Title: Dollarization: why so many countries use the US dollar - Wise, formerly TransferWise
Headings: Dollarization: why so many countries use the US dollar
Dollarization: why so many countries use the US dollar
Why is the US dollar accepted all over the world and what are the hottest holiday spots to get more bang for your buck?
Dollarization
So, where can the US dollar take you? Here are 5 great destinations.
1. Panama
2. Ecuador
3. Turks and Caicos
4. Cambodia
5. Zimbabwe
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Content: Those greenbacks, also known as the humble $ US Dollar. It may surprise you to find out how many countries have adopted the US currency as their own, both officially and unofficially, giving American travelers access to a variety of different countries without worrying about calculating the currency exchange. Dollarization
The process of adopting a different country's currency is called dollarization and it has a few very convincing advantages. Since the end of WWII, the US dollar has overtaken the British pound as the world’s foremost reserve currency, and this fact alone is one of the main reasons countries opt to use the US dollar. The credibility and strength of the dollar can help to stabilize an economy, which not only aids in recovery, but promotes trust to attract foreign investment. Aid and commodities such as oil, gold and petroleum, are also handled in USD. Countries like Haiti or Vietnam often use the dollar to conduct day-to-day transactions and to fight inflation, as domestic currency can reduce buying power in a short amount of time. So, where can the US dollar take you? Here are 5 great destinations. 1.