Traveller's Cheques / Low Credit Score / SE Asia

Sblogz

Dear MoneySavers,

I'm lucky enough to be backpacking for several months in SE Asia in the near future, and am looking to limit potential currency costs aswell as maintain security.

Unfortunately, I have failed the credit check with Nationwide for their Flex Account, Post Office for their Credit Card and have no doubts at all that I will fail a credit check with Abbey for their Credit Card due to previous indescresions.

Therefore for card purposes, I'm pretty much stuck with my RBS Debit card. Given the great advice on this site, of course I know I need to limit using the card as much as possible. So I have some questions about the alternatives.

Having failed 2 credit checks very recently, I very much doubt that I will be able to apply for a lesser of the evils bank account as it were, so I'm all but ruling out that option.

Main questions:

1. Do Carton FX run a credit or just identity check?
I will be contacting them via phone soon, so may be able to feed back to you guys the answer. Alternatives that don't run a credit check would be very much appreciated.

2. Traveller's Cheques?
Forgive me if I've missed them, but I can't find anything on the site at all about Traveller's cheques. Security is important to me and I don't want to be carrying around huge wads of Yaun, Dong, Riel, Kip, Baht etc etc at any one time, so Traveller's Cheques seem to be a very viable alternative.
-How do they compare to my horrid RBS card?
-Do they work in my endless list of currencies?
-Where do I look to find a good deal?

3. My RBS debit card is Maestro, how well accepted are Maestro in SE Asia?
The Maestro site for all this doesn't seem to work and redirects to the parent Mastercard site.

4. A new bank account?
I probably still have time just about to open one, but are there really any super low scorers where I can get a decent card and save compared to RBS? Talking defaults, missed payments (none current), multiple address history etc etc towards giving a poor credit score with most lenders it seems.

Any help towards my questions/dilemma would be greatly appreciated,

Thanks in advance.

Amy83

Hi,

I'm by no means an expert in the field, but first things first I'd say definately do not use your RBS debit card - you'll be home within a fortnight with the fees they charge!

I don't think Caxton run a credit check, as it's a prepay card there's no need to check your credit history/reliability as they're not risking lending money to you. I've looked into this before but can't find a mention of it on the website. Tesco's also have a prepaid travel card, and according to their website ( http://www.tescofinance.com/personal/finance/travel/travel-card/index.jsp ) there's no credit check done.

Also, Maestro is part of Mastercard, so you'll more than likely find that the website is right, and that everywhere that accepts Mastercard will also accept Maestro.

Make sure that if you do end up taking you RBS card for whatever reason, that you let them know of your plans before you go - worst case scenario is that they could block your card thinking it's being fraudulently used, leaving you stranded in darkest deepest Cambodia with no money.

I'd say you're best off with the prepaid travel card, I think (though I may be wrong) that the main/only bank to offer a worthwhile card for abroad is Nationwide and you've already tried it.

Happy travels!

dzug1

You are stuck with your RBS debit card or a prepaid card or cash and/or TCs. If you get TCs get them in one currency, probably sterling. You can't get them in the currencies you mention. Remember you'll be charged when you get them and again when you cash them.

Despite the charges, the RBS card is probably your best bet. People throw up their hands in horror at the charges (which yes are higher than some other cards) but conveniently overlook the charges on TCs and cash which, in the average UK outlet, come to very much the same sort of amount.

There was an article in one of the travel supplements the other weekend saying 'don't use your CC abroad, you'll be charged 2.75% (mostly). Use cash.' Given that you'll probably pay 5% for that cash, poor advice.

Sblogz

Thanks very much for your replies,

I've just checked with Carton FX and they don't run a credit check, only an identity/fraud check. Which is great news!

With regards to the traveller's cheques, is anyone aware of how I can search for the best deal and what sort of options if any there are for increasing the likelihood of them being accepted. (I don't know anything about traveller's cheques really and don't know if they have some kind of overall wholeseller etc in the same way cards are Visa, Mastercard etc)

Thanks again in advance of replies.

dzug1

You will probaby find that the best places for cash are probably also the best for TCs

Sblogz

Anyone recently bought any Sterling Traveller's cheques and got a good deal?

Any additional help with my previous questions would be great aswell.