Best place to cash in GBP Travellers Cheques

izoomzoom

Many years ago when I left South Africa I purchased a £400 travellers cheques for emergencies. They are american express.

Well emergency has arisen and I need to cash these in. Do I just go around to various places in town and see what I can get for them (I am assuming I may have to pay some commission, although thankfully they are in GBP so no coverting them) ???

Thanks in advance.

MrSmartprice

There will be no commission to pay as they are sterling. You can actually use them in exactly the same way as cash, so why not just spend them?

Of course you can cash them at American Express or pay them into your bank account as well. If someone tries to take commission they are robbing you.

I remember many years ago when I used TCs, we had some left after a holiday and I went to spend one in Tesco. The checkout girl said 'We don't take these' so I asked for the manager. He told the girl that of course they took them, they are as good as cash.

izoomzoom

I went to Thomas Cook - wanted 2% commission

Then Post Office was 1.5%

Choices (some holiday place) said no commission and that I could pay them into my bank,

So I paid them in at the bank. Takes 3 days to clear, but hey ho, done (and didn't cost me a thing.

Managed to save onto them for 6 years, so sad to cash them in, but with our boiler gone, we done have a choice.

MrSmartprice

They should not take 3 days to clear in a bank as they are equivalent to cash. Another bank scam! Still, at least it cost you nothing.

As for people trying to charge you commission, what a racket! You paid the commission when you bought them.