As we travel around the world to different destinations, our local currency might be accepted in some other places we went to but some would be not. So that’s why it’s better to learn something about currency exchange in part of our vacation planning. Remember that when traveling to a foreign country, currency movements can also affect the cost of your trip. Converting currency can be quite a hustling and often financially strapping proposition. How can you make a good of this issue?? Here are number of options for you:

1. US Dollar or Local Money: This is the option for cash holders. As everyone knows that US Dollars can be used in most of everywhere in the world. Therefore, apart from the local currency, US money can always be decent alternative to spend on your trip. Simple tip is that if you travel to some of the countries in South-east Asia region especially Laos and Cambodia or even Myanmar; let your main spending such as Hotel rental, Airfare etc. pay in US Dollar and to take a small amount of local currency for minor trip expenses. This will help you by not having too many local currency rates left in your pocket when converting back to your local currency at the end of your trip. Why?? Because US Dollar can be hold and used on your next vacation.     

2. Travellers Cheques: This is good for security purposes, as each cheque is uniquely numbered, so if a cheque goes missing it can be quickly cancelled and replaced by the cheque issuer. However, most of the banks will always take an even greater premium on converting cheques to currency than currency to currency. Even black marketers (those who will convert on the street) will give less for travellers cheques than dollars, that is if you can find black marketers.

3. ATM Withdrawals: Another good for security purposes, but unless you have an account with the local ATM bank you will be charged a withdrawal fee. These tend to be significantly greater overseas than they are in your domestic locations. Also banks take a conversion premium off the top.

4. Visa/ Mastercard Credit: Credit cards are accepted virtually the world over, and may seem the best way of paying your way while abroad. Contact your Visa/Mastercard representators. Send a check to credit your account the amount of money you wish to spend on your trip. Withdraw freely from any ATM machine. Visa/ Mastercard withdrawals don't carry ATM fees, you get the true currency conversion rate, and you’ll also not be charged insane interest rates for cash advance because your account is pre-credited.

Germany’s increasing popularity as a preferred travel destination –

Cause for new requests of business travelers

Ratings of Germany as a preferred travel destination have gone up according to recently released statistics for 2007. Despite the stronger euro, the German tourism industry has strengthened its business from overseas, boosted by increasing numbers of visitors from India and the Gulf states. Germany is also now the leader in business tourism, and is ranked second after USA as the best event destination. However business travelers define new requests due to faster pace of trips.

UA Flight 916 Washington- Frankfurt/Germany. 289 passengers on board. 189 business motivated 100 are tourists.

The flight is on time, the weather will be fine. This means after a flight time of 7 hours and 10 minutes all these passengers will land in Frankfurt.

From Dulles to Frankfurt there are 5 daily flights from Lufthansa and United. And from Dulles to Munich there are 2 daily flights from the same carriers.

On average between 2000 and 2007, Dulles International has experienced a 4.81% increase of international passengers

International flights up 13.6% in 2007 from 2006, with over 5 million passengers flying internationally.

They keep on moving, not being bothered by the fact that the airlines have drastically changed since 9/11/01 including carry-on and check-in contraband, security checkpoints, shoe removal and much more.

Germany with 19,000,000 annual numbers of arrivals belongs to the ten most visited countries worldwide after France, USA, Spain, Italy, China, UK, Russia, Mexico, and Canada.

With overall growth of three per cent in 2007, the German tourism industry has managed to exceed even the levels seen during the soccer World Cup year of 2006, according to statistics published by the German Federal Statistical Office. The strongest growth, of 3.5 per cent, was in the incoming sector. According to the trend of visitors from abroad, there is increasing popularity of city destinations in Germany. Berlin leads with 6.6 million overnight stays, followed by Munich with 4.5 million.

In 2007, despite the euro gaining strongly against the US dollar, overnight stays from the US still managed an increase. The front-runner in the Asian growth markets was India, up by 33 per cent, followed by the Arab Gulf States (up 9 per cent), which have grown steadily for several years now. There were over 110,000 visitor arrivals and more than 377,000 overnight stays from India in 2007.

Once arrived the tourists will go their way exploring Germany including the Black Forest, the Oktoberfest in Munich, the Frisian Islands, the City of Berlin, the Neuschwanstein Castle, and Lake Constance. These are the most visited attractions for a short trip. They have time and money to spend because they waited for their vacation even nowadays when it is very expensive to go over there. The Euro is strong. Today’s exchange rate (please add)

New business habits

What about the business people? They have to go regardless if they wish or not. They most likely don’t spend their own money but company dollars. However saving these is an issue nowadays.

Long time ago business trips like this were fun. The executives had to be joining a meeting and flew over there, spend a week there, having some free time like a tourist and then go back. Today the picture has changed. Time is money and that is all that counts.

The flight UA 916 leaves at 5.23 pm and then in the next morning after the “lost night” there is only short time for getting refreshed since the meeting might start at 11 am. There are only two days of business, then the business travelers will return or go to another place depending on their business.

All this leads to a change of the businessmen’s requests.

First of all the flight should be comfortable. First class tickets are available and affordable if you book them long in advance. 60 days upfront might save you 5000 bucks for a first class trip. If you are a gold or platinum member you are lucky. You might get an upgrade from coach to first with 500$ two days before. But it leaves a risk, since the flight might be full. Complimentary upgrades are rather rare. Nobody has something to give away. Not even airlines.

