TRAVEL: Cheap Money

As the biggest peacetime exodus from the U.S. to Europe was reaching its peak last week, there came some dollar-saving advice for the 1,250,000 tourists who will spend $2 billion abroad this year. Nicholas Deak, who heads Manhattan's Deak & Co. and Perera Co. foreign-exchange companies, said that travelers could save millions by buying their foreign currency on the U.S. free market before they leave. As it is, most travelers buy their lire, pesetas and francs abroad, where currency is often pegged at unrealistically high official rates. Travelers can beat the official rate by trading in the...

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