Travellers Cheques - can they be cashed back again ?

natalie1974

Hi , Sorry for the silly question but if I take £2000 (sterling) of travellers cheques with me when I go away (Turkey) next week and say I come back with £300 left over , can they be bought back from me and will I get charged ? Also any ideas on where is the best place to get them from ? many thanks , Natalie

dzug1

Yes you can change them back again, or pay them into your bank account.

Some places may charge you - eg the Post Office will, but will waive the charge if you can produce their purchase receipt.

m0lli55y

Hi dzug1, sorry to jump in on this thread, but do you know if this applies to Euro travellers cheques too...?
Only, my mother-in-law tried to sell back £333.00 worth of Euro travellers cheques today to be told that the post office would only give her £280.00 for them...

Below is the link to the post office guide lines but to me it isn't clear.

here

Thanks for any help in advance

balsingh

people still use travellers cheques??

melancholly

it'll be the exchange rate that makes you lose money - you will get a very bad one if you sell them back so even without fees you'll make a loss.

m0lli55y

melancholly wrote: »

it'll be the exchange rate that makes you lose money - you will get a very bad one if you sell them back so even without fees you'll make a loss.

Thank you melancholly, I really didn't think about the exchange rate.:o
I will check it out for her ASAP.
Does anyone know of a buy back rate comparison web-site?

PS: I don't have an official "thank you" button on the page to do it properly

McKneff

you will be charged even when you cash the travellers cheques abroad, its
the same as selling them back here.

You'd be better getting an Abbey credit card account, they have an amazing offer on at the moment where you can draw cash out abroad for no charge and also
buy goods with no charge. You will incur interest charges only on cash advances but if you clear the balance as soon as you return, this will be far less than what you will
be charged for exchanging TCs.
Losing TCs is a real pain in the backside so considering the above it isnt worth taking the risk of carrying so many.

LesD

m0lli55y wrote: »

Hi dzug1, sorry to jump in on this thread, but do you know if this applies to Euro travellers cheques too...?
Only, my mother-in-law tried to sell back £333.00 worth of Euro travellers cheques today to be told that the post office would only give her £280.00 for them...

Below is the link to the post office guide lines but to me it isn't clear.

here

Thanks for any help in advance

If you look on the left of that page, you will see links to 'currency converter' and 'sell currency'.

At today's rates, the 'currency converter' will show you would get €402 for £330 (@ €1.21 = £1).

The 'sell currency' will show that selling back €402 would produce £288 (@ €1.39 = £1).


(NB. There is an error on their 'sell currency' page. Where it says to enter an amount, that should be the EURO amount not the £ amount!)

LesD

anniehanlon wrote: »

You will incur interest charges only on cash advances but if you clear the balance as soon as you return, this will be far less than what you will be charged for exchanging TCs.

True - but at an Annual Rate of 25.9% (charged from the date of withdrawal until repaid) it's a lot more expensive than getting the money from an ATM with a Nationwide Debit Card (which is FREE).

m0lli55y

Thank you anniehanlon, I found the abbey card details on this site 3 days before we were due to go but unfortunately left it to late to apply as it would take 2 weeks.

Lessons learnt here:
1. No more travellers cheques for us.
2. Use this wonderful site more often..!

m0lli55y

LesD wrote: »

If you look on the left of that page, you will see links to 'currency converter' and 'sell currency'.

At today's rates, the 'currency converter' will show you would get €402 for £330 (@ €1.21 = £1).

The 'sell currency' will show that selling back €402 would produce £288 (@ €1.39 = £1).


(NB. There is an error on their 'sell currency' page. Where it says to enter an amount, that should be the EURO amount not the £ amount!)

Thank you LesD.
The hunt is now on for a better rate than the post office. :T