US Dollar’s Strength Means Greater Value in Meetings Abroad By Michelle DeClerck, President of Conference Event Management (CEM) Visiting countries where the dollar has a strong exchange rate means you get more value for your money. In many popular destinations abroad, restaurants and shopping are 15-50% cheaper right now for Americans than they were this time last year. Some hotel rates overseas are seven percent less than last year, and an even bigger drop of nine percent in Europe. Consequently, our strengthening economy is bolstering international travel from the US which is up almost 10% from 2014. Groups can take advantage of exchange rates in favor of the dollar in several ways including contracting hotel rates now for future international meetings and events. One of the many benefits of using a third-party planner like Conference Event Management (CEM) versus a tour company is that CEM receives current market rates rather than tour companies that contract rates a year or more in advance which can be a disadvantage when the dollar changes. CEM can also help by providing recommendations
on forward contracts, or buying foreign currency at a set rate without having to pay immediately. Forward contracts offer a protection against uncertainty in currency market fluctuations. While the dollar is strong today, the reasonable expectation is that it will not remain this way forever. If your international program is occurring a year or more from today, you may want to consider arranging a forward contract to buy the foreign currency at a set exchange rate with an added benefit of not having to pay for the total price until the contract is exercised at the specified future date. The purchaser pays a transaction fee based on the amount of the transaction. The currency you contract for the term of your program is then available to pay event expenses. Or you may choose to wait and see if the dollar gains even more value relative to foreign currency the closer it gets to your event. Many economists are speculating that the Euro will be equal to the US Dollar by 2016 which will offer Americans even greater purchasing power.
Destinations where the dollar is strong:
Europe The Euro and the British Pound have both fallen against the dollar in the past year. Earlier this year, the Euro fell 20% - its lowest level against the dollar in 12 years, and the Pound fell 15%. Travel in the off-season of late winter to early spring to compound your savings.
Canada The Canadian dollar is now 20% cheaper than last year and with an increase in popularity of destinations like Banff and Whistler, you can create a unique, highvalue event for your attendees that may not have been possible in prior years.
Mexico and Central America The dollar is currently enjoying its strongest exchange rate against the peso since 1993. With easy airlift from the US, meetings and events south of the board are a great value for groups.
About Us... Our Vision: To run a world-class company that sets fresh trends and establishes new standards for best practices in the M&I industry by exceeding customer expectations. Mission Statement: To earn and maintain our clients’ trust at each one of our destinations by convincing them that their goals are our goals, and by delivering services that exceed industry standards and customer expectations. We also will meet client needs by providing exceptional product knowledge, creative solutions, cost-value and effectiveness in every measurable way. We pride ourselves on our efficient business organization that relies on strong management systems, ISO quality standards, and belief in the remarkable abilities of our people. Our mission also features an infinite commitment: "To make you look great!" Our People: IVIDMC2 has more than 150 year-round full-time associates within the entire Latin American network with great personalities, knowledge, a caring attitude, and vast M&I business experience! “Yes, since 1986, we are those neatly attired people in the turquoise blue and white uniforms. Many people call us "the Smurfs". We are knowledgeable, witty, fun to have around, and beautiful or handsome (not necessarily in that order).”
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