white stripped awnings. That is the Ambassador Teresz Café. Despite being right on the tourist drag they have outstanding Töltött Káposzta (dang right I googled that spelling). Another place with excellent stuffed cabbage is Lugas.

Finally one of my two favorite places to eat in Budapest (right now, I am fickle) is Macesz Huszar a Jewish Hungarian Bistro in a really fascinating neighborhood which will be easy for you to find. My NUMBER 1 Favorite right now I cant publish. You have to PM for the name. I am guarding it and I don't want it full of tourists. ;-)

I didn't give you a lot of directions but these are well known and the front desk can help you out.

"...hugh escalor and high ceilings...." And very fast escalors too? That sounds like the impressive M4, which has evidence reminding me of London, Vienna and Paris (have not been to DC).

It was good of the attendant to accept the amount in Euro cents, in a way, not too surprising. If he had not mentioned it, I would have asked anyway.

Was the M4.

I try to use my Capital One Visa whenever possible for rental cars, rooms and travel. They actually give the proper exchange rate day by day--not ripping their customers off on the exchange rates.

I use my credit union's ATM for day to day operating cash instead of my Wells Fargo ATM card. W/F wants $5 transaction fee plus 3% discount on every ATM usage overseas. That's simply unreasonable. Check your bank's ATM terms overseas.

The last day I was in the Czech Republic and Hungary in April, we were trying to leave each country with little/no local currency. I sent my wife to McDonalds in the Prague Airport with $20 equivalent, and she came back with very little money and very little food. It was almost comical the way we're rationing out money.

We often take a "free tour" when hitting any major European city--to get the lay of the land in our minds. And we're quick to figure out the public transit system in order to save foot steps. Tram passes are great ways to see cities.

David we travel the same way. The 3 day tram, metro passes in Prague, Vienna and Budapest are wonderful. It's wonderful just being able to hop on and off and not have to worry about change and buying tickets. Plus we charged them all. We probably didn't need it for Budapest or it might have been a wash. Also travel with the Capital One card.

Did have to get a little more at Citibank today at the ATM. Went to bank entrance after machine to have them change a 5000 bill. Receptionist who was on the internet without looking up said they only make change for Citibank Hungarian customers. I said I had a Citibank Amex but she said only Hungarian Citibank customers. In comparison we spend time in Spain. Whenever I use the Barkley ATM there with no Barkley acct. I can always get cash just by showing my withdrawal receipt.

Yesterday I overheard 2 young English language tours as I was getting off the tram. One leader said after communism we aren't really a democratic country we are an ex-communist country. Another leader said Is anyone curious know why we aren't on the euro? Answered because our economy is not good.

I also had a conversation with a young woman on the tram who was Hungarian. We were going by the Parliament. I said it was beautiful and asked if she had ever been inside. She said she likes to see it from the outside and they had just finished beautifying the grounds.

I asked her how often Hungarians went to the baths. She said she has never been. She said if she wants to go swimming she goes to a pool. She said she has a friend who goes with her dad. She said the baths are very expensive.

As we travel around it size interesting to note what is for tourists and what locals use.

@Ann, sorry about the bad experience. Like Geo. points out we tend to push to the front the things we appreciate and not consider that we aren't all clones.

Your 5000 bill is the equivalent of about $27. You could have used it anywhere as was. Actually I have never had anyone not want to accept a 10000 bill and rarely have I had trouble with a 20000 bill.

The economy of Budapest is poor. Yup, true, and I don’t see anything significantly better happening in the near future. Still I don’t think it’s any worse than Italy and I am pretty certain it’s better than Greece and Portugal. Okay, that’s not saying much. I have some investments in Hungary and I am not yet particularly worried about them. Still as a tourist the only impact that has on you (so far) is things are less expensive.

The Bathhouses last time I checked run something like $12 a day; and yet that is a lot on a Hungarian salary. Still the users are overwhelmingly Hungarian. I do think more tourists should go as its a great experience. (I know Americans who have never been to a baseball game, and yet baseball is as American as it gets).

You are staying at the IC so you will have to do some walking or tramming to get away from that which is not tourist in nature; bath house would be a good start. I believe that @worldinbetween gave you some good ideas. You have hit a lot of the pure tourist destinations like most of District V (where your hotel is), Spinoza’s, Gerloczy and most of Castle Hill including anything to do with wine.

Sorry this trip didn’t work out for you. Maybe it will help you make a better match on your next trip.

James, I find it interesting you know how my trip was and choose to make judgement on my experiences.

Even though you have business in Budapest, you don't have to continually defend or sell Budapest.

I share something that I enjoy. Sometimes I am too exuberant in expressing my enjoyment. Your comments were primarily negative and you appear to be a strong individual with well founded discriminating taste so I value your opinions. From your writings I guess I incorrectly got the impression that you did not enjoy your stay. Since I provided so much information in response to your posts and PM I feel a little responsible if that were the case. My apologies in any event.