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MSE News: Is it worth buying travellers' cheques?
Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
"That'll be no. Our research reveals travellers' cheques often offer among the worst possible value on holiday money ..."
"That'll be no. Our research reveals travellers' cheques often offer among the worst possible value on holiday money ..."
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Comments
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Interesting article confirming what I have long suspected - in fact, it's worse than I thought.
There is only one reason where I would contemplate taking travellers cheques, that is when going to totalitarian states. The last time I went to China (PRC), sterling travellers cheques were convenient from a security point of view. ISTR that the exchange rates for sterling notes were similar, but I was on business and didn't want to carry wads of £££.
That was three years ago, and the position may well have changed. Anyway, for holiday purposes, taking sterling notes (or Euro notes in some countries) produces the right results.
There is a DCC problem in China where hotel bills and the like are recalculated into cardholders' own currencies after the transaction without customers' knowledge. Possibly a reason not to use credit cards in those situations?0 -
Interesting article confirming what I have long suspected - in fact, it's worse than I thought.
There is only one reason where I would contemplate taking travellers cheques, that is when going to totalitarian states. The last time I went to China (PRC), sterling travellers cheques were convenient from a security point of view. ISTR that the exchange rates for sterling notes were similar, but I was on business and didn't want to carry wads of £££.
That was three years ago, and the position may well have changed. Anyway, for holiday purposes, taking sterling notes (or Euro notes in some countries) produces the right results.
There is a DCC problem in China where hotel bills and the like are recalculated into cardholders' own currencies after the transaction without customers' knowledge. Possibly a reason not to use credit cards in those situations?
Is that really a Chinese problem, or it just so happens the hotels you stayed in did that? I know hotels have automatically done that for me a couple of times in Spain - assuming that I'd prefer it. I would have thought it was down to each individual hotel - and not a country thing?
I was quite surprised at the cash vs. debit card results on there, with even the worst card being better value than cash though.0 -
I always use travellers cheques,buy greedy boarding,book allocated seating,pre-order a meal on-board and change up all my other cash at the travelex desk.........wear a belt and braces and always carry my lucky rabbit's foot........well.....you cant be too sure can you?Political?....I dont do Political....well,not much!0
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I just cant wait for Ryanair to offer pre-booked overhead locker space at only £5.....individual 1 case sized with your own key...result.Political?....I dont do Political....well,not much!0
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Maybe I am off at a tangent but travellers cheques look a lot better idea than the Cash Passport (Master Card) card that I have just obtained from a high street travel agent.
The problem is not the exchange rate, it is the security, or lack of it
If a thief gets his hands on your card all they need to know is your birth month and day. Obviously they can pick this up by also nicking your passport or from birthday celebrations in your hotel
All they do then is ring the phone number on the cash card and bingo the automated system tells them the pin number
So your money has all gone and if you have used the same pin number on any other cards the thief has nicked that money has gone as well
Just wondered how many holiday makers are aware of this0 -
Connaught1100 wrote: »Maybe I am off at a tangent but travellers cheques look a lot better idea than the Cash Passport (Master Card) card that I have just obtained from a high street travel agent.
The problem is not the exchange rate, it is the security, or lack of it
If a thief gets his hands on your card all they need to know is your birth month and day. Obviously they can pick this up by also nicking your passport or from birthday celebrations in your hotel
All they do then is ring the phone number on the cash card and bingo the automated system tells them the pin number
So your money has all gone and if you have used the same pin number on any other cards the thief has nicked that money has gone as well
Just wondered how many holiday makers are aware of this
From a security point of view, you would be better off using your normal debit or even credit card. Depending on the cards you have, it might not cost you any more either.
A few years ago, a friend of mine had a grands worth of sterling travellers cheques stolen. The cheque company refused to reimburse him because they said he hadn't taken reasonable care.0 -
I have travelled pretty frequently since I was a young adult in the mid 1990s. I have never used Travellers' Cheques and have always regarded them as outdated.
For me it's always been plastic all the way - even 15 years ago cards were fine not only in Europe but also in places like Peru and Bolivia. These days I've got a couple of fee-free debit & credit cards, so it's the cheapest option as well as being very convenient.
Prepaid cards can be pretty cheap, but of course there are some security issues as highlighted above.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Connaught1100 wrote: »Maybe I am off at a tangent but travellers cheques look a lot better idea than the Cash Passport (Master Card) card that I have just obtained from a high street travel agent.
The problem is not the exchange rate, it is the security, or lack of it
If a thief gets his hands on your card all they need to know is your birth month and day. Obviously they can pick this up by also nicking your passport or from birthday celebrations in your hotel
All they do then is ring the phone number on the cash card and bingo the automated system tells them the pin number
So your money has all gone and if you have used the same pin number on any other cards the thief has nicked that money has gone as well
Just wondered how many holiday makers are aware of this
Your first mistake right there.0 -
Large denominations of American Express Sterling TCs are still one of the best options for Thailand if you can get them commission free.0
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Having used travellers cheques (TC) in the past I wouldn't use them again.
I got some TC when travelling for a few weeks in South America (mainly because they were meant to be more secure) however it was very difficult to find places that would exchange them and where they did the exchange rate was poor or you got charged high admin charge.
Personally I find have found it much easier and better value to use debit or credit cards which have no exchange rate loading or commission. Plus it takes away the hassle of finding places that take them!0
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