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How to buy travellers cheques or foreign currency

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  • Poing
    Poing Posts: 54 Forumite
    Congratulations Lt Sched on your forthcoming wedding!

    I was advised to take some other backup incase the cash machines swallow your card, so I've brought my other current account card, but only in case of emergencies (nasty Natwest will charge me for using it). Decided this was better than buying travellers cheques that you hopefully won't need to use, and I've had no problems with the machines so far (touch wood). I would also advise you to take some Euros to tide you over until you are settled in, 50 pounds or so.

    Anyway, I'm writing this from the confernce in Florence and only have limited internet time, so best wishes, and I hope you enjoy your honeymoon. Florence is amazing by the way :)
  • Hi there, I am travelling to ghana in a couple of weeks and am having real trouble finding a company that will offer exchanging my lovely pounds into cedi. (I've tried m&s, travelex, post office, halifax and nawest).

    Is there a good company out there that I don't know about? I'm reluctant to wait until I get out there, but presumably as it's not such a tourist trap I'm less likely to get gipped! Or am I being naive?

    I was advised that taking US dollars would be a good alternative to tide me over.

    Any words of wisdom would be much appreciated.

    Thanks,
    miss_jc
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Never been to Ghana, but I think USD is more acceptable and easier to exchange than pound. A few results of a quick google serach:

    http://www.ghanaweb.com/GhanaHomePage/tourism/advice.html :
    Most shops will gladly accept Euros or dollars. However, I will advice you to exchnage money to cedis before use.

    Money Exchange
    Change your foreign money at the forex bureaux. No matter the amount, count before leaving premises. Good bureaux have counting machines. In a big town or city avoid the roadside money changers. They'll cheat you. You'll realize this only when you get home.
    Don't exchange more money than you need at a time (not more than 3 days time).
    Avoid Saturday night exchange of money..the rates are terrible
    To be a good sprinter like Ghana inflation, make sure that whatever you want to buy is at hand before you exchange your foreign currency.
    http://www.ghana.co.uk/travel/trip_planning/need_to_know.htm :
    Rates of exchange are posted daily by banks and forex bureaux. There are no restrictions on the amount of foreign currency that can be brought into Ghana, but all should be noted on a customs declaration form on arrival. All exchange transaction receipts should be kept for inspection on departure.
    http://www.iexplore.com/dmap/Ghana/Shopping :
    Currency exchange
    The exchange rate system has been liberalized and foreign currency is freely available through authorized dealers including banks and Forex Bureaux. Cash is exchanged at a more preferential rate than travelers cheques.

    Credit & debit cards
    Credit cards are accepted by leading hotels, restaurants, banks and businesses. Check with your credit or debit card company for details of merchant acceptability and other services which may be available. Some banks may give cash advances against leading cards.

    Travelers cheques
    To avoid additional exchange rate charges, travelers are advised to take travelers cheques in US Dollars or Pounds Sterling.
    ............................
  • I am due to go to New Zealand soon and although I will be taking a credit card for spending I will also want to take some travellers cheques. However I now know that it is not possible to get NZ dollar travellers cheques only Australian which have a poorer exchange rate. Can any one tell me whether I am better off getting Sterling travellers cheques and paying commission each time I change them, or to go for the Aus T/C. I would only be making three or four withdrawels over the month. Thanks :confused:
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I would only be making three or four withdrawels over the month.
    Did you read The cheapest way to spend overseas: save 6% Martin's article? For those who have Nationwide debit card or cash card there is no point in having travellers cheques. May be just a small amount for emergencies, but not for regular withdrawals.
  • Hi, although not Ghana i am just back from Tanzania wher i'm sure money wise things will be similar. We took a large wad of US $ and some Tx cheques. My advise is if they want $'s and you hope to cash in the Tx cheques forget it in Tanzania, no-one wanted to give me $'s for US$ tX cheques only local currency- very frustrating as most areas don't accept credit cards or load a 10% surcharge on to your bill!!!! Good luck , we still had a fab holiday despite this frustration!
    miss_jc wrote:
    Hi there, I am travelling to ghana in a couple of weeks and am having real trouble finding a company that will offer exchanging my lovely pounds into cedi. (I've tried m&s, travelex, post office, halifax and nawest).

    Is there a good company out there that I don't know about? I'm reluctant to wait until I get out there, but presumably as it's not such a tourist trap I'm less likely to get gipped! Or am I being naive?

    I was advised that taking US dollars would be a good alternative to tide me over.

    Any words of wisdom would be much appreciated.

    Thanks,
    miss_jc
  • Poing
    Poing Posts: 54 Forumite
    Just one thing to be aware of if you're using a credit card abroad. I got a Nationwide credit card because they don't charge a loading fee and have a really good interest rate, but when I used it in some restaurants they brought the bill converted BY THEM to pounds. They used a rubbish exchange rate so it cost more, so in this case, either ask them for the bill in Euros (or whatever local currency is), or if you're too chicken like I was, pay in cash withdrawn from your Nationwide current account at a great interest rate!

    HTH :)
  • pin
    pin Posts: 4,265 Forumite
    Part of the Furniture Combo Breaker
    Poing wrote:
    Just one thing to be aware of if you're using a credit card abroad. I got a Nationwide credit card because they don't charge a loading fee and have a really good interest rate, but when I used it in some restaurants they brought the bill converted BY THEM to pounds. They used a rubbish exchange rate so it cost more, so in this case, either ask them for the bill in Euros (or whatever local currency is), or if you're too chicken like I was, pay in cash withdrawn from your Nationwide current account at a great interest rate!

    HTH :)

    see http://forums.moneysavingexpert.com/showthread.html?t=36555&page=1&pp=10
    "An eye for an eye leaves the whole world blind" - Mahatma Gandhi
  • Grumbler -Thanks for that, No I hadn't seen it. I do have a Nationwide cash card but no debit card so will need to check whether I can use it at ATM's in New Zealand. Cheers :T
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Grumbler -Thanks for that, No I hadn't seen it. I do have a Nationwide cash card but no debit card so will need to check whether I can use it at ATM's in New Zealand. Cheers :T
    Cash card is Cirrus. You can use any ATM with Mastercard logo.

    Mastercard/Cirrus ATM Locator
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