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Absolutely! This was about 10 years ago, but we traveled cheaply. The South African Rand vs Euro exchange was around 10 Euro's back then.

We stayed in Amsterdam for 3 nights and paid only 29 Euros a night for our single room within the inner circle of city. We could not afford to eat out, so bought food from local & super markets and went to pubs for beers to meet the locals. ;)

Oh wow....that's really good. And not too expensive . You guys did it right. I'm sure your experience was much better than if you just did....the touristy things. Is it true that in the "Red Light District" they have sex workers in store front windows? lol
My best friend and I were thinking of planning a trip there maybe in the fall. What about crime? Is it somewhere I should be worried about going with just another female?

Yes, absolutely true re the Red Light District. Workers flaunting themselves to potential customers... very sad.

Amsterdam is very chilled and I don't think it would be an issue to go together. It purely depends on where (and when) you plan to hang out. All cities have their dangerous areas that you should avoid.

I can't really comment re crime. All cities have their crime and coming from South Africa we are taught to be very aware of these things... so I have never had any issues before. ;)