M&S Travelers Cheques?

sar050680

Ok, today I got my new M&S CC, £4000 limit, now I intend to get Sterling TC's to pay into my LloydsTSB account and then pay off my LTSB loan, which is around £4150 atm.

Here is what I'm gonna do from here, please correct me if I go wrong to stop me making any costly mistakes.

I'm gonna get Sterling TC's from M&S, (charged at 1% I believe? Does that get added to the balance of the card) take them to Lloyds and pay into my account. I've checked with them and they will accept them at no charge.

Wait for them to clear in my account, then phone Lloyds and pay off the loan in full (after adding shortfall). I have had a final figure from them but I've also made a payment since then.

I know it sounds easy but I want to make sure I have everything covered.

Thanks, Paul.

P.S. I recently applied for an MBNA CC, with the intention of using it for the above reason, I was then alerted to the M&S CC. So I no longer want/need MBNA CC, is it OK to just cancel it?

Thanks again. :money:

YorkshireBoy

You're on the right track. Just a few points...

1) The fee is added to the transaction value so, say, a £3,500 purchase results in a (£3,500 + £35 £3,535 balance...all at 0% for up to 15 months.

2) Are you ordering online/by phone? If so, there used to be a £2,500 limit. As far as I know there is no such limit at in-store bureaux de change.

3) If you decide to buy in store, then you can pre-order £500 denominations...it'll save writers cramp. It's not enjoyable when you do £9,000 worth in a morning, signing each £100 and £50 cheque twice! And the last signature looks nothing like the first!

4) If you're quizzed at branch (may sound like chit-chat, but I suspect it'll be for AML reasons) have a reason ready. Maybe you were going away on business to Gibralter but the trip's been cancelled?

5) If you're lucky they may clear them as cash instantly, which will save you waiting for 4 working days to use the money. They did for me with £4,500 worth in one branch, so you may want to ask when you pay them in.

Re the MBNA card...just cancel it if you've no need for it. There will be a section on the credit agreement to sign and return (if you're inside the first 14 days).

And finally, whatever you do, make sure you don't miss a payment because if you do they'll withdraw your 0% rate and put you on a typical 15.9% APR which, I'd wager, is far more than you're paying on your loan now? You may find a DD for the minimum payment helps, but check your first statement thoroughly...if it doesn't say they'll collect by DD then they won't!

sar050680

I'm buying in-store mate. I'm on my way now.

YorkshireBoy

sar050680 wrote: »

I'm buying in-store mate. I'm on my way now.

Get ready for the "are you going anywhere nice?" chit-chat, and of course the tuts from those in the queue behind you if they only have £50s and £100s in stock.

sar050680

All sorted YB, 3950 in TC's ready to pay in on monday, cheers.

CreditCruncher

Do the TC's have your name on them?
Was wondering whether if I got some on my M&S card,DW could pay it into her LTSB account fee free...

sar050680

Yes, they made me sign them at the counter mate, I believe I have to sign them when I pay them in too, I will update tomorrow. I'm sure someone will tell us both before then though.

YorkshireBoy

CreditCruncher wrote: »

Do the TC's have your name on them?

No, not until you sign them!

Was wondering whether if I got some on my M&S card,DW could pay it into her LTSB account fee free...

The T&Cs for online purchase state...

If you have bought a travellers cheque for someone else to use then you should ensure they sign the travellers’ cheque as soon as possible after you receive it.

http://money.marksandspencer.com/pdf/TMTC.pdf

...so I'm sure your wife could sign the cheques instead. But she'll have to be with you when you buy in-store because the first signature is required there (the second is required when she pays them in).

CreditCruncher

Thanks sar050680 & YorkshireBoy.
As the nearest M&S bureau de exchange is quite far from where I live, I am considering ordering the TC's online/by phone.
Wondering whether it is possible to order £500 denominations, if I did it online/by phone?

YorkshireBoy

CreditCruncher wrote: »

Wondering whether it is possible to order £500 denominations, if I did it online/by phone?

Not possible online. Here's the phone number...0800 363 484.

If you do order online (and presumably also by phone?), the £2,500 limit per transaction includes the fee...so the max will be circa £2,450 (if £50 is the smallest denomination you want/they offer).

sar050680

TC's paid into Lloyds today and cleared straight away. Happy days. Good luck CC.