Guide For US Travelers To Save Money While Visiting Europe In 2022

For any Americans wishing to visit Europe, the change in exchange rates is definitely a benefit. This is the first time in two decades that the US dollar and the euro are almost equal. Obviously, this makes a visit to Europe more affordable than ever before. Due to this change, the following are some tips on how to take advantage of the currency situation and visit the 27-nation bloc, while also saving cash.

1. Use ATMs to withdraw money in Europe

You will get a much better deal when withdrawing money at an ATM in Europe in the local currency instead of at the airport or exchange banks. Bear in mind, that exchanging money at the airport or an exchange bank leads to a commission on the exchange rate. Meanwhile, this will lead to definite savings all around for US visitors in Europe.

2. Pay with a credit or debit card

On top of this, Forbes recommends that all tourists, and especially those from the US, pay with a debit or credit card while in Europe. However, they do remind visitors to be aware of foreign transaction fees. Also, Americans should be aware that many businesses do not accept American Express. It is therefore recommended to make transactions with a Visa or Mastercard.

Often when paying with a credit card, the business will ask you if you wish to pay in euros or dollars. Make things easier and cheaper for yourself by paying in euros to avoid paying a conversion fee.

3. Pre-booking your trip

As mentioned, the exchange rate in euros is currently beneficial to Americans. However, as we know, things can change. Make sure to tie in your saving by making pre-bookings at the current exchange rate. However, CBS News does expect the US dollar to remain strong in the coming months.

4. Save money on VAT

Meanwhile, Value Added Tax (VAT) is Europe’s version of sales tax, which offers another option for US travelers to save some money. Basically, if purchases ring up to a certain amount from a single store, a tax-free form can be requested, which then allows a refund of the VAT to the shopper. This form can then be filed at the airport or railway station when leaving the country.

Another tip for those Americans living in Europe is to exchange dollars for euros. As the US dollar is stronger right now, fewer dollars equal more euros. Bonus! Any Americans wishing to buy property in Europe can benefit from the currency parity, as well as those with investments.

Meanwhile, the Local reports that the US dollar is likely to remain strong for at least a few more months. Reportedly, the surge in value is attributed to the Fed raising interest rates in the US. This makes America more attractive for investments, as compared with Europe. Meanwhile, Europe is also experiencing a gas shortage due to the Russian invasion of Ukraine.

Of course, with all the flights being canceled around the world, an easy visit isn’t guaranteed. Also, there is the matter of heat waves burning across the EU bloc. However, despite this now is the perfect time for Americans to visit the wonders of Europe.