Start a new topic

ATM withdrawal abroad

I am visiting Denmark. I want to add a transaction - a cash withdrawal. For me that is a transfer of 500 dkk from my euro bank account to a Danish kroner cash account. How do I do that ? In the screen for transfers the currency is not modifiable so it the transaction is 500 euros from my account, not 500 Danish kroner.

Barrie,

You need to create new account in MoneyWiz for your travel money. You're not going to receive Euro cash but Danish Kroner so it can't be simply put into your regular Euro account.

You should create Danish Travel Money account in DKK currency (if you can't choose it from the list, make sure it's enabled in Settings -> Currencies) and make a transfer from your bank account to that account instead. After you come back from your trip, you should not delete this account as this would cause all transactions to be deleted as well. Instead, consider creating an account group for your inactive accounts or travel money and put it there.

Alternatively log this withdrawal as an expense and do not track your spendings when paying with Danish Kroner.

 

Thank you for your speedy reply. If I understand correctly I need to create dkk cash account in the same way that I have a sterling account and a euro account for cash. I've done that. The way I use Moneywiz is that a cash withdrawal is a transfer from my bank account to my cash account. That's okay and that works when I am withdrawing euros from a euro account of sterling from a uk account. But now I want to take dkk from a euro account. And at the top of the screen for a transfer there is an amount of transfer but the currency is defaulted (and not modifiable) to the currency of the account. So what I have done is to use the exchange rate to work out (in this case) what 500 dkk is in euros (about 78 euros) and then do a transfer of 78 euros from my euro bank account to my dkk cash account.

Hi Barrie,


What my colleague Pawel described should perfectly fit to your case.


However I think I know what is the problem here. When you created a new account DKK Cash, you probably forgot to specify its currency. The thing is when you are creating a new account, by default it applies your local currency to it, which in your case is EUR probably (or GBP).


That's why when making a transfer you can't modify a currency in a transfer transaction, because MoneyWiz reads it from the settings of accounts you are making this transfer From and To.


Check this screen shot below. As you can see I have created 2 accounts - EUR Checking and DKK Cash, and when I'm making a transfer From EUR to DKK, I don't need to specify the currency, because MoneyWiz already knows that my Cash account is in DKK currency and my Checking account is in EUR currency.


Could you please double check if you have set up accounts correctly on your side?

Login or Signup to post a comment