Sterling Travellers cheques.

krankie_frankie

I'm after buying a load for my holiday as I will get a great exchange rate for sterling where I am going.

Only thing is that everywhere I look places want 1.5% commission to purchase sterling travellers cheques here in the UK

Any ideas how to beat this, or as I suspect, it's just the way it is with sterling

stilltheone

If you are with Lloyds Bank.

catokelly

Thomas Exchange www.thomasexchange.co.uk charge 1% for Sterling Traveller Cheques (American Express). They have 2 London offices, and also offer a next day post service if you are outside London.

There is no way to avoid the charge as American Express charge these companies a fee to issue the Cheques, which the company has to pass on to the customer.

However, a benefit of the Sterling Traveller Cheques is that if you have any leftover £ traveller cheques from your holiday, you can pay them into your UK bank account and the bank will treat them as cash (with no fee) unlike when you return unused currency and there is a different buyback rate.

Which country are you going to?

krankie_frankie

Thank you catokelly.

I am going to Seychelles. My friend who lives there told me I would get a much better exchange rate if I changed my sterling up in Seychelles.

Seeing I am going for 1 month, I obviously don't like the idea of taking a months worth of spending money with me in cash form. So Travellers cheques seem the way to go.

stilltheone

Lloyds TSB

(There is also no commission charge when buying American Express® Sterling Travellers Cheques...

MME_2

You didn't finish the quote. There is no charge if you order over the phone but there is in branch. Obviously you have to be a customer as well.

catokelly

This is what I just read on the lloyds link you just posted:

0% commission when you buy foreign currency banknotes and non-Sterling American Express® Travellers Cheques. (There is also no commission charge when buying Sterling Travellers Cheques over the phone but in a branch you will be charged 1.5% commission - minimum £3.)

It also looks like you have to be a Lloyds account holder to avail of the service, if Krankie_Frankie is a Lloyds Account holder, she should ensure she orders the Traveller cheques by phone as specified in the link as otherwise the 1.5% charge applies.

catokelly

krankie_frankie wrote: »

Thank you catokelly.

I am going to Seychelles. My friend who lives there told me I would get a much better exchange rate if I changed my sterling up in Seychelles.

Seeing I am going for 1 month, I obviously don't like the idea of taking a months worth of spending money with me in cash form. So Travellers cheques seem the way to go.

Yes I would think that Sterling is the best to take to Seychelles as it is difficult to get the Seychelles Rupee currency over here and you will get better value for the Sterling out there.

Enjoy!

stilltheone

catokelly wrote: »

This is what I just read on the lloyds link you just posted:

0% commission when you buy foreign currency banknotes and non-Sterling American Express® Travellers Cheques. (There is also no commission charge when buying Sterling Travellers Cheques over the phone but in a branch you will be charged 1.5% commission - minimum £3.)

It also looks like you have to be a Lloyds account holder to avail of the service, if Krankie_Frankie is a Lloyds Account holder, she should ensure she orders the Traveller cheques by phone as specified in the link as otherwise the 1.5% charge applies.

I already wrote that in post #2...
I expect that anyone clicking on the link provided will be able to read that they have to order them via the telephone.

krankie_frankie

I'm not a llyods bank customer unfortunately.