While I’m a firm believer that a vacation is worth the investment, I’m also a self-proclaimed value traveler. I will hunt for the best deals and often plan my next adventure around how I can save the most money.
One strategy that helps me, without compromising on comfort or experience, is choosing destinations where the exchange rate works in my favor as an American. Destinations like Vietnam, Belize, or Peru, are all places I’ve had on my radar for years. And thanks to good rates and on-the-ground costs, they’re actually attainable.
However, before booking a vacation, remember that favorable exchange rates don’t always mean an inexpensive vacation, and currency value is only one part of a travel budget. Airfare, local inflation, transportation costs, and other expenses can quickly add to the total price of a vacation.
Exchange rates also fluctuate due to economic data, shifts in the markets, and geopolitical events. So while your dollar may be worth more today, it could plummet by the time you travel.
For the best value, utilize resources such as the Fiscal Data Currency Exchange Rates Converter by the U.S. Treasury, which can provide you with the most up-to-date exchange rates and information needed to financially plan your upcoming adventure. And always remember to factor in other trip expenses, too.
Estonia
Estonia seems to have it all: history, culture, and remarkable scenic beauty. You can walk the cobblestone streets in Tallinn Old Town, relax on the sandy beaches in Parnu, dive into culture in Tartu, Estonia’s intellectual hub, or explore Lahemaa National Park with its scenic boardwalks and historic manors.
In 1992, Estonia first introduced its own currency: the Kroon. It wasn’t until 2011 that the country adopted the euro, which fluctuates in strength compared to the U.S. dollar. Even still, Estonia tends to be cheaper when it comes to accommodations, meals, and transport compared to its European, or even Scandinavian neighbors. For example, in Tallinn, the average cost for a one-day public transit ticket is approximately $6.50 USD, whereas in Stockholm, a one-day public transportation pass is nearly $20 USD.
Vietnam
There are several countries in Southeast Asia where you can stretch your dollar, but for an unforgettable vacation, Vietnam must be at the top of your list.
Back in the 1970s, when Vietnam adopted the dong as the country’s currency, the exchange rate started small. However, economic hardship, war, and other factors caused inflation, and the dong lost its power. In the 1990s and 2000s, the country shifted to a global market. Hoping to sell its products worldwide, it purposely kept the dong weak, attracting U.S. companies to build factories and create jobs.
While today, the rates fluctuate, a weaker currency is a strategy fit for Vietnam’s economy and a budget-friendly travel option for Americans who can save on food and lodging compared to other Asian countries such as Japan.
Experts also forecast that the exchange rate will stay relatively stable, making it much easier to plan a vacation in advance.
Additionally, it is easy to create a travel itinerary in Vietnam based on your budget. Depending on your departure city, travel dates, and how far in advance you book, you can find round-trip airfare deals for around $600 or more.
There are also several transportation options, including extremely affordable motorbikes, which can range from $6 to $11 USD per day to rent. However, prices will vary depending on each rental shop and the quality of the motorbike you choose.
Belize
One of the many reasons to consider visiting Belize is its easy currency conversion: two Belize dollars equal one U.S. dollar. The Belize exchange rate is a bit unique as it is officially pegged, or locked into place, since May 1976. This means American travelers can better plan and budget for a trip, since they know what to expect.
Plus, Belize offers a variety of travel styles and budget options. If you want to keep costs low, choose mainland destinations like San Ignacio for cheap accommodations, public transportation, and food markets.
This Central American country also offers many luxury resorts, villas, and jungle hideaways where you can splurge. For example, a hotel on the Belize Reef can range between $250 and $500 USD per night. A hotel room in San Ignacio can range from $100 to $200 USD per night.
Peru
Peru is a place of history, adventure, nature, and an exchange rate of more than 3 Peruvian soles to every U.S. dollar. Plus, the sol is one of the most stable currencies in Latin America. And while you can use your credit card or debit card in many hotels and popular tourist destinations, cash is king.
Some small businesses in Peru accept U.S. dollars, however, you may get a better deal and stretch your money farther by paying in soles, rather than accepting a merchant’s exchange rate. You can take out soles at ATMs, but keep in mind that ATMs at brick-and-mortar banks, rather than airports and hotels, typically have better rates and fewer fees, helping you save money.
Fortunately, you don’t need to worry about spending a fortune here. The cost of living and local goods are cheaper than in other countries in North America and Europe, and even popular tourist destinations like Machu Picchu—one of the seven wonders of the world—offer cheaper travel options.
For example, you can find single-day tours to Machu Picchu for approximately $300 USD or multi-day adventures that cost $600 USD or more. Multi-day tours are ideal in Peru as transportation and other expenses are often included, depending on the option you choose. These prices can range from $600 for three-day adventures to more than $2,300 for 12-day tours.
Ghana
Walk through rainforests, venture down busy city streets, and spend a day at the beach in Ghana without high price tags; one U.S. dollar equals 10 to 12 Ghanaian cedis.
Food, especially fresh produce at local markets, can be inexpensive compared to U.S. markets, but prices vary depending on the region.
For example, open-air markets in more populated areas, and traditional food items like rice, will cost less than in rural areas where items must be imported. Transportation is also less expensive if using public transit like minibuses known as tro-tros. A short trip in a city like Accra on a minibus can cost anywhere from 3 to 12 cedis, or about $0.30 to $1.15 USD per ride.
Private hotels, hostels, and vacation rentals are also inexpensive in Accra and surrounding communities, available for less than $150 USD per night, although prices vary depending on location and season.
However, despite the low costs and favorable exchange rate, unless you find cheap flights, your airfare will be a significant expense, potentially costing more than $1,000 depending on where you depart and the time of year. Additionally, a tourist visa is required, and prices range from $260 to $500 depending on the visa type.
The Shortcut
Always look beyond the exchange rate when planning a vacation. Airfare, lodging, transportation, and attraction fees can add up quickly, increasing the cost of your trip.
Exchange rates continually fluctuate based on market and economic factors, so it’s important to keep an eye on the currency values as you plan.
Belize is one of the few countries with a fixed exchange rate of 2 Belize dollars to $1 U.S. dollar, making it easy for travelers to calculate costs and stick to a budget.
It’s best to pay in the local currency to receive a better conversion rate, even though many merchants accept U.S. dollars.
