Americans who have European travel plans will benefit directly from the cheaper Euro, as simply put their dollars will buy more Euros, which will give them more spending power once abroad. Even those who have no immediate plans to travel but are planning a future trip to Europe can plan ahead and purchase currency now whilst the exchange rate is favourable.
By opening a personal foreign exchange account one can pre-order Euros at a set price and only need pay 10% of the price until an agreed date. By doing so they can lock in the current rate, or anticipate when the rate will be even better. This is excellent news for anyone purchasing a holiday home in the Euro zone as they can be confident of the exchange rate they will receive.
The knock on effect of the cheaper Euro combined with the struggling economies of several European nations, means that vacations within some European countries are now available at very low prices. Due to the unfavourable though completely exaggerated bad International press coverage which Greece has been receiving, vacations there are cheaper due to the lack of the usual tourist numbers. This gives visitors a wonderful opportunity to experience travel in Greece at a low cost.
Those who do vacation in Europe may well want to travel with an empty suitcase as their dollars will stretch much further, so foreign goods can be purchased at low cost and taken back home. Typical Southern European products such as extra virgin olive oil can be snapped up at a cheaper price and carried back in 5ltr tins, thus saving on the higher costs of such items in America.
Instead of shopping in New York there is the opportunity to shop in such exotic locations as Paris, Athens and Barcelona. The designer shops may also well work out as more of a bargain when the dollar stretches further.
Students studying at International schools in Europe will find that their student loans will stretch further when their dollars are converted into Euros, thus affording a real opportunity to make savings on the cost of living and not overstretch themselves on student loans. This offers a real chance for them to actually not use all of their loan money which means they could start to repay the interest early and thus make some headway into reducing the principal, resulting in a smaller debt burden upon graduation.
These are just a few of the very direct ways in which individuals will can benefit from the cheaper Euro, as well as the beneficial effect it will have on the American economy as a whole. Thus is you’ve been holding back on that dream trip to Europe now is the time to start planning, or at least order your currency whilst you can benefit from the excellent exchange rate.