That dream vacation may be a lot more affordable this year. Thanks to the historically strong U.S. dollar, many travel industry professionals say 2015 may be the best year in recent memory to travel abroad.
“The U.S. has emerged from the financial crisis of 2008 with the dollar at near-record highs relative to a number of international currencies,” says Travis Katz, co-founder and CEO of Gogobot, a travel reviews website based in Menlo Park, California. “For American travelers, that means international travel is cheaper this year than it has been in decades.”
You may need to pounce
Of course, exchange rates aren’t set in stone; travelers should be aware that currencies can change quickly. For example, a surprise decision by the Swiss National Bank recently sent that country’s currency soaring against the euro.
“Within 24 hours,” Katz says, “the cost of big-ticket items, like hotel rooms and ski resort passes, jumped nearly 50 percent for tourists.”
That’s an extreme example. Still, Katz says the best thing is to book your vacations as soon as you can to lock in low prices resulting from exchange rates and news events such as the Greek crisis.
See how to get the most from the strong greenback.