Dollar Travellers Cheques

CRFisher

I read that you can buy Dollar Travellers cheques which you can use like cash in the US. Are they easy to buy and use and are they really a better deal than cash?

richardw

Put your card in a cash machine, simple, why do you want the travellers' cheques?

CRFisher

Cos you could buy the travellers cheques when the rate is in your favour whereas cash machine you would get that days rate and get charged commission etc each time you made a withdrawal?

phatbear

Ive heard there are buildings you can go into and exchange cash for hot food

What a magical world we live in.

all the best

the bear

phatbear

And what if you buy your t/c's and the rate shoots up a week later, bang goes your theory.

As far as using them like cash feel free to wave one under a cab drivers nose and tell him its the same as cash

the bear

CRFisher

thanks so much you !!!! oh sorry phat bear

Voyager2002

CRFisher wrote: »

I read that you can buy Dollar Travellers cheques which you can use like cash in the US. Are they easy to buy and use and are they really a better deal than cash?

You are correct. There is a cost involved (and also in changing back any that you have not spent) but if you lose them you can get them replaced. Worth considering if your travel insurance does not cover cash, and/or if your bank charges outrageous fees for foreign cash withdrawals.

phatbear

Well that told me!!

Im sorry i've burst your bubble of pure genius but I speak the truth if ya cant handle it well thats your problem.

all the very best

the bear

phatbear

Voyager2002 wrote: »

You are correct. There is a cost involved (and also in changing back any that you have not spent) but if you lose them you can get them replaced. Worth considering if your travel insurance does not cover cash, and/or if your bank charges outrageous fees for foreign cash withdrawals.

ANd how much do you lose buying and then selling travellers chqs back 10%+ I reckon now in all of my years of travelling about and using cards in far off lands none of my banks have ever surcharged me 10% for using my money abroad, therefore purchasing excess cash or t/c's is a false economy, assuming you intend to come back with any money at all.

One other issue I have is the security aspect of t/c's yup i understand they will be replaced if you lose them or are stolen, which is a big selling point, however what the heck is the point, I dont know about my fellow MSE'rs but i've never lost any money in the UK so why the heck would I suddenly become less concious of my cash abroad?

All the best

the bear

baileysbattlebus

CRFisher wrote: »

I read that you can buy Dollar Travellers cheques which you can use like cash in the US. Are they easy to buy and use and are they really a better deal than cash?

I have used $ travellers cheques when visiting the US, in shops, hotels, restaurants, petrol stations and most other places you just use them like cash and you get your change as normal. They are just like using cash.
They are easy to get - go into any travel agent, M&S etc, you sign each one separately and get given a list of cheque numbers - for if you lose them.

I haven't used them for a number of years - I don't really know if they are a better deal than cash. They are certainly safer than cash - if by cash you mean get your $'s here before you go. You just need to keep your list of cheque numbers separate from your cheques in case the cheques are lost or stolen.

I've not used them in a cab - usually we have a car.
If they are lost or stolen they are replaced.
It's easier to stick to a budget
You would normally lose money on any you might want to cash in on your return - you would get a much worse exchange rate cashing them in here than you would buying them - and you might have commision to pay.
You might have to pay a fee to get them
Don't take all large demonination cheques - places don't really appreciate being given a $100 cheque for a $1.50 bottle of water.

We normally use a debit card for cash requirements now, very handy.
I have an account at Nationwide - you get the bank rate of the day with no charges.
Other cards oftenl give you the equivalent of the tourist rate or less and sometimes charge you for the privilege
Not all ATM's in US are free to use, most have a charge, if in Florida we use Publix or Wal-Mart, Publix used to be free and now charge $1.00 per transacation - Wal-Mart used to be free - didn't use them this year, so I'm not sure if they charge now or not, they didn't last year, but neither did Publix.

So have a look around and decide what is best for you and yes the rate may change after you have bought your travellers cheques - equally the rate can and does change almost daily - not very long ago in the downwards direction, when using your card.

sarmia

Hi,

We use TCs when we last went to the states, they where easily changed into cash at our hotel (free service) and accepted in many of the shops too. We have bought some for next years trip - I know they are 'old school' and many people prefer using a debit card abroad but I personally prefer having all our funds paid for and knowing how much we have to spend rather than worrying what the exchange rate will be on the day and we were lucky to buy at $2.