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How to buy travellers cheques or foreign currency
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hi everyone!
i am very new to this, so please forgive me for anything i may do wrong)
my son is going to travel to america for the first time - on his own.
my question is - what is the best way for him to carry his money?
he will have approx $200 in cash.
what should he do with the other £500?
travellers cheques?
travellers cheque card?
one travel agent has recommended the american express card, another has their own on offer.
at first glance the american express looks the better option, but i wondered if anyone can offer advice on this please?
any help would be appreciated.
thank you.0 -
I would recommend American ExpressTravellers Cheques, because there is a fee for everytime you withdraw from an ATM machine with the card! Go for cash: low denomination cash notes and plenty of 1dollar bills for tips etc and the remainder in TCS0
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I purchase currency quite regularly and generally find https://www.onlinefx.co.uk to have the best rates, which are constantly updated throughout the day unlike Travelex. When the Dollar hits a high check onlinefx and they have the new rate. If you order a large amount you can ring them and haggle for an even better rate. Therr buyback rates are usually the best as well.0
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Hi
Can anybody help me?
Im flying out to Vegas next wednesday and have not yet got my dollars. After reading through this thread I realise that a Nationwide credit card would be best to take with me, but I dont have one of those so was wondering what would be the next best option. I have a Maestro Highline with RBS, would I be able to use that without charge in the US? It was my plan to order cash dollars from travelex, but not sure if I should get all cash or get some travellers cheques for safety in case the cash goes missing, obviously this will incur a charge in the US when I exchange them, which is something Id rather avoid. Its my intention to take £500.
Thanks in advance
Baz0 -
Bazlovejoy wrote: »Hi
Can anybody help me?
Im flying out to Vegas next wednesday and have not yet got my dollars. After reading through this thread I realise that a Nationwide credit card would be best to take with me, but I dont have one of those so was wondering what would be the next best option. I have a Maestro Highline with RBS, would I be able to use that without charge in the US? It was my plan to order cash dollars from travelex, but not sure if I should get all cash or get some travellers cheques for safety in case the cash goes missing, obviously this will incur a charge in the US when I exchange them, which is something Id rather avoid. Its my intention to take £500.
Thanks in advance
Baz
Hi, Here is my list of top places on how to get money to spend abroad:
1. Nationwide Debit Card for ATM withdrawals from destination country (no foreign loading) / the Audi credit card or the Post Office credit card for purchases in destination country (but watch out for Dynamic Currency Conversion) (no foreign loading for purchases, BUT watch charges for cash withdrawals).
2. Nationwide Credit Card (please note Nationwide's policy re chip and pin in foreign countries: see this thread from FlyerTalk) (no foreign loading for purchases, BUT watch charges for cash withdrawals).
3. SAGA credit card (if you are over 50) for purchases in destination country (no foreign loading for European purchases, 1% for rest of the world).
4. Any other debit card for ATM withdrawals from destination country / any other credit card for purchases in destination country (but for both CHECK T&C's to see exact charges).
5. Thomas Exchange Global ("TEG") in central London - pay and pick up at store (they also offer a delivery service, but charge £5).
6. Link Foreign Exchange ("LinkFX") in Victoria Station, central London - pay and pick up at store.
7. Travelex online (remember Travelex will price match any other exchange service, i.e. the one above) -pay online, pick up at airport.
For price matching: order through Travelex online as you would do normally, then call up TEG (02072401214 or 02078281880) or LinkFX (02072338822) and get a quote re their exchange rate. Email Travelex: customerservices@travelex.com (must be done on the same day) stating the following: your Travelex reference number, your currency quote from TEG or LinkFX (and the fact you got it from TEG or LinkFX) and your address (Travelex will send you a cheque refunding the difference). Also Travelex normally acknowledge receipt of your email. Full terms and conditions of the Travelex Price Promise are on the Travelex website.
