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| Meena Thiruvengadam: Going to Europe? Leave that weak-arse dollar at home |
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| Wednesday, 18 July 2007 | ||
Probably not much — unless you've got a summer trip to Europe planned. In England, it'll cost you about two dollars to buy one British pound. In Italy, Germany, Greece and France, expect to spend about $1.38 a Euro. That means everything from sodas to souvenirs; cab rides to hotel rooms; museum admissions, club cover charges, beer and cigarettes will cost you more. The weaker the dollar gets compared to a foreign currency, the more you have to pay to buy that country's money. So, if you're traveling to a place whose money could beat the dollar in the boxing ring, it's going to cost you. “The English can go and have a grand time in America with their pounds,” a Pakistani hotelier I met in London a couple of weeks ago said. “You Americans with your dollars can't do that here.” In Germany, the dollar proved to be worth so little that a tour guide gave my friend and me the $2 she had received as a tip from an American tourist. “I didn't know what else to do with them,” she said. “They aren't really worth much here.” Swapping the $2 for Euros would have cost more than $2 anyway. As sad as it may be to see your hard-earned American dollars be worth so little overseas, there isn't much you can do about it without the power to control global currency markets. To stretch your weak dollars while traveling, shop around for the best exchange rate — it could come from a place like Western Union or through your bank by using your ATM debit card's credit function. If you decide to exchange your cash for the cash of whatever country you're in, look for currency conversion places that offer low or nonexistent transaction fees. Some places that do charge fees waive them for transactions that are large enough. In Italy, changing $150 dollars instead of the $100 I had planned to exchange saved me a $6 transaction fee. If your travel destination isn't yet set in stone, try going someplace where the dollar can out-arm wrestle the hometown currency. One option is Switzerland, where one Swiss franc will cost you just 83 cents. You can shop all day and feel like you're getting the ultimate 17 percent off of everything discount. There's a thought that makes me yearn for a Swiss Rolex store. If you must travel to a place where the dollar is weak, remember: There's always a chance a tour guide will be aching to get rid of a few dollars left behind by some other American. Should those dollars land in your pocket, you might be able to finance a stop at Taco Cabana on the way home from the airport. |
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