Dollar's downturn highlights importance of prepaid travel cards
The strength of the dollar has encouraged more and more Aussies to book trips overseas, as they are fully aware that their overseas travel money is going to stretch far further.
Earlier this year, the Australian Bureau of Statistics revealed that record numbers of people have been heading abroad – taking full advantage of the best exchange rates and cheaper holiday packages offered by tour operators.
However, the dollar – which has been strong for so long – has started to show signs of weakness.
According to the Sydney Morning Herald, the dollar has this week (March 28th) slumped to its lowest levels against the euro this year.
While the drop has not been catastrophic, it may strike fear into holidaymakers who have booked trips in the hope that they will have a nice, inexpensive break.
This is why prepaid travel cards are so important, as the exchange rate on the day you purchase the plastic will remain fixed, which protects you against any sudden fluctuations in the currency markets. This could be a very shrewd move for Aussies to make, as the euro in particular has the potential to grow further in the near future.