Thailand - best to get US or GBP Travellers Cheques?

prudryden

I totally understand what you are saying, but you are reading something in my posts which is not there.

Reread post #11 - it says in theory, it shouldn't make a difference.

Unfortunately, it does because of the disgusting exchange rates that Banks give. They essentially double-dip on commissions by hiding them in the exchange rates and then tell you we are only adding ??? on to the transaction as our commission. This is because it is one of the few remaining unregulated markets along with corporate bonds. It is something which the FSA should start policing very quickly, because it is a total scam.

I personally trade for my customers very close to the spot rate - maybe giving the traders 25 pips so they can have an income. E.Q. If the spot rate for 1$ is 1.96 - my bid and offer would be 1.9575 to 1.9625 - not 1.89 to 2.03.

Donnie

Of course I understood you, but we're were talking about holiday money here.
You can imagine that a lay person may take your advice literally.

With whom are you working?? Here's your chance for a plug.

prudryden

Donnie wrote:

Of course I understood you, but we're were talking about holiday money here.
You can imagine that a lay person may take your advice literally.

With whom are you working?? Here's your chance for a plug.

I didn't think I actually gave any advice - other than my agreement on the additional cost of exchanging $TCs back into GBP. EL is one of my favorite people and I wouldn't want to give her bad advice.
Many thanks for the offer of a plug, but if I did that, the compliance disclaimer would clog the server.:)

Donnie

No harm done. Just a bit of banter. C ya.

EagerLearner

Thanks guys - please don't argue - it doesn't matter really - I will have a whale of a time no matter what I take with me

D - where will you be?

P - Thanks for saying I'm one of your favourite people - brought a smile to my face!:hello:

pin

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 (due to Nationwides policy re forced use of Chip and Pin in foreign countries) (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, no cash withdrawal interest if balance repaid in full BUT 1.5%/£1.50 cash withdrawal fee).

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.

6. 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) and get a quote re their exchange rate. Email Travelex: [EMAIL="customerservices@travelex.com"]customerservices@travelex.com[/EMAIL] (must be done on the same day) stating the following: your Travelex reference number, your currency quote from TEG (and the fact you got it from TEG) 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.

7. Marks and Spencer - pay online or pay and pick up instore.

8. Online FX (using this link ensures free deliver) - pay online, delivery to home.

9. Thomson Travel (they seem to use Amex as their travel money provider) - pay online, delivery to home.

10. Co-op Travel (they use Currency Express / Exchange and offer free delivery for orders over £300) - pay online, delivery to home.

11. 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.

12. Haggle with High Street travel agent (which may ensure better rates than 5 to 9 above) - pay and pick up instore.

With 4 - 12, 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 Exhcnage Rate FAQ and Visa Exchange Rates

Also please read Martin's article: Spending Overseas and Loading Technicals

Also look at the these forum threads: Travel Money: The List & The Cheapest Way to Spend Overseas Discussion Area and How to buy TCs and foreign currency

Hope this all helps!!

EagerLearner

Wow Pin - thank you! I have a feeling I have left it too late and may have to pay £9 in my local PO...

Donnie

EagerLearner wrote:

Thanks guys - please don't argue - it doesn't matter really - I will have a whale of a time no matter what I take with me

D - where will you be?

P - Thanks for saying I'm one of your favourite people - brought a smile to my face!:hello:

No argument.. Just a minor debate. Pru took it well.

Haven't decided on all of the places that I will visit, though Bangkok is sure and Samui is likely.
How about you?

Again, I'm reasonably sure that the Post Office are going to try to give you some smaller denominations. You don't really want this.
TCs are for security, so you want to protect your larger amounts. For £20 amounts, you'll probably have a bit of cash anyway. You don't want to be hit with a 50p charge every time you cash a £20 cheque.

TCs are a good option in Thailand, as you get a slightly better rate than cash, currently 70.165 against 69.44 for cash. A better than 1% increase. This helps to offset the 1.5% that you pay for the cheques and the 33 baht charge. Worth it for the extra security.
Also AmEx are much better at replacing lost cheques. I've seen one too many people crying after hearing their Thomas Cook bought cheques weren't being replaced. Ok, I don't know the full stories, but they invariably weren't AmEx cheques.

BTW richardw is incorrect about the cost of ATM withdrawals, unless he has one of the cards in PIN's post.

DMUK. Koh Chang used to be my favourite island in Thailand. Spent every Christmas and New Year there. I don't know what they done since I was last there, but they were building, building, building..

richardw

Donnie wrote:

BTW richardw is incorrect about the cost of ATM withdrawals, unless he has one of the cards in PIN's post.

I have a savings account with a 'Plus' ATM card, the charge is 1.5% with a minimum of £1.50. So that is £1.50 for £100 pounds worth. I've had no problems anywhere with this card including Bangkok.

Donnie

Hi richardw

Have you factored in the cost of the foreign exchange commission? Generally, there is a charge of up to 2.75% in addition to the withdrawal charge, unless you hold the Nationwide Flexaccount.
Certain banks..i.e. HSBC, Citibank, may waive these charges if you withdraw from their bank. Try finding one. I think there is one HSBC bank in the whole of Thailand.