Which currency should you enter expenses in?
Always in the currency you actually paid in. If you convert to euros yourself while you’re away, you’ll make rounding errors and use a different rate each time. Only convert when you settle up, using one consistent method.
Which exchange rate is fair?
There are three common approaches:
- The rate on the day of the expense: the most accurate, because it reflects what the money was worth on that day. For groups, this is usually the fairest solution.
- One fixed rate for the whole trip: simple, but inaccurate when currencies fluctuate.
- Your own bank’s rate: only makes sense for your own accounts, not for the group’s. Everyone has a different bank and different fees.
Above all, it’s important that everyone uses the same method.
And what about bank fees?
Foreign transaction fees or poor rates at cash machines are costs for the individual, not the group. If you want to share them, enter them as a separate expense.
What if there’s no internet?
You won’t always have a connection while you’re away. Enter the expense straight away in the original currency anyway. You can then enter the rate manually or add it later.
Settlement currency: euros or something else?
Choose the currency most of you use at home. If the group is mixed, for example from Switzerland and Germany, agree on one currency beforehand.
How it works with HelloKiwi
- Record each expense in its own currency; around 160 currencies are available.
- HelloKiwi fetches the rate automatically for the day of the expense and converts everything into the currency you chose under “Settle in”.
- You can change the currency under “Settle in” at any time, and adjust the rate manually if needed.
- Without a connection, you enter the rate manually.
- At the end, "Who pays whom?" shows who transfers how much to whom, in that currency.