But a first class seat is worth its money. After a good meal you are able to fall asleep in a lying position in order to get some rest for the business day. Hot towels and a nice breakfast wake everybody up shortly before touch down. Even if you prefer working on your lap with your notebook you feel more comfortable in the upper class due to space and equipment.

Arriving in Frankfurt or Munich the business travelers mostly look for a hotel nearby. They don’t have time for sightseeing and the time they are not busy they need to sleep, because a lack of sleep from business travel affects work. 23% of business travelers said they fell asleep in a meeting, 18% said a presentation went badly, and 14% missed a meeting or flight. And that means they look for a hotel preferably at the airport to avoid rental car expenses or travel time since the GPS is not working overseas and a local GPS is only available for extra fee.

In Munich the new Kempinski Hotel fulfills all expectations. It is located on the airport, provides conference facilities, Spa facilities, restaurants. The second option is the Moevenpick Airport Hotel 5 kilometers from the airport but a shuttle bus takes you there. It is smaller, not so luxurious but near the airport and business oriented. In order to go to the city you have to take the metro or a cab, that will cost you about 60 EURO. 40 kilometers that is quite a ride and mostly there is no time for this adventure.

When it comes to accommodation in Frankfurt you have the choice between two real airport hotels and some so called hotels about 10 kilometers from the airport. The Sheraton Hotel with huge conference facilities is accessible directly from the departure hall.

Or taking the hotel owned shuttle bus for a 2 minutes ride in order to reach the Steigenberger Airport Hotel. Here one really can combine business and recreation. “The hotel was renovated in the last years and completed in 2007. The new executive tower gives answers to all business requests with an executive lounge, 24 hrs room service, high tech conferencing,” says the General Manager Alfred Küpper.

The American business travelers differ from other travelers when it comes to accommodation and food availability.

“They need 24 hrs room service, everything should be just fast but they also show the most patience when it comes to line up at the reception due to a layover, when 200 passengers at the same time come to check in for the night”, tells Michelle Stoll, Guest Relation Manager of the Steigenberger Hotel. ‘We fulfill their requirements, offer different categories of rooms and offer recreation in the 600 m2 wellness area with 15 m heated pool on the top of the hotel”. The beautiful view invites you to let relax your sole. And if you are in the mood for more: tight you sneakers and go for a run in the Stadtwald down below. “The executives need to combine all their daily habits without spending time for traveling in order to do so. They accept our new concept and appreciate the fast pace facilities”, explains Michelle Stoll.

Business has changed and so have their executives. In the United States travelling to Germany has increased since Germany is number 5 for US Exports and Imports. It is number 4 in contributing to U.S. Trade Deficit. The areas are automotive industry, Aerospace & Defense, and Pharmaceutical industry.

On average a business trip costs  (can you find something)………

Companies have to keep in mind that travel expenses are part of their budget. (Numbers???)……

Although high tech tools like video conferences, web cams and electronic communication has increased, the business travels are increasing. And transportation tool number one is the aircraft.

Economic significance of business travel

In addition to a strong increase in holiday travel in 2007 – eight per cent from other European countries – the image of and demand for Germany as a business travel destination picked up and has improved constantly. In 2007 Germany became the market leader in business tourism, with an 11 percent market share of all international business trips worldwide, according to statistics released by the German National Tourist Board (GNTB) / IPK International. A total of roughly 625 million business trips resulted in a turnover of 66.7 billion euros, a 5.4 percent increase over 2006. “With a market share of 29 percent of all incoming trips to Germany, the business travel segment is a decisive locational advantage for global marketing of Germany as a travel destination”, remarked Petra Hedorfer, the CEO of the GNTB. Throughout Europe, Germany is regarded as the best event destination; worldwide it is ranked in second place behind the USA.

According to the results of the Travel & Tourism Competitiveness Report (TTCR) – the first international study done on the travel and tourism industry as a locational factor by the World Economic Forum, Switzerland 2008 – out of 130 countries, Germany ranked third after Switzerland and Austria as having the most conducive environments for developing the travel and tourism industry. The report placed Germany as the market leader in infrastructure, especially road and rail transport as well as air travel. It ranks second for the spectrum of international trade fairs and exhibitions offered. The study examined a total of 71 variables that were crucial for the ranking. Germany achieved top-flight results in the categories of political legislation / rules, sustainable environmental regulations, health and hygiene, and overall with regard to the general conditions affecting travel and tourism.

Projections for 2008

The German National Tourist Board (GNTB) expects the total volume of tourism in Germany to grow by two per cent in 2008 to over 365 million overnight stays. In 2008, the GNTB expects the largest increase to be in incoming travel from western and eastern Europe. Among the main growth drivers identified by market researchers are the ever-increasing amount of business travel, the excellent value for money offered by Germany and the growth in low-cost travel, which is driving demand in the city breaks and health & fitness segments.

Together, European countries account for more than 50 per cent of all worldwide travel. This is why Germany projects the largest number of overnight stays for 2015 – 51.3 million – from Europe. The GNTB's projections, based on figures from the German Federal Statistical Office, put the number of overnight stays by visitors from Asia, Australia and Africa at 6.5 million. China is also expected to overtake Japan as the most important source market in Asia with around two million overnight stays. Strong growth is also predicted in India, South Korea and the United Arab Emirates. The GNTB anticipates some eight million overnight stays by visitors from the Americas and Israel in 2015, of which around six million are expected from the US alone.