I can't think of any - except if using $US vouchers in Europe means you get a terrible exchange rate but my experience would say use the US ones all the time
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I used a voucher (I think it was USD60) in NZ recently (Novotel AKL airport) and was told it was worth NZD60 (i.e. they did not convert currencies). Was only a small difference and could not be bothered arguing. It may even be correct, I probably should check, because I filled in a survey (and was complimentary) about the hotel post-stay and got an email from the GM thanking me - I may need to email him back.
Just be aware that they convert it at the "Hotel conversion rate ", which is always much lower than the official ex rate ... I got 0.92 AUD / USD when the official rate was over $1 ...
Yeah, I figured there would be shenanigans like that. Unless the rate USDEUR rate is even worse than exceptionally bad you'll probably break even using the USD voucher for a EUR booking and be better of in all other cases I think.
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