The Aussie dollar has certainly seen better days. Buying only about 0.68 USD, it’s taken a battering thanks to markets jittery from US-China trade tensions.
For Aussies who love online shopping and travelling, the weak Aussie dollar is bad news.
But if you were planning to escape the lingering winter cold, where should you go to maximise your money?
According to Compass Markets foreign exchange manager Jim Devonport, Aussies should head to the United Kingdom and Europe for the best value for money.
“Both are suffering from political uncertainties around Brexit, meaning the Pound and Euro are still at the same levels we saw this time last year,” Devonport told Yahoo Finance.
“And if you’re quick you can take advantage of the ‘Indian Summer’ [unusually warm, dry weather] they are experiencing – which I can vouch for from firsthand experience.”
Where in the UK and Europe should Aussies go?
Avoid tourist hotspots, like capital cities: the further you stray away from the beaten track, the more value for your Aussie dollar you’ll get, Devonport advised, recommending the outlying towns of Madrid, Spain.
“Toledo has amazing Arab/Jewish/Christian architecture and hotels are half the price of Madrid which is just an hours pleasant drive north,” he added.
In Italy, veer away from Florence and Rome; instead, head for the medieval town of Perugia just two hours away that is a cheaper alternative to eat and sleep than its neighbours.
If you’re in England, Devonport suggested Bury St Edmunds, an hour or so away from Kings Cross Station.
“Again it’s a place full of history, old world charm, friendly locals and the Nutshell – the smallest pub in Britain.”
Which countries should travellers avoid?
If you were planning to head state-side, you might want to reconsider.
“In short it’s really the USA that budget conscious travellers may want to avoid,” Devonport said.
When exchanging your currency, don’t forget the following rules: never exchange your money at the airport; use your debit card when travelling overseas, not a travel money card; and pay in the country’s currency, not in Aussie dollars.
Yahoo Finance’s All Markets Summit is on the 26th of September 2019 at the Shangri-La, Sydney. Check out the full line-up of speakers and agenda for this groundbreaking event here.