(FORTUNE Magazine) – Can there be a silver lining to the Asian currency crises? Actually, yes--for travelers. The turmoil has opened a window on some great high-end travel bargains, particularly in Thailand and Malaysia. Between the depressed local currencies and efforts by the tourism boards to attract foreigners, it's now possible to turn a nice vacation (or business trip) into an extravagant one--without the extravagant price tag.

Let's start with the Land of Smiles, as Thailand bills itself, where it's a sunny 80 degrees this time of year, and a dollar buys you 1.8 times as many baht as early last summer. An early December call to Bangkok's five-star Hilton International (2 Wireless Road, 011-662-253-0123) yielded a quote of 5,400 baht for a room. In July that would have been $221; now it's only $130. (And a special deal for those booking from the U.S. made it only $85.)

If you are considering a package assembled by a travel agent, ask whether the price reflects savings from the currency devaluation. One example: The Regent Resort in Chiang Mai (502 Moo 1 Mae Rim-Samoeng Road, 800-545-4000), the picturesque resort where Hillary Clinton stayed last year, ordinarily quotes rates in U.S. dollars for American customers; the least expensive room is $288 a night. But Ken Fish, president of Absolute Asia (800-736-8187), a firm specializing in customized travel in Asia, says his baht-denominated contracts with the resort allow him to offer his clients a rate of around $200. "I have contracts with resort properties in Southeast Asia through the end of 1998, and those rates are locked in," he says.

Similarly, the Royal Orchid Sheraton (2 Captain Bush Lane, Sipraya Road (011-662-266-0123) told us its cheapest room was $220 a night. But Fish's contract with the hotel is fixed in baht, so his rate is $140 a night.

The cost of a sumptuous meal has fallen too. Dinner at the acclaimed Celadon Restaurant in the Sukhothai Hotel (13/3 South Sathorn Road, 662-287-0222) in Bangkok used to cost about $40; it's down to about $25. Tourist shops are obviously quick to adjust their prices to the level that foreigners can bear, but in local markets Thai silk, embroidery, and handicrafts will be bargains.

Much of this also applies to Malaysia, where the ringgit is down 47%. Currency troubles there have been compounded by a nasty haze caused by brushfires in neighboring Indonesia, leading waves of tourists to cancel their trips to Kuala Lumpur and the resorts of Penang and Langkawi. Now seasonal rains have doused the fires, and hotels are cutting their rates or throwing in extras to bring back tourists.

You probably shouldn't go until the rainy season ends in March, but consider booking now to lock in a good deal. A room at the Regent in Kuala Lumpur, for instance, cost $170 a night before the devaluation, but only $125 at the current exchange rate. The Shangri La in Penang has skipped its annual rate hike and is still charging 400 ringgit for a room. That was $158 in July; now it's $108.

What about airfare? Although trans-pacific fares on major American airlines have not been affected, there are some painless ways to save.

For example, business-class travelers can save hundreds of dollars simply by booking two one-way tickets rather than a roundtrip and paying for the return leg in the local currency. Travel agents can often make this arrangement from the U.S. (This strategy doesn't work in coach class, however, since a one-way fare often costs as much as a round trip.) You'll also save on airfares within the region. A Bangkok-Phuket ticket will now cost you under $100, compared with around $160 predevaluation.