The US dollar has been moving upwards in value when compared to international currency, such as the Euro and British pound, which are typically much stronger than the US dollar, making travel much cheaper for Americans.
According to an article published by the Guardian this week, individuals earning US dollars and Americans are noticing that international travel could potentially be much cheaper than it was throughout the past few years due to the inflated value of the US dollar in international markets; especially in the UK.
Tour operators and workers in Britain have stated that September 2022 has been their “best month” for tourism and international travel since 2019, right before the pandemic. According to travel publication, Travel Off Path, “Americans are flying to the UK in their droves to benefit from the weaker pound (GBP). While last year it was trading at GBP 1.00 per USD 1.37, this year the dollar has reached a historic high of USD 1.03 to the pound. Since September 25, a week ago, it has fluctuated between the 1.08 and 1.11 marks.”
Chief executive of Tours International in the UK, Lana Bennett, stated that this surge is “quite good news” for UK tourism operators and economics alike.
“There’s a lot more certainty, more keenness on Americans’ part to take advantage of the depreciated pound.”
As of October 2nd, the Euro, used throughout various European countries, is currently exchanged at a USD 0.98 rate, according to Travel Off Path.
The publication reported earlier in the year that the Euro became of equal value to the US dollar for the first time in recent history. Now, the Euro is worth far less and performing worse than the pound in the UK, which is relatively unprecedented.
The result? Americans may find it cheaper to book flight tickets and reserve accommodations for international vacations in Europe/nations that are a part of the European Single Market; countries that use the Euro.
According to Eurostat’s comparative list of price levels for consumer goods and services in Europe, Montenegro is currently offering the best value for American dollars. Travel Off Path also listed a handful of other nations that would be ideal for Americans looking to go to Europe on a budget.
“Turkey, North Macedonia, Romania, Bulgaria, Bosnia, and Herzegovina are other European destinations that will likely be favored by Americans looking not to splurge, in spite of the dollar’s excellent conversion rate.”
Out of the list above, reports state that Turkey is currently the cheapest destination for Americans looking to travel to Europe/Western Asia. In late September, the Turkish Lira, their currency, was valued at a rate of TRY 20.00 to USD 1.00.
Beyond just Europe, Japan’s yen is also enduring a major depreciation with one US dollar now buying 144.55 yen.
However, Argentina is currently the country with the most depreciated currency when compared to the American dollar. Currently, one US dollar equals ARS 147.54; for comparison this time last year the exchange rate balanced out around ARS 100.
Worldwide inflation in general has reached record highs this year. Americans have endured the negative impacts of this in many of its markets, however, the international value of the US dollar has continued to remain high, unlike other major international economic markets.
It’s also important to note that international currency exchange rates are susceptible to change daily, so now’s the time to take advantage of these major differences in exchange rates.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at eric.mastrota@thenationaldigest.com.
