Aerial View of Colosseum in Rome, Italy. (Photo via Getty Images)
New data from Hopper’s How to Stretch Your Dollar Further This Summer indicates that traveling abroad might be more cost-effective than traveling domestically this summer, and shares tips on how to budget effectively despite rising gas prices and other expenses.
One reason for European travel becoming cheaper is the American dollar has appreciated, getting closer to the value of the euro, which means things aren’t as expensive as they used to be.
American travelers can stretch their dollars 15 percent further than last summer and 6 percent further than the summer of 2019 due to this appreciation.
Destinations such as Chile and Argentina have seen the most appreciation for American dollars, up 20 percent in Chile and 25 percent in Argentina, allowing travelers to save money during their trips to destinations like Patagonia, Buenos Aires or the Atacama Desert.
Travelers worried about rising airfares can still travel to certain international destinations cheaper than they would some popular domestic ones: Croatia, Portugal, Ireland and Greece are currently reporting some of the cheapest fares in Europe.
A traveler can head to Willemstad, Curacao for $670 round-trip, in comparison with Honolulu’s round-trip average of $727. Ponce, Puerto Rico is one of the cheapest destinations with round-trip airfare at $332.
“With record-high domestic airfare this summer, travelers can trade in domestic destinations for incredible international trips at the same price, or less. Travelers can find deals to Iceland, Dublin, Lisbon or Stockholm for the same price or just $50 more than a round trip flight to Hawaii,” said Hayley Berg, Lead Economist at Hopper.
“Flexible travelers should head to Croatia, Portugal, Ireland or Greece to make the most of low airfares this year. Airfare to Portugal has dropped 11% compared to 2019, while airfare to Croatia has dropped 8.4% over the same period.”
Some other tips to save money on traveling abroad include being flexible on dates: late August or the shoulder season (from September through October) are some of the best times to see fares drop, with some fares dropping as low as 30 percent from June’s peak.
Another pro tip is to exchange your currency at your local bank instead of using an airport cash exchange service. This typically ensures a better exchange rate and saves you money on ATM fees, which can be more expensive depending on the country.
For the latest insight on travel around the world, check out this interactive guide.
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To learn more tips on how to budget for international travels this summer, please click here.