London more than three times more expensive than Hanoi for a night out

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If you're strapped for cash, choose Asia over Europe for a cheap night out.

A night out in London that includes a hotel room, taxi fare, a cocktail and dinner will set you back $518.01 on average, while one in Hanoi, Vietnam's capital city, costs only $141.12, according to TripAdvisor's latest edition of its TripIndex, published on Wednesday.

A night in a four-star hotel costs on average $361.64 in the Olympic host city compared to $84.89 in Hanoi, the most affordable city in the list.

Tourists in Asia get the best deal for a night out. Hanoi, the cheapest city in the list, is followed by Beijing in China ($159.05 for a night out) and Bangkok in Thailand ($161.90).

Budapest is the cheapest European destination on the list, where it broke the top 5. A night out in the Hungarian capital will set you back $193.78 on average, making it slightly cheaper than the next city on the list, Kuala Lumpur in Malaysia ($194.43).

European cities are the most expensive, with London coming in at over five hundred dollars ($361.64 for accommodation and $82.61 for dinner), followed by Norwegian capital Oslo ($499.91), Zurich in Switzerland (€485.82) and Paris.

A night out in Paris, which this week MasterCard forecast as the second most popular city for tourists in the world after London, costs a total of $480.76, broken down in the following way: tourists shell out $306.71 on average for a room in a four-star hotel, $15.06 for a taxi fare (for a 1.8 mile ride), $57.44 for a cocktail for two in the bar of a five-star hotel and $101.55 for dinner (two main courses and one bottle of wine).

In North America, popular tourist destination New York is the most expensive city and sixth most expensive on the overall list at $456.50 ($341.63 for accommodation, $15 for a cab ride, $32 for two cocktails and $67.87 for dinner), while Las Vegas offers the best value at a total cost of $263.

The TripIndex compares the price of a night out in the most popular tourist destinations around the world for the summer of 2012. The average costs mentioned cover two cocktails, dinner for two at a restaurant, taxi fares and a night for two at a hotel.

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