8. Marks and Spencer - pay online or pay and pick up instore.
9. Online FX (using this link ensures free deliver) - pay online, delivery to home.
10. HSBC (they seem to use Amex as their travel money provider and offer free delivery for orders over £350) - pay online, deliver to home or pick up from branch (and avoid any delivery charge).
11. Thomson Travel (they seem to use Amex as their travel money provider) - pay online, delivery to home.
12. Co-op Travel (they use Currency Express / Exchange and offer free delivery for orders over £300) - pay online, delivery to home.
13. Post Office (while probably not the best rate, there are many of them around, so may be convenient) - pay online, pick up at PO or pay and pick up at PO.
14. Haggle with High Street travel agent (which may ensure better rates than 5 to 9 above) - pay and pick up instore.
With 1 - 4 make sure you tell your card provider you are going abroad, where you are going and for how long, so they can put a note on your account.
With 5 - 14, if you are paying with debit / credit card check your T&C's as many providers charge for the privilege of using money exchange services.
Here are links to ATM locators: VISA and MasterCard
Here are various information links to VISA: Foreign Exchange Rate FAQ and Visa Exchange Rates
Also please read Martin's article: Spending Overseas and Loading Technicals
Also look at the these forum threads: The Cheapest Way to Spend Overseas Discussion Area and How to buy TCs and foreign currency
Hope this all helps!!"An eye for an eye leaves the whole world blind" - Mahatma Gandhi0 -
Have been reading this site for a while, and just thought I'd throw my two dollars/euros etc in!
I work in the M&S Bureau and thought it might help to tell you how stuff works there. I would point out I know this looks a bit like flagrant advertising, if you feel it is, please delete, just want people to know what cards do and don't charge etc, and I hate it when people get conned. Being a student as well, I know how hard money is to come by!
M&S rates are pretty good compared to the banks and Post Office, of course that place in Victoria people have mentioned looks very good, and next time I'm in London I'll check it out, (going to Germany for a year in September, so will be needing lots of euros!)
They take cash and cards: M&S cards, switch/maestro/solo, visa debit and credit (inc. electron), and mastercard. No diner's club or amex (since amex won't let anyone else provide currency on their card). Everything is debited in GBP sterling, so if someone brings a foreign card from a foreign bank, it might incur a fee. Also no cheques.
Don't know how it works in other stores but in my store we will tell the customer they'll get charged if this is the case (even though the banks on't like this!), and advise they get sterling out of the machine and bring us that if it's a small-ish amount.
Best cards:
& More card / m&s chargecard. As long as you pay the bill off, no fees or interest.
Switch/maestro/solo: eg. banks like Natwest, HSBC, First Direct etc.
nationwide visa debit
Rubbish cards:
visa credit: a cash advance fee (usually around 2.5%) then interest on top of that.
mastercard: same as above.
visa debit/electron: unless it's a nationwide card, there will be between 1.5% and 2.5% charge. Abbey National account holders are especially stung, they will charge 1.5%, the make us phone for authorisation (usually an extra 5-7 ins on the phone) to tell you you're going to be charged, then not let you have an amount over a specified daily withdrawal rate. Have had customers with thousands in their account, and Abbey won't let them draw it out. Their daily cash withdrawal policy seems to be you can only have, say £300 per day, either in currency or pounds from an ATM...madness!
ID
If you pay on ANY sort of a card (even an M&S one) you'll need to present a UK FULL Driving Licence (can't take provisional, don't ask me why!), or a passport. If you're non-British, we'll take a National ID card if the language is in English, e.g. an American or Australian one, important thing is we have to be able to see a picture, a name that matches the card and an expiry date. For those with old style paper licences, we will take those, though if you're doing a big amount (we're talking thousands here), I'd take a passport to make sure.
If we buy or sell traveller's cheques, we need ID too, and obviously if a husband and wife both want to sign the same batch (one signature per cheque obviously), we need ID from both of them.
You can also buy online and if you buy £500+ they do free delivery, as with online, and you usually get a fair mix of notes. (this is true at the moment, may change in the future).
