Commission Free Sterling Travellers Cheques!?

dzug1

benjus wrote: »

Unless you're paying £100 for each £100 worth of Sterling Travellers' Cheques.

But in general, the term "commission free" does annoy me quite a bit, as it is usually meaningless.

You can still find yourself paying commission/charges when cashing them - even in this country if you are not careful.

zagfles

dzug1 wrote: »

You can still find yourself paying commission/charges when cashing them - even in this country if you are not careful.

You can just pay them into your bank account if you have any left over.

bud21

Hi folks,
Firstly thank you to everyone who took the time to post on this topic – it is very interesting to see everyone’s prospective on it!
In particular a big thank you to BENJUS who pointed out that Lloyd’s do provide commission free sterling travellers cheques – that is exactly the information I was looking for and I am sure it will be of use not only to me but to many people who I am sure look around the Internet on this particular topic.
I know a 1.49% transaction charge doesn’t sound much when withdrawing money from ATM machines abroad but over the course of a long holiday all those 1.49’s fees per transaction would soon mount up.
Also just a note to anyone who may be thinking of getting the mentioned Travelex Cash Passport Globe card and using it abroad, I am going to Thailand and around Asia and found that this card isn’t accepted in Thailand, Dubai or Egypt at present, plus I am sure there are others.
I am sure most would agree in this day and age if we can get something for nothing most people would take it. I note in some people’s posts think the fees are justified but I think the banks and bankers have got enough money from us tax payers and if I can get my travellers cheques for free and without paying transaction fees I am delighted with that!
Believe it or not in Thailand I can get a better rate when changing the cheques than I would get for changing cash and that helps with the little fee that is charged for cashing the travellers cheques. A good point was also made about what banks abroad would charge for using those pre-pay cards, that is yet another fee to consider as well as the 1.49% fee per transaction.
I know quite a lot of people from home that still use travellers cheques, the benefits have been highlighted for years but I’d say the paper-based method is a little out of date in this day and age but until clear transaction fees and transparent charges by foreign bank charges are known, I think I’ll continue using the cheques, although it does bug me all that signing and countersigning that needs down to convert them to cash but it is a little price to pay for the service and security provided.
Thank you PolishBigSpender for your balanced view – my thoughts exactly!!
Cheers to everyone who contributed to this and I welcome any more points you have from this post.
Kind regards,
Tony

TakeThis

Andream wrote: »

Some places charge quite alot for taking cash from an atm which if you need alot of cash can add up to quite alot of money, what is the problem with using travellers cheques rather than a card, it is still safer than carrying large amounts of cash, yes they might seem a little old fashion but in certain places they are cashed easily and commission free. It is a personal choice and whichever is best suited to your destination.

Perhaps you can enlighten us....

TakeThis

bud21 wrote: »

Hi folks,
Firstly thank you to everyone who took the time to post on this topic – it is very interesting to see everyone’s prospective on it!
In particular a big thank you to BENJUS who pointed out that Lloyd’s do provide commission free sterling travellers cheques – that is exactly the information I was looking for and I am sure it will be of use not only to me but to many people who I am sure look around the Internet on this particular topic.
I know a 1.49% transaction charge doesn’t sound much when withdrawing money from ATM machines abroad but over the course of a long holiday all those 1.49’s fees per transaction would soon mount up.
Also just a note to anyone who may be thinking of getting the mentioned Travelex Cash Passport Globe card and using it abroad, I am going to Thailand and around Asia and found that this card isn’t accepted in Thailand, Dubai or Egypt at present, plus I am sure there are others.
I am sure most would agree in this day and age if we can get something for nothing most people would take it. I note in some people’s posts think the fees are justified but I think the banks and bankers have got enough money from us tax payers and if I can get my travellers cheques for free and without paying transaction fees I am delighted with that!
Believe it or not in Thailand I can get a better rate when changing the cheques than I would get for changing cash and that helps with the little fee that is charged for cashing the travellers cheques. A good point was also made about what banks abroad would charge for using those pre-pay cards, that is yet another fee to consider as well as the 1.49% fee per transaction.
I know quite a lot of people from home that still use travellers cheques, the benefits have been highlighted for years but I’d say the paper-based method is a little out of date in this day and age but until clear transaction fees and transparent charges by foreign bank charges are known, I think I’ll continue using the cheques, although it does bug me all that signing and countersigning that needs down to convert them to cash but it is a little price to pay for the service and security provided.
Thank you PolishBigSpender for your balanced view – my thoughts exactly!!
Cheers to everyone who contributed to this and I welcome any more points you have from this post.
Kind regards,
Tony

I think that you are still not getting it.

