Money Overview
Managing money effectively across five different countries with different currencies will be a key aspect of our journey. This guide outlines currency information, payment methods, budget planning, and tipping customs for South Korea, Japan, Singapore, Malaysia, and the Maldives.
Our financial strategy focuses on a mix of payment methods to ensure we always have access to funds and can pay for goods and services in the most convenient and cost-effective way. Key components include:
- Using multi-currency cards (Revolut) to minimize exchange fees
- Our Caixabank Visa card as primary payment method with no foreign transaction fees
- American Express Platinum as backup with travel benefits and purchase protection
- Carrying some local cash for each country
- Understanding local payment systems and mobile payment options
- Following local tipping customs
- Tracking expenses through a digital tool
Money Checklist
Family Payment Cards
- Dad: Primary funds holder
- Mom: Backup funds holder
- Son (17): Revolut Junior card
- CaixaBank Visa: Primary card
- Amex Platinum: Backup & benefits
- Emergency USD: Split between parents
Currency Information
South Korea
South Korean Won (KRW)
€1 ≈ ₩1,465
Common Banknotes:
Common Coins:
Cash vs. Card:
Cards widely accepted in cities, but cash needed for markets and smaller establishments.
Amount to Exchange:
Recommended: €100-150 per person (₩146,500-220,000)
ATMs with international withdrawal capability are widely available in cities.
Japan
Japanese Yen (JPY)
€1 ≈ ¥165
Common Banknotes:
Common Coins:
Cash vs. Card:
Japan is still largely cash-based, especially outside major cities. Many places don't accept foreign credit cards.
Amount to Exchange:
Recommended: €200-250 per person (¥33,000-41,000)
7-Eleven ATMs reliably accept international cards. Look for the "International ATM Service" sign.
Singapore
Singapore Dollar (SGD)
€1 ≈ S$1.45
Common Banknotes:
Common Coins:
Cash vs. Card:
Singapore is highly cashless. Cards and mobile payments are widely accepted almost everywhere.
Amount to Exchange:
Recommended: €50-75 per person (S$72-108)
ATMs are plentiful and operate on international networks. Mobile payments via GrabPay are popular.
Malaysia
Malaysian Ringgit (MYR)
€1 ≈ RM5.05
Common Banknotes:
Common Coins:
Cash vs. Card:
Cards accepted at most hotels, malls, and restaurants. Street food vendors and markets are cash-only.
Amount to Exchange:
Recommended: €50-75 per person (RM252-379)
Exchange rates at money changers are often better than banks. ATMs widely available in Kuala Lumpur.
Maldives
Maldivian Rufiyaa (MVR) & USD
€1 ≈ Rf16.8 / $1.07
Important Note:
At resorts, all charges are typically in USD. Local currency (Rufiyaa) is rarely needed for tourists staying at resorts.
Resort Payment System:
Radisson Blu Resort operates on a room charge system. You can charge everything to your room and pay by credit card at checkout.
Cash vs. Card:
Resort takes credit cards for all services. Small amount of USD cash useful for tips and airport purchases.
Amount to Bring:
Recommended: $50-100 per person in cash for tips and small purchases
Major credit cards (Visa, Mastercard, Amex) accepted at the resort. Notify your bank before travel.
Cash Planning Summary
| Country | Cash Needed | Family Total (6 people) | Sourcing Method | Notes |
|---|---|---|---|---|
| South Korea | ~€100 pp | €600 (~₩880,000) | Exchange in advance | First country needs pre-exchanged currency |
| Japan | ~€200 pp | €1,200 (~¥198,000) | Airport exchange + ATM | Cash-dependent society, needs more reserves |
| Singapore | ~€50 pp | €300 (~S$435) | ATM upon arrival | Mostly cashless, minimal cash needed |
| Malaysia | ~€50 pp | €300 (~RM1,515) | Money changer in Singapore | Better rates in Singapore than at airport |
| Maldives | ~$50 pp | $300 (~€280) | Bring USD from home | Resort charges in USD, mainly for tips |
| Emergency Fund | $100 × 2 | $200 (~€187) | Bring USD from home | Split between parents, untouched unless needed |
| TOTAL CASH | ~€2,867 | 31% of remaining €9,180 budget |
Cash Management Strategy: Rather than carrying all cash for the entire trip, we'll take sufficient amounts for each country and replenish as needed using ATMs or money changers. Revolut and credit cards will be our primary payment methods where possible.
