How to buy travellers cheques or foreign currency

pin

beelywoker wrote:

Hi,

Anyone know the best place to get travellers chqs for USA at the moment (need to buy them, as apose to using a debit card - as I'm skint and need to use my credit card!)

I've looked on http://www.xe.com/ucc/ - and the current exhchange rate is 1.74895 ... however, I can only find 1.6996 using the websites mentioned in this threads.


Many thanks, beelywoker

The rate on xe.com is the interbank rate. The rate for TCs will be the tourist rate. The difference between the two is where the profit lies for the people you are getting the TCs from.

AL3XANDER

hi mse's

nearly trawled all thru site, need to purchase £500 of czech kronu for trip in 2 weeks, any good suggestions post office or marks &spencer?
thanks

grumbler

AL3XANDER wrote:

...post office or marks &spencer?

marks&spencer : 39.938
post office : 38.4684


And think about getting Nationwide debit/cash (and credit) card: The cheapest way to spend overseas: save 6%

StockportGerbil

Folks :-
I don't know if this is of any interest but... My bank (firstdirect) sells travellers cheques via American Express. The rate being charged was the best I've found both online and on the high street (US $1.6857 to £1), is commission free and the handling charge has been waived until the end of May.

Even better you can pay by credit card, so using my goldfish card which effectively gives me 0.66% cash back I'm well happy.

I don't know if this offer is exclusive to my bank or it's available to anyone online.

Regards

Kevin

grumbler

StockportGerbil wrote:

...Even better you can pay by credit card, so using my goldfish card which effectively gives me 0.66% cash back I'm well happy

Summary of Goldfish Points Programme :

ATM withdrawals and other Cash Withdrawals, foreign currency, traveller’s cheques, ... are not eligible for Points.

I cannot find Coldfish card T&C online (check your copy!), but it definitely charges 2%(£2.50) for cash advances. Morgan Stanley that provide this card now define cash advances as

cash, (including foreign currency), or a cash substitute such as a travellers cheque obtained by use of a Card or the Card number or an Account Cheque

So does Lloyds TSB that supplied this card in the past (if my memory doesn't fail me). Also interest on cash advances is usually higher and is charged from the day of transaction ...
:think:

StockportGerbil

Hi!
That's worrying, I guess I'd better give the credit card company a bell.

However I am buying the travellers cheques from American Express. I am using my credit card to pay for the things in exactly the same way as I'd use a debit card or cheque. Wouldn't american express be treated as just another vendor by Goldfish?

Thanks

Kevin

grumbler

StockportGerbil wrote:

That's worrying, I guess I'd better give the credit card company a bell.

I wouldn't believe anything they tell over a phone. Why? See, for example (my favourite), posts #19-#25 in the 'Exchange Rate for Euro's ' thread. I believe only to printed information.

However I am buying the travellers cheques from American Express. I am using my credit card to pay for the things in exactly the same way as I'd use a debit card or cheque. Wouldn't american express be treated as just another vendor by Goldfish?

Usually they recognise such transactions and treat them as cash advances, although there could be exceptions. You can try :rolleyes: . Even majority of debit cards charge extra for such transactions now.

Get Nationwide card(s) and forget about this problem forever.

StockportGerbil

Hi!
I spoke to the credit card company (I've found them very helpful on the phone) and yes you're right - I've been stung 2.5% plus interest (on the 'cash' advance) until the entire balance is paid off.

B*gg*r! Oh well - you learn something new every day.... I might try having a whinge at First Direct and see if I can get anything off them given there was no warnings.

I'm going to need to buy some more travellers cheques soon - given this is the best rate I've seen online I'd be tempted to use this lot again and quote a debit card at them - why is that a bad idea?

Thanks alot

Kevin

snowball19

I'm looking at getting some US Dollars for a holiday in July. This site: http://www.crowncurrencyexchange.com/content/us-dollars.asp appears to give good rates if you buy forward. Of course, the possibility of the exchange rate going up or down may make this a bit of a lottery but what is the expected trend for Sterling against the Dollar and how much of a risk would this be?

stringbeanjean

hi,
i'm travelling to canada in a week.

i have no credit or debit cards and no way of getting one.

i don't want to have only cash on me so i was planning to get travellers cheques (i've been reading the board and see that M&S is good value),
i have never travelled before and so i am clueless about what is the best way to do all of this.

i don't even know how travellers cheques work?
or where is a good place to buy them?

i don't want to get a bad deal just because i don't know the ins and outs.

can anyone give this newbie some good advice please?