Tip: If you have a debit card that'll charge (e.g. Barclays) and also hold an M&S card, put it on the M&S card, then take both cards to a normal till and they'll pay the balance off with the debit card there & then. Saves carrying large amounts of cash and worrying about when the bill comes in. This way you save the bank fee, and also have no hassle as you know it's paid.
buyback
They do this too, obviously only notes, no coins. With obscure currencies, generally they take notes of £1 worth or more, for example the smallest Egyptian Pound note we'll take is a 50, so even if you have 5 x 20 = 100, they can't take it. Obviously the rate is higher so you lose out, but not as bad as Post Office nd banks, from what I've seen when I've looked on the high street.
Hope that has helped, if anyone has questions I'll do my best to answer. I really like this forum, more people need to know about how currency works!...I like my coffee black, just like my metal!
Proud member no. 15 of the [strike]asylum[/strike] night owl thread
...And officially mad over Doctor Who & David Tennant!0 -
Oh just another tip, if you're buying currency at a M&S that has a cafe, they are doing a deal for free coffee.
http://www.fxcorporation.co.uk/marksandspencer/exchange_rates.asp
Check the rates here, then download the voucher. Take said voucher to the store when you buy your money, and they'll give you a free voucher for a small capuccino! Also giving out £5 off travel insurance vouchers, which are handy for M&s single trip travel insurance, this ends at the end of the year.
Think the coffee ones ends 3rd July, but don't hold me to that!...I like my coffee black, just like my metal!
Proud member no. 15 of the [strike]asylum[/strike] night owl thread
...And officially mad over Doctor Who & David Tennant!0 -
I'm boggled with the amount of information to read.....
Please help if you know the cheapest way to have money on hand in Bulgaria, (levs)
I have a new post office credit card, a Lloyds tsb visa delta card and my partner has a HSBC visa delta card.
It cost me £30 for 75 levs today (commission free), is it better to spend on a post office card, take money out of my tsb bank account, or hsbc, or should I take as much cash possible and change in Bulgaria??
It's all so confusing??
I have read all of the information and still cannot work out if I would save money doing any of those things as there are charges everywhere!
Thank you in anticipation to any replies.0 -
Firstly, don't use the Post Office card, since it's a credt card, they'll usually charge you fees and interest to get foreign currency (even if the place you buy it says free commission, since te harge is off the card, not from the place you buy it).
If you use your cards in Bulgeria at an ATM there is a good chance you'll get charged, especially if the card has a visa delta symbol. `If I were you I'd get some cash here, and then take sme sterling to Bulgeria too, then youre covered both ways, and only use your card if you have to.
For future reference, Nationwide debit cards are the best things to have for getting currency.
Hope that helps....I like my coffee black, just like my metal!
Proud member no. 15 of the [strike]asylum[/strike] night owl thread
...And officially mad over Doctor Who & David Tennant!0 -
Good advice from the person from M and S. Wish I'd read it before - just to reiterate, BE VERY CAREFUL ABOUT BUYING CASH ONLINE WITH YOUR CREDIT CARD.
I've just spent £400 with Travelex, only to notice - just as I clicked to confirm the purchase - that it mentioned some card providers treat the transaction as a cash advance.
Phoned immediately to cancel, and arrange a payment by debit card instead. However, they automatically charge the card immediately (although the money was not to be collected for another week). They can refund in 3-10 days but say HSBC Mastercard may still charge me.
I spoke to HSBC who confirmed that it's a 2.5% fee plus interest on the advance from the moment the transaction clears!
All of this within 10 minutes of completing the order, and apparently an unstoppable process.
HSBC did say the charge may not be applied and if it is they will help me "dispute the fee". Whatever that means.
As an HSBC customer for 18 years and one who's always been healthily in the black, if they charge me £10+ for a mistake I tried to rectify within minutes my Mastercard will be shredded and my current account closed down just as quick! After all, how can it be a cash advance, when you're not getting the cash for another week?0
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