Travel and payments Practical guide
How to budget for travel cash and compare exchange quotes
A practical worksheet for estimating how much cash to carry in your destination currency and comparing a cash exchange quote with an ATM withdrawal.
Start with how much you expect to pay in cash at your destination. Accommodation might already be paid, while some local transport or small purchases may require banknotes. Listing those cash expenses lets you ask providers for the same amount in the destination currency. You can then compare what that amount will cost you, even when the rate boards and fee schedules look different.
Build a cash budget before buying currency
Multiply expected daily cash spending by the number of days. Add any one-off costs you plan to pay in cash and a reserve that fits your trip. Then subtract usable cash you already hold in the destination currency. This fictional four-day trip to Morocco uses invented figures for the worksheet. Use your own itinerary to estimate actual expenses.
| Item | Calculation | Amount in MAD |
|---|---|---|
| Daily cash spending | 4 days × 150 | 600 |
| One-off transport | Separate from daily spending | 220 |
| Cash reserve | Set aside for unexpected needs | 180 |
| Cash from a previous trip | Subtract from the total | 200 |
| Amount to buy | 600 + 220 + 180 − 200 | 800 |
Ask for the total cost of the banknotes you will receive
Tell the provider you want to receive 800 MAD. Ask for the total amount you would pay, including any fees, and which note denominations are available. Request the same amount from another provider and record when each quote was issued, as it may only be valid for a limited time. These two illustrative quotes assume you are paying in US dollars.
- Quote one offers 9.60 MAD per US dollar with a $2 fixed charge. Buying 800 MAD costs about $85.33.
- Quote two offers 9.40 MAD per US dollar with no separate fee. Buying 800 MAD costs about $85.11.
For both quotes, divide the dirhams you want by the dirhams offered per dollar, then add the fee in dollars. The second quote is slightly cheaper for this purchase even though it gives you fewer dirhams per dollar. At 1,500 MAD, the first quote would cost $158.25 and the second about $159.57 under the same terms. The ranking changes because the fixed fee is spread over more currency. Ask the provider to confirm the final amount after any rounding and adjustments for available denominations.
Compare an exchange quote with an ATM withdrawal
Base the comparison on the cash the ATM actually dispenses. Suppose you receive 800 MAD, the machine adds a 20 MAD operator fee, your hypothetical conversion rate is 9.60 MAD per US dollar and your bank adds $3 separately. The total would be about $88.42. Check which fees the screen displays, which your issuer charges separately and whether you accepted a conversion on the ATM. The Government of Canada’s travel guidance also suggests asking your bank about partner ATMs at the destination. Their fee terms can change the result of your comparison.
Account for cash left at the end of the trip
If you have 150 MAD left and want to sell it, ask how many dollars you would receive after any fees. At an illustrative buyback quote of 10.10 MAD per US dollar with no separate fee, you would get back about $14.85. Subtract the recovered amount from the original purchase cost to see your net cash outlay. If you keep the balance for another trip, record it in its original currency and include it in your next worksheet.
Use the exchange-rate dashboard to estimate the size of your budget. For the actual purchase decision, record the cash you will receive and the total you will pay for each quote.