Business

Strong Dollar Makes World Travel Cheaper for Americans

Published

9 years ago

January 6, 2015

In this Tuesday, March 22, 2011 file photo, tourists take pictures in front of Rome’s ancient Colosseum. A strong U.S. dollar is making world travel cheaper for Americans in 2015. (AP Photo/Gregorio Borgia, File)

DAVID KOENIG, AP Airlines Writer

DALLAS (AP) — If you’ve been putting off a trip abroad because it’s too expensive, start packing your bags.

A stronger dollar has reduced the price of travel, from a hotel room to a glass of beer, in much of Europe, Japan, India and elsewhere.

“This is one of the best times for Americans to travel in years,” says Matt Kepnes, author of “How to Travel the World on $50 a Day” and other travel books.

WHY THE DOLLAR IS STRONG

Other economies are shaky, making their currencies less valuable. Europe is barely growing. Japan is already officially in recession. China’s growth has slowed. Meanwhile, the U.S. economy has been chugging along, and the dollar has gained too. Many economists expect that steady U.S. growth will compel the Federal Reserve to raise interest rates later this year, making dollar investments more attractive and leading traders to sell other currencies and buy dollars.

WHAT IT MEANS

Let’s say that in June you had a charming dinner for two in Paris for 75 euros. First, congratulations. Second, it cost $103 then; today it would be $89. Expensive countries may not be cheap, but at least they’re more affordable now.

BEST BARGAINS

Thanks to the pound’s decline, England is cheaper than it was six months ago. But the euro has slumped more, making most of continental Europe an even better bargain. Travel writer Kepnes says Greece is attractive right now because hotels and tour operators have been slashing prices to fill rooms. The same thing is happening in Portugal and parts of Spain.

“Be the contrarian traveler,” Kepnes says. “If you want to go to Europe, consider eastern or central Europe, where prices are generally cheaper,” he says. He recommends going during the “shoulder season” — late spring or early fall — rather than in the peak summer season.

WHEN TO BOOK A FLIGHT

Demand for travel is so strong that most airlines don’t have to cut prices to sell seats.

“The summer fares are still very expensive,” says George Hobica, founder of travel website airfarewatchdog.com. But airlines might cut prices this spring if the strong dollar discourages Europeans and Asians from flying to and from the U.S.

CONSIDER ALL THE OPTIONS

Hobica recommends checking foreign airlines. He says Etihad, Qatar Airways, Turkish Airlines and others sometimes offer better prices to Europe than U.S. carriers do, although they could include a distant stopover.

___

AP Markets Writer Matthew Craft in New York contributed to this report.

You can reach David Koenig at http://twitter.com/airlinewriter

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Maximizing Your Bank Branch Experience

In a world of online tools that let you make banking transactions with the touch of a button, the idea of visiting a branch might seem unnecessary. However, if you haven’t visited your local branch recently, you might be surprised by what it has to offer. Your branch is much more than a place to deposit and withdraw money – it can offer the opportunity to build valuable relationships with people who can help you achieve financial independence.

Published

4 hours ago

May 3, 2024

Oakland Post

Diedra Porché, National Head of Community Banking, JPMorgan Case & Co.

Sponsored by JPMorgan Chase & Co.

In a world of online tools that let you make banking transactions with the touch of a button, the idea of visiting a branch might seem unnecessary.

However, if you haven’t visited your local branch recently, you might be surprised by what it has to offer. Your branch is much more than a place to deposit and withdraw money – it can offer the opportunity to build valuable relationships with people who can help you achieve financial independence.

Diedra Porché, Head of Community and Business Development at Chase, talks about how the bank model has evolved to maximize the branch experience for customers; how connecting with your local branch team can help you think differently about money and investing for your future.

How can a customer feel connected to a bank branch?

I love that question because we ask ourselves the same thing every day. Being part of the community means meeting with local leaders to find out what they need from us and then designing our branches around that. For example, at some of our community branches we have what we call a living room where we can host financial workshops, small business pop-up shops or nonprofit organization meetings. We also hire locally. You feel much more connected talking about financial aspirations with people from your community who went to the same high school, place of worship or maybe frequented the same recreation center down the street when they grew up.

How can I build a relationship with my bank?

Customers should feel comfortable sharing their goals, needs and wants with their banker. Also, it helps to remember the Community Manager is there to help solve your finance challenges and build a roadmap for success. You might have a short-term or long-term goal to open a business, build your credit, become debt-free, buy a home, or save for retirement, and our community team can help. At Chase, we strive to make dreams possible for everyone, everywhere, every day. Your financial future starts with building those relationships.

How can customers change negative perceptions they have about managing their money?

Far too often, customers are intimidated when they visit a bank. Our goal is to demystify banking and money myths empowering people to make the right decisions. For example, a big myth is assuming you need a lot of money to have a bank account. You don’t! Another myth is you need to carry a balance on your credit card to build credit — actively using your credit card can demonstrate that you can use credit responsibly but carrying a balance won’t necessarily improve your credit score. Finally, understanding mobile and online banking safety is key. There are so many safeguards and protections in place to guard your personal information and funds.

What’s an easy step one can take to shift their financial behavior right now?

Cultivating self-awareness is a good first step. Start by taking inventory of your spending. Be honest with yourself about what you need and what you want. Too often, people confuse the two, which leads to bad decisions. Rent is something you need to pay. An extra pair of shoes is something you may want but before you buy them ask yourself if that’s the best use of your hard-earned money. Too often, our beliefs and our fears shape our financial realities. If any of those beliefs are limiting your financial behavior, it’s important to question and examine them, and then decide you’re open to learning something different.

What’s one perception about banking that you’d like to change?

I think folks are surprised there are so many resources available and accessible both at our branches and online, it’s always a good idea to visit a nearby branch and speak to a Community Manager or banker. Outside of what we offer in-branch, our teams also work with local neighborhood partners who provide a variety of services to support the community, businesses and residents. I received a unique piece of feedback from an employee who started with the bank and had lived in the same community his whole life. When he visited his local community branch, he said, “Diedra, when I walked in, I felt dignified.” Every time I recount that story, it warms my heart because that’s what we want — we want our centers to belong to the community.