Payment Methods
Our Payment Strategy
Having multiple payment options ensures we're never stuck without a way to pay. Our strategy includes digital payment methods, credit cards, and cash reserves:
Revolut
Multi-Currency
Revolut
Multi-currency digital banking
Benefits: Exchange currency at near-interbank rates, multi-currency accounts, no foreign transaction fees
Cards: Physical cards for parents, virtual cards for teens
Usage: ATM withdrawals, point-of-sale purchases, contactless payments
Limits: Free ATM withdrawals up to €400/month
Currency Exchange Strategy:
Exchange €1,000 into each currency via Revolut before arrival in each country to secure best rates and avoid weekend exchange fees.
CaixaBank Visa
Primary CardCaixaBank Visa
Primary payment card
Benefits: No foreign transaction fees, widely accepted internationally
Availability: Accepted anywhere Visa is accepted
Usage: Hotels, restaurants, shopping malls, major purchases
Security: Chip & PIN protection, real-time transaction alerts
Important:
Notify CaixaBank of travel dates and countries to prevent card blocks. Keep emergency contact number for lost/stolen cards handy.
American Express Platinum
Backup & BenefitsAmex Platinum
Premium travel benefits
Benefits: Travel insurance coverage, purchase protection, airport lounge access
Acceptance: More limited than Visa, especially in Asia
Usage: Luxury hotels, high-end dining, major shopping centers
Features: 24/7 concierge service, travel assistance hotline
Limited Acceptance:
Amex acceptance is limited in parts of Asia, especially Japan. Use primarily at international hotels and luxury establishments.
Mobile Payments
Mobile Payment Apps
Country-specific solutions
South Korea:
Kakao Pay (linked to Revolut)
Japan:
Apple Pay supported at some locations
Singapore:
GrabPay, Apple Pay widely accepted
Malaysia:
Touch 'n Go eWallet, GrabPay
Setup Before Travel:
Download and set up relevant apps before departure. Link to our Revolut or credit cards where possible.
Cash Reserves
Local Currency
Physical cash backup
Strategy: Carry moderate amounts of local currency for each destination
Storage: Split cash between family members and different storage locations
Replenishment: Use ATMs with Revolut card to minimize fees
Emergency: Keep $200 USD as emergency reserve
Cash Security:
Use hotel safes or concealed money belts. Never keep all cash in one place. Make small denominations easily accessible.
Expense Tracking
Splitwise App
Family expense management
Purpose: Track all expenses throughout the trip
Method: Daily logging of expenses by category
Features: Can split expenses, categorize spending, export reports
Responsibility: Primary tracking by parents, teens log personal expenses
Daily Check-in:
Quick daily review to ensure we're staying on budget and identify any spending patterns that need adjustment.
Payment Method Acceptance by Country
| Payment Method | South Korea | Japan | Singapore | Malaysia | Maldives |
|---|---|---|---|---|---|
| Cash | Common | Essential | Accepted | Common | USD Only |
| Visa/Mastercard | Widespread | Limited | Widespread | Widespread | Resort Only |
| American Express | Limited | Rare | Limited | Limited | Resort Only |
| Apple/Google Pay | Growing | Rare | Widespread | Growing | Not Available |
| Local Mobile Payments | Kakao Pay | Suica/PASMO | GrabPay | Touch 'n Go | Not Available |
| International ATMs | Common | 7-Eleven ATMs | Widespread | Common | Limited |
ATM & Money Exchange Tips
ATM Best Practices:
- Use bank ATMs in well-lit, secure locations (avoid third-party ATMs)
- Withdraw larger amounts less frequently to minimize fees
- Always choose to be charged in local currency (reject dynamic currency conversion)
- Shield PIN entry and be aware of surroundings
- Keep ATM receipts until reconciling transactions
Money Exchange Tips:
- Avoid airport currency exchanges (except in emergencies)
- Research current exchange rates before transactions
- Count money carefully before leaving counter
- Keep exchange receipts for possible return exchanges
- In Singapore & Malaysia, licensed money changers often offer better rates than banks
Recommended ATM Networks by Country:
- South Korea: Look for Global ATM Service signs, Hana Bank, KB Kookmin Bank
- Japan: 7-Eleven ATMs, Japan Post Bank ATMs, AEON Bank ATMs
- Singapore: DBS, OCBC, UOB Bank ATMs all widely available
- Malaysia: CIMB, Maybank, Public Bank ATMs
- Maldives: Resort has ATM service (with fees), better to bring USD
Tipping Customs
Tipping customs vary significantly across Asian countries. Understanding local expectations will help us navigate social situations appropriately and budget correctly. Here's a country-by-country guide:
South Korea
Restaurants
No tipping expected. Service charge may be included at high-end restaurants.
Taxis
No tipping. Round up the fare if convenient, but not required.
Hotels
No tipping for bellhops or housekeeping. Service charge often included.
