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How to split trip costs paid in different currencies

Pick one currency for the group, record every expense in the currency it was actually paid in, and convert each one once, at the rate of the day it was paid. Then everyone settles in the group currency. Fixing the rate per expense means nobody gains or loses because exchange rates moved after the trip.

By the MySharedXP team · Published

Part of Travel

Step 1: choose one group currency

Balances only make sense in one currency. Use the currency most of the group earns in, usually the one you will settle up in after the trip. A group from the eurozone travelling through Switzerland and the UK still keeps its balances in euros.

Step 2: record what was really paid

Enter each expense in the currency on the receipt: 84 Swiss francs for dinner, 60 pounds for train tickets. Keeping the original amount means anyone can check it later against the receipt or their bank statement.

Step 3: convert once, at the rate of that day

Convert each expense to the group currency at the rate of the day it was paid, and keep that rate. Re-converting everything at the end with one rate sounds simpler, but it shifts money between people whenever rates moved during the trip.

Example: a eurozone group abroad (rates are illustrative)
ExpensePaidRate usedIn the group currency
Dinner in ZurichCHF 84.001 EUR = 0.93 CHF€90.32
Train tickets in London£60.001 EUR = 0.86 GBP€69.77
Hotel, booked at home€240.00none needed€240.00

Which exchange rate to use

A reference rate, such as the euro reference rates the European Central Bank publishes on working days at around 16:00 Frankfurt time, is neutral and easy to check. Your card may have charged a slightly different rate plus a fee. For small expenses the difference is cents; for a large one, such as the apartment, using the rate from your statement keeps it exact.

On weekends and public holidays there is no new reference rate, so the last published rate before that day is used.

Settling up after the trip

Once every expense is in the group currency, settling works exactly as on a trip at home: work out each person’s balance and let the people who owe the most pay those who are owed the most. Settle in the group currency, so nobody has to deal with a conversion again.

Doing it in MySharedXP

Multiple currencies work on every plan:

  • Each group has its own currency, chosen when you create it
  • Enter an expense in the currency you paid in; it is converted at the ECB reference rate of the expense’s day
  • Or type the rate from your bank statement instead
  • The group shows both the converted amount and what was actually paid
  • The rate is kept with the expense, so old expenses never change when rates move
  • With Pro, the dashboard adds up your balances across groups in your default currency

Questions and answers

What currency should a travel group use?
The currency most of the group earns in and will settle up in, usually your home currency. Record the local currencies per expense and convert them to it.
Should we convert at the end of the trip or per expense?
Per expense, at the rate of the day it was paid, and keep that rate. Converting everything at the end shifts money between people when rates moved during the trip.
Which exchange rate is fairest?
A published reference rate, such as the ECB’s euro reference rates, is neutral and checkable. For large expenses, the rate on the payer’s bank statement is the most exact.
What about card fees abroad?
Agree before the trip. Many groups treat small card fees as the payer’s own cost; for a large booking, entering the rate from the statement includes the fee in the shared amount.
Can we settle up in a different currency?
It is easiest to settle in the group currency, because that is what the balances are kept in. If someone pays in another currency, convert at the rate of the day they pay.

Planning a trip?

Create the group now and add costs as you book.

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