Turkey and Vietnam Among Destinations Providing Best Currency Value for Travelers.
According to a recent assessment by Travelex, the U.S. dollar has strengthened against the currencies of Turkey, Vietnam, Egypt and Argentina, among other top destinations for U.S. travelers. As the world’s largest non-bank foreign currency provider, Travelex constantly monitors exchange rates and is therefore able to determine which overseas destinations are offering the greatest value at any given time.
The Turkish Lira, for example, experienced a year-over-year change of almost 14 percent, which means a visitor to the Eurasian country would receive 14 percent more for his or her currency this year compared to last year. The Vietnamese Dong, Egyptian Pound and Argentinian Peso are also offering a better bargain for U.S. travelers in 2011, with year-over-year percent changes ranging from approximately five to seven percent.
“When comparing last year’s exchange rates to the rates for 2011, we have noticed the U.S. dollar weakening against the currencies of several common vacation spots for U.S. travelers, including Canada and Australia” said Jon Dario, president of Travelex Currency Services Inc. “However, the U.S. dollar has also strengthened against some top exotic destination currencies, such as the Turkish Lira and Vietnamese Dong, and our job is to help customers obtain and use that information to get the most out of their currency exchanges.”
The U.S. dollar also weakened against the Euro, Chinese Renminbi, Israeli Shekel and Swiss Franc, making these frequently visited destinations more expensive for American travelers. Of particular note, the Swiss Franc experienced a year-over-year increase of more than 23 percent, indicating U.S. travelers will receive 23 percent less for their currency when traveling to Switzerland in 2011. In such destinations, where exchanging currency is significantly more expensive on the ground, Travelex recommends purchasing a greater amount of currency prior to departure in order to lock in the best exchange rates and avoid paying a commission to foreign banks and exchange bureaus each time more money is needed. (marketwatch.com)