First of all, you have to bank with Lloyds to get the free TCs. Order online, but pick up in branch.
Then when you go to cash them abroad, you are going to lose a lot more than 1.49% on the transaction....apart from in Thailand. Where you may lose only around 1% compared to the Mastercard rate.

As to the ridiculous statement of the Travelex Cash Passport Globe not being accepted in the places you mentioned..... let's just say that it is nonsense. I have no idea why you would post such a thing. I think you simply misunderstood what you read. Read it again.
It is awkward having to look around for an AEON machine in Thailand, so as to avoid the Thai bank's 150 baht withdrawal charge.

So it makes cash and TCs in general a more cost effective method of exchange, but only in Thailand. In all other places, the Travelex Cash Passport Globe would come out on top.

Fees and transaction charges are known and published daily. I don't know why you are suggesting that they are not transparent. You can check the VISA/Mastercard exchange rates at will.

So in conclusion, grab the Lloyds TCs if you are able to open an account with them, but consider the TCPG (or Kalixa if you intend to make a fair few purchases) for the other countries.

benjus

TakeThis wrote: »

First of all, you have to bank with Lloyds to get the free TCs. Order online, but pick up in branch.

Do you have anything to back that statement up with? You can order over the phone, which does not mention having to be a Lloyds customer.

The only things I can see on the website regarding non-Lloyds customers are:

Visit any Lloyds TSB branch to order and collect your Travel Money.
If you don’t have a Lloyds TSB current account or savings account, simply bring proof of identity.

Customers who do not hold a Lloyds TSB current/savings/business account, credit card or loan will be charged 1.5% commission (minimum £3) on buy-backs of foreign currency travellers cheques.

Neither of which are relevant to the question here.

CHACHACHA

TakeThis wrote: »

I think that you are still not getting it.

First of all, you have to bank with Lloyds to get the free TCs. Order online, but pick up in branch.
Then when you go to cash them abroad, you are going to lose a lot more than 1.49% on the transaction....apart from in Thailand. Where you may lose only around 1% compared to the Mastercard rate.

As to the ridiculous statement of the Travelex Cash Passport Globe not being accepted in the places you mentioned..... let's just say that it is nonsense. I have no idea why you would post such a thing. I think you simply misunderstood what you read. Read it again.
It is awkward having to look around for an AEON machine in Thailand, so as to avoid the Thai bank's 150 baht withdrawal charge.

So it makes cash and TCs in general a more cost effective method of exchange, but only in Thailand. In all other places, the Travelex Cash Passport Globe would come out on top.

Fees and transaction charges are known and published daily. I don't know why you are suggesting that they are not transparent. You can check the VISA/Mastercard exchange rates at will.

So in conclusion, grab the Lloyds TCs if you are able to open an account with them, but consider the TCPG (or Kalixa if you intend to make a fair few purchases) for the other countries.

TAKETHIS.... I reckon you are the guy who is obsessed with Travelex's Cash Passport Globe and I am sure you used to have the username STILLTHEONE, both of your usernames are constantly pushing this product and seem quite rude sometimes!

zagfles

CHACHACHA wrote: »

TAKETHIS.... I reckon you are the guy who is obsessed with Travelex's Cash Passport Globe and I am sure you used to have the username STILLTHEONE, both of your usernames are constantly pushing this product and seem quite rude sometimes!

:rotfl:Yes I don't think you need to be Sherlock Holmes to work that one out. I see "stilltheone" was PPR'ed in August and TakeThis joined... guess when?

Wonder if he was PPR'ed for his constant pushing of this card or his general obnoxiousness? It was never the best option for foreign currency and now isn't even the best pre-paid card, the Kalixa card is better value.

TakeThis

CHACHACHA wrote: »

TAKETHIS.... I reckon you are the guy who is obsessed with Travelex's Cash Passport