old Itravellers cheques $ to £ advise please

catweazle_2

Hi,
Sorry if this a dumb question, but I have discovered a couple of travellers cheques in USD issued by a bank that no longer issues them (Abbey Nat.). There seem to be two types, an American Express TC issued by Abbey Nat and Abbey National Travelex (Visa Travellers cheque)
Essentially, I have two questions:
1. Given the present exchange rate should I cash them in? (Maybe it's a no brainer I admit!)
2. Do I need to cash them in at a branch of Abbey or can I shop around for the best rate?
Thankx

Voyager2002

Unless Abbey gave you some kind of buy-back guarantee, just exchange them anywhere. But do check how much you would receive (after commission charges, etc) before you counter-sign and hand them over. I suspect that you would get so little that exchanging them here would not be worthwhile: save them until you are abroad somewhere.

catweazle_2

-Really? Even with the rate yesterday reported at $1.56 to the pound (excluding commission) would I still do better cashing them elsewhere? I'm really only looking to get back what I paid for them. I think the rate was about $1.60.
Thanks for the advice maybe I'll hang on to them for now.:T

Quentin

If you got them at £1 = $1.60, then you will show a profit if you exchange them at $1.56 = £1!