Tips for Americans Looking to Travel and Not Splurge When Visiting Europe
Considering this change, these are some tips on how to take advantage of the situation and visit the 27-nation-bloc by also saving money, AtoZSerwisPlus.com reports.
Visitors are encouraged to use ATMs for withdrawing or exchanging the local currency. Instead of doing so at the airport or exchange banks, which charge a commission on top of the exchange rate, using an ATM can save the travellers some money.
In addition, Forbes, the news outlet, recommends for tourists, especially American tourists, pay with a credit or debit card while in Europe. However, visitors are reminded to be aware of foreign transaction fees and also be aware that many businesses don’t recognise American Express, so transactions can be realised with Visa or MasterCard.
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Another tip is to pay in euros when using the credit card as if paying with dollars can charge the visitor with a conversion fee.
Pre-booking can also be beneficial, which could help to lock the current exchange rate. However, this isn’t strongly recommended, as according to CBS News, the dollar is expected to remain a strong currency even in the upcoming months.
Furthermore, The Value Added Tax (VAT) is the sales tax in Europe, which can help travellers save more money. If purchases reach a certain amount from a single store, a tax-free form can be requested, which refunds the VAT for the spender. Such a request can be filed at the airport or train station when departing.
On the other hand, for those already living in Europe, especially Americans, it would be a smart decision to exchange dollars for euros, considering the fact that the American currency is stronger; thus, fewer dollars equal more euros.
This situation can also help those looking to buy property in Europe and those with any income in euros, such as investments.
As The Local points out, the dollar will likely remain strong for the next few months, as its surge in value is attributed to the Fed raising interest levels in the United States, making the country more attractive for investments compared to Europe, which is currently experiencing a shortage in gas supplies due to the war in Ukraine.
