worthwhile changing Travellers cheques back?

ratcatcher123

Can anyone please give me a bit of advise ?.........this is my 1st post:j

I changed £2300 into American Express Travellers cheques with First Choice when the rate hit 1.48..............I dont go untill August!!! Now the rate has really risen and i dont know if i could or even if it would be worthwhile trying to sell back my TC ................would really appreciate your opinions..........fingers crossed x

Incapuppy

You would need to establish how much the buy back rate is and what comission you would pay on a new transaction to see if it is worthwhile.

sturll

ratcatcher123 wrote: »

Can anyone please give me a bit of advise ?.........this is my 1st post:j

I changed £2300 into American Express Travellers cheques with First Choice when the rate hit 1.48..............I dont go untill August!!! Now the rate has really risen and i dont know if i could or even if it would be worthwhile trying to sell back my TC ................would really appreciate your opinions..........fingers crossed x

Despite what anyone comes on and says your best bet would be to go to a travel agents and get a price if you exchanged them back, then a price to change again.

Going off the XE rate it works out at £1394 for $2300. Look at the difference in what you paid.
But remember, changing $$$ into £££ when the rate is good gives you less inverse than if the rate is poor.

But you will only know for sure if you vist a TA whether you would be better off.

phatbear

ratcatcher123 wrote: »

Can anyone please give me a bit of advise ?.........this is my 1st post:j

I changed £2300 into American Express Travellers cheques with First Choice when the rate hit 1.48..............I dont go untill August!!! Now the rate has really risen and i dont know if i could or even if it would be worthwhile trying to sell back my TC ................would really appreciate your opinions..........fingers crossed x

So you bought £2300 of dollars at $1.48 to the £ there you got $3404
The post office, for example, are buying them at $1.79 to the £ therefore you would get £1901.
Buying dollars with your £1901 would get you $3041, using the PO as an example, therefore you would be down $400.

ratcatcher123

phatbear wrote: »

So you bought £2300 of dollars at $1.48 to the £ there you got $3404
The post office, for example, are buying them at $1.79 to the £ therefore you would get £1901.
Buying dollars with your £1901 would get you $3041, using the PO as an example, therefore you would be down $400.

Thanks sooooo much.......(im a bit thick and just couldnt get my head round it) you answered my question in a way i understand............$400 down :eek:..........I think i will stick with what i have got :T