If you are looking for your next vacation destination, one area you should research is the currency rates. We all know that every country has its own currency. The United States has the dollar; Germany, France, Italy, Spain, Portugal, and Belgium all have the euro; the United Kingdom has the pound. When you travel, you will likely need to purchase the currency of the country you are visiting. You can either do this before or after you arrive (I would recommend purchasing some before you leave).
There has been a recent trend of the currency amounts slipping in several European countries against the Dollar, thus you get more for your US Dollar. According to CNN Money, the euro is now trading at $1.09, down from $1.13 in February. And just two years ago, it cost $1.40 to buy one Euro. Analysts predict that the euro could drop even more in the coming weeks.
Here is an example of how currency rates work. Since I live in the United States, I will be using the dollar. As of right now, here are where currency rates stand.
1 U.S. Dollar =
1.00 Swiss Franc
3.79 Brazilian Real
0.70 British Pound
So what does this mean? This means now is a good time to book an International Vacation Home Exchange in Europe. Everything from souvenirs, to food, to even your cup of coffee would likely cost less. And it isn’t just countries that have the Euro. The Norwegian crown has fallen 10% against the dollar in the past 12 months. The UK pound, meanwhile, has slipped 8% against the U.S. dollar over the past year.
If you plan to cash in on the currency rate discounts, the best advice is to really do your homework before you plan and eventually leave for your trip. Study the currency rates for the country you plan to visit. Remember, those rates will likely change between the time you book your flights to the time you actually arrive in the country. There are a number of websites that will provide the latest information regarding currency rates. Your own bank may also have some information for you.
Thank you to guest travel writer Carla Pruitt. You can follow Carla on Twitter at @crobscarla
No matter where you are traveling, our suggestion is to shop around to get the best exchange rates- this will give you the best value for your money. There are a number of currency exchange services in the market. Spending a few minutes researching currency exchange providers will save you money. For additional information view Get More For Your Money and Bank on a Good Exchange Rate.