One of the reasons I ran out of money while I was in Milan for that semester is because when saving, I didn’t really take into account the exchange rate. For every $1 US Dollar, I would only get between E0.65-0.75 cents (eurocents). And a trip to London was even worse. With 1 Great Britain pound being worth $2 US Dollars, I was literally paying twice the cost of everything had I bought it here in the States. For example, we went to Starbucks quite a few times. My toffee nut vanilla latte cost me about 4.40 GBP (Great Britain Pounds). When I got a chance to check my bank account, I was like, WHEN DID I SPEND $8 AT STARBUCKS??? THREE TIMES??? Yeah, not a fun feeling. That said, here are some places with a favorable exchange rate for Americans. This means that your $1 will be worth more than that in the local currency. And exchange rates change daily so staying abreast of them and watching the trends can make all the difference in not breaking the bank while traveling or studying abroad. Without further ado, my top places to visit with a favorable exchange rate:
Brazil ($100 USD = 177.50 Brazilian Real) – Planning my birthday trip to Rio, I began to get really excited when I noticed the exchange rate. From what I understand, this exchange rate is actually the worst for the USD$ that it has been in years, but it’s still favorable for me. (For example about 5 years ago the rate was $100USD = 300 Real.)
Costa Rica ($100 USD = 53,120.00 Costa Rican Colon) – And no, that’s not a typo.
Argentina ($100 USD = 393.45 Argentine Pesos) – Seems like there is a trend with favorable exchange rates in Latin America, huh?
Egypt ($100 USD = 569.60 Egyptian Pounds)
Fiji ($100 USD = 203.21 Fijian Dollars) – As if you needed another reason to go to Fiji!
New Zealand ($100 USD = 145.37 New Zealand Dollars)
Of course there are other factors that will make a difference in the final cost of goods in these countries, but understanding currencies can be a great way to justify picking certain destinations. Figure out where your money’s good at – and go there!