Keep on top of changes in the markets day to day: on our information pages you can find all the details you need about current movements in the markets and the indices. Instead, travelers typically get a better rate by withdrawing money from an ATM in their destination country, experts said.Rate info, interest rates and currency calculator "Ninety-nine percent of the time, it's unnecessary, and you'll get a worse conversion rate," said McCulley. Travelers using cash should generally avoid converting their currency ahead of a trip, according to experts. It's not a given the exchange rate will continue to get more favorable. This is generally due to card brands - while Visa and Mastercard are widely accepted around the world, that's less true of American Express and Discover, Rathner said.įurther, travelers booking hotels or tours in advance (and have the option to be charged now or later) may wish to pay now to make sure they're taking advantage of the low rate, McCulley said. Those fees can add 3% to the cost of each purchase, thereby eating into the euro-dollar savings, Rathner said.īring a backup credit card (if you have one) in addition to your primary in case yours isn't accepted in certain establishments, she advised.
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How to take advantage of favorable exchange ratesĪmericans who want to take advantage of the favorable exchange rate should use a credit card without a foreign transaction fee whenever possible. "People are ready to travel again," she added. "It's become an expensive time to travel," Rathner said. Searches for lodging in Copenhagen rose 30%, and were up 15% for Athens and 10% for Madrid. Lodging interest was also elevated in some cities, according to. Searches for Paris and Frankfurt flights each jumped 25%, while interest in Brussels and Amsterdam each rose 20%, and Dublin, 15%. When asked to list the foreign destinations they most want to visit in the next 12 months, European destinations comprised 6 of the top 10 most commonly named, according to Destination Analysts.įlight searches to some top European destinations increased by double digits from July 3-11 relative to the previous week, according to Expedia data. The firm polled 4,000 travelers June 15-23. travelers are likely to travel abroad this year, up 6 percentage points in a month, according to Destination Analysts, a tourism market research firm. Inflation is raising travel costsĪbout 34% of U.S. dollar has also gained strength relative to many other currencies in the past year, such as the the Australian dollar, British pound, Chinese renminbi, Indian rupee and Japanese yen. "It's more gentle on people's travel budgets," she added. "It's kind of like getting a 15% discount," according to Sara Rathner, a travel expert at NerdWallet. Today, that traveler would pay just over $15. One euro is down 11% from nearly $1.13 at the beginning of the year and down 15% from about $1.18 on July 13 last year.Īs an example, an American who bought a €15 sandwich in Paris a year ago would have paid about $17.70.
interest rates moving sharply higher, pushing investors toward the dollar and from the euro. Triggers for the relative decline of the euro include the ongoing war in Ukraine, which has fueled fear of an energy crunch and recession, as well as U.S. More from Personal Finance: These 5 metros have the most million-dollar homes Why experts say a higher federal minimum wage is long overdue How to calculate your personal inflation rate Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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