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Old 02-04-2016, 09:41 PM
 
105 posts, read 444,313 times
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Hey guys,

So my friend and I are planning a trip to Iceland in May, however we cannot figure out a way to split travel costs easily since I'm American and she is Canadian. I don't know what the proper way of doing this would be since I don't want either of us to lose any money with the conversions. Any help is great!

Thanks!
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Old 02-05-2016, 05:06 AM
 
32,112 posts, read 33,023,250 times
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How about you pay for some things and your friend pay for other things?
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Old 02-05-2016, 07:58 AM
 
Location: Phoenix, AZ > Raleigh, NC
15,093 posts, read 19,047,678 times
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I personally don't believe you should split the airfare. Each pays their own.

Then, when you meet up in Iceland, you both go to the ATM and withdraw an equal amount of money (which will be in Icelandic currency, of course). The withdrawn money goes into a bag, a kitty. Daily expenses for food, transportation, hotel, museums, etc. are paid using the money in the kitty. No spkitting up restaurant checks - just pay it from the kitty.

Personal purchases (souvenirs) are not paid from the kitty.

We've travelled with other couples on numerous occasions and this has worked very well.
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Old 02-05-2016, 08:48 AM
 
Location: Hougary, Texberta
8,602 posts, read 11,093,754 times
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Agreed. You should each buy your own way there, and then split the costs while in Iceland.
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Old 02-05-2016, 12:25 PM
 
Location: Durham, NC
2,537 posts, read 8,129,635 times
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Just say, "SORRY, I don't have any money" and your overly nice Canadian friend will say, "oh, SORRY, don't worry, I'll pay for everything."
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Old 02-05-2016, 04:09 PM
 
3,431 posts, read 3,055,064 times
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Each pay your own airfare. If you actually share something (a taxi ride, a hotel room) split those things 50/50. But basically, you should each pay your own way.

The Canadian dollar is worth a lot less than the US dollar. It's only worth 72 cents U.S. as of today, and that won't be changing much anytime soon. Don't get into anything complicated with the conversions... I'm assuming the bills in Iceland will be calculated in Iceland's currency, and split 50/50 that way. I'm sure your Canadian friend would love you to pay as much of the travel expenses as possible, but that's unfair to you.

You should each exchange as much money as you can to cover your expenses before you leave for Iceland. Both Canadian and U.S. banks offer decent conversion rates.

If you're planning on paying for anything like a hotel room with your credit card, make sure she agrees to give up her 50% to you. Get cash (Iceland's currency) from her in Iceland, or she can transfer money to you electronically, after you confirm check-in. I don't think that's unreasonable.

Last edited by Ottawa2011; 02-05-2016 at 04:22 PM..
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Old 02-06-2016, 08:04 AM
 
Location: Austin
29,546 posts, read 16,505,494 times
Reputation: 8087
Quote:
Originally Posted by CLIK92 View Post
Hey guys,

So my friend and I are planning a trip to Iceland in May, however we cannot figure out a way to split travel costs easily since I'm American and she is Canadian. I don't know what the proper way of doing this would be since I don't want either of us to lose any money with the conversions. Any help is great!

Thanks!
We travel quite often (US and international) with small groups that share expenses. Here are some guidelines;

- airfare, personal purchases and entertainment (unless everyone participates) are not shared.

- food, local transportation, housing and eating out are shared.

- It doesn't matter who pays, we allocate the costs and settle up at the end of the trip.

- Exchange rates are very important. Use the local currency when computing who owes whom, then convert to your currency for payment.
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Old 02-07-2016, 06:04 AM
 
8,653 posts, read 19,115,035 times
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The only things that should be split are the things you guys are sharing. If you're sharing a hotel room, split the bill. If you're sharing a taxi, split the taxi or take turns paying. If you're renting a car, split the bill. Everything else is on that person.


One of you is going to pay more, lets be real, it will be you so plan ahead.
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Old 02-07-2016, 11:18 AM
 
9,029 posts, read 16,444,433 times
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Two lines here. Three first is what to split, that is shared items once you get there.

The next is currency valuations. Base it on the local currency and leave it at that. You don't have to cover the difference between US and Canadian dollars. Frankly, it's a bit silly to even offer/try.
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Old 02-07-2016, 06:45 PM
 
Location: Austin
29,546 posts, read 16,505,494 times
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Quote:
Originally Posted by Kim in FL View Post
One of you is going to pay more, lets be real, it will be you so plan ahead.
Strange post.
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