Money sent from abroad: how to put it in the family budget the right way
When part of your income arrives in another currency, record it in the currency received and let the app convert it at the day’s rate. Count the fee and the exchange-rate gap as a cost. Build the budget in the currency you spend in so you do not depend on fluctuations.
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Why is it harder when income comes in two currencies?
Part of the family works abroad and sends money home. The amount “on paper” is not the amount that arrives: something is lost to fees, and the exchange rate shifts from month to month.
If you only record the lei amount from the statement, you lose the real picture: you no longer know what was sent, what the transfer cost and how the rate moved.
How do you record a transfer?
Record the income in the currency it was sent in and, separately, the fee. The app handles conversion into your base currency at the official rate on the day of the transaction.
| Item | Euro | Lei |
|---|---|---|
| Amount sent | 300 | 6,000 |
| Transfer fee, 2% | 6 | 120 |
| Amount actually received | 294 | 5,880 |
The figures are illustrative; fees and rates differ between providers.
How do you compare ways to send money?
Do not look only at the advertised fee. The real cost has two parts: the fee and the gap between the offered rate and the official rate.
- Compare the exact amount received in lei for the same amount sent.
- Check for a minimum fee or an extra charge on small transfers.
- Ask how long the transfer takes; a day’s delay can mean a different rate.
- Send less often but in larger amounts if the provider’s rules allow it, because fixed fees weigh less.
Which currency do you budget in?
Budget in the currency you spend in, usually the leu. If income arrives in euros and the rate falls, the budget in lei shrinks even though you did nothing wrong.
A useful habit: plan from a more cautious income, using a rate slightly below the current one. If you receive more, the difference goes into savings.
How do you split money between those at home and those far away?
Agree together what stays for the expenses of the person working abroad and what comes home. Record both parts so there are no disputes about “who spends how much”.
In Family Calculator each member can record expenses in their own currency while the family sees everything in one. The conversation starts from numbers, not impressions.
What do you do about exchange-rate swings?
Do not try to guess the rate. If you have a large sum to transfer or exchange, split the operation into several parts so you do not lose everything on one unfavourable day. For large planned expenses, set the money aside in the currency you will pay in.
Frequently asked questions
Should I record income in lei or in the currency received?
In the currency received. The app converts at the day’s rate while you keep the original amount for comparison.
Is the transfer fee an expense?
Yes. Record it separately so you can see what sending money costs over a year.
Which rate do I use for reports?
The official rate on the day of the transaction, so months can be compared. The app uses MAIB rates.