What the Greek Crisis Means for American Travelers
(There’s also the question of whether you’re really getting a good deal if it’s cheaper to go to a place where riots are breaking out , but that’s for another post.)To start with, you'll need to decide when to convert your money from dollars to euros. It is better to try to lock in the 14-month low now, or should you wait a few weeks to see if it will go lower?
Even experts aren’t too sure. “Foreign currencies are one of the most difficult things in the world to time,” Bob Johnson, an economist at Morningstar, told me. “If you have flexibility there could be more downside to the euro in the next couple of weeks, but the euro has come down a great deal from where it was a couple of months ago.”
The strength of the American economy compared with the economies of Europe will most likely continue to push up the value of the dollar over time regardless of what happens in Greece, he said.
Johnson recommended waiting until you get to your destination, and then converting your money in an airport ATM. The euro may go up or down 3% in the meantime, but it may be easier than ordering euros from your local bank branch. But, you should beware of all the hidden fees that you’ll pay when using an ATM or credit card overseas.