Tour Guides
Optional, but appreciated for exceptional service. ₩10,000-20,000 for a day tour.
Important Note: Attempting to tip in some situations might be considered offensive or confusing. Service staff are paid a proper wage.
Japan
Restaurants
Tipping can be seen as rude. Bills are paid at the counter in many places.
Taxis
No tipping. Drivers may refuse tips or return money.
Hotels
No tipping. Service charge is included in luxury hotels.
Tour Guides
For private guides, a small gift from your home country is more appropriate than cash.
Cultural Note: In Japan, good service is expected as standard and not dependent on tips. Offering a tip may cause confusion or even be seen as insulting.
Singapore
Restaurants
10% service charge + 7% GST usually included. No additional tip needed.
Taxis
Rounding up fare is common, but not expected.
Hotels
Service charge included. S$2-5 for porters is optional.
Tour Guides
S$10-20 per day for good service is appreciated but not required.
Look for: "Service charge and GST included" on bills. If not stated, a 10% tip may be appropriate in high-end establishments.
Malaysia
Restaurants
10% service charge + 6% sales tax usually included. Check bill.
Taxis
Rounding up fare is common. No percentage-based tipping.
Hotels
RM5-10 for porters is customary. Service charge included otherwise.
Tour Guides
RM20-50 per day depending on group size and service quality.
Note: At smaller establishments without service charge, a small tip (5-10%) for good service is appreciated but not mandatory.
Maldives
Restaurants
10% service charge is included, but additional 5-10% in USD for exceptional service is appreciated.
Resort Staff
$3-5 per day for housekeeping, left daily or at end of stay.
Boat/Excursion Staff
$5-10 per person for half-day excursions.
Personal Butler/Villa Host
$10-20 per day, typically given at end of stay.
Resort Tipping: Radisson Blu Resort has a staff tipping box at reception. You can also give individual tips to staff who provide excellent service.
Our Family Tipping Strategy
Small Bills
Keep a supply of small denominations in local currency (and USD for Maldives) for occasional tipping.
Small Gifts
Bring some small items from Spain (chocolates, pens, etc.) as alternative tips for guides in Japan/Korea.
Service Charge Awareness
Always check bills to see if service charge is included before deciding whether to tip.
Tipping Budget
€200 allocated specifically for tips throughout the trip, primarily for guides and Maldives resort staff.
Tipping Summary
| Country | Restaurants | Hotels | Taxis | Tour Guides |
|---|---|---|---|---|
| South Korea | No tipping | No tipping | Round up if convenient | ₩10,000-20,000 for excellent service |
| Japan | No tipping | No tipping | No tipping | Small gift instead of cash |
| Singapore | 10% service charge included | S$2-5 for porters (optional) | Round up if convenient | S$10-20 per day (optional) |
| Malaysia | 10% service charge included | RM5-10 for porters | Round up fare | RM20-50 per day |
| Maldives | 5-10% in USD (in addition to service charge) | $3-5 per day housekeeping | N/A | $5-10 per excursion |
Currency Converter
Quick Currency Converter
Approximate Exchange Rates (April 2025)
- €1 EUR = ₩1,465 KRW
- €1 EUR = ¥165 JPY
- €1 EUR = S$1.45 SGD
- €1 EUR = RM5.05 MYR
- €1 EUR = Rf16.8 MVR
Rates are approximate and may change. For actual transactions, check the current rates.
€100 EUR is approximately:
₩146,500 KRW
South Korean Won
€100 EUR is approximately:
¥16,500 JPY
Japanese Yen
€100 EUR is approximately:
$145 SGD
Singapore Dollars
Common Expense Estimator
South Korea
- Metro ride ₩1,350 (€0.92)
- Taxi (3km) ₩5,000 (€3.41)
- Quick meal ₩8,000 (€5.46)
- Coffee ₩4,500 (€3.07)
Japan
- Metro ride ¥220 (€1.33)
- Taxi (3km) ¥1,200 (€7.27)
- Quick meal ¥1,000 (€6.06)
- Coffee ¥450 (€2.73)
Singapore
- MRT ride S$1.50 (€1.03)
- Taxi (3km) S$8.00 (€5.52)
- Hawker meal S$6.00 (€4.14)
- Coffee S$5.50 (€3.79)
Malaysia
- Metro ride RM2.50 (€0.50)
- Taxi (3km) RM12.00 (€2.38)
- Food court meal RM15.00 (€2.97)
- Coffee RM12.00 (€2.38)
Maldives
- Resort meal $45.00 (€42.06)
- Water activity $65.00 (€60.75)
- Snack/drink $15.00 (€14.02)
- Souvenir $25.00 (€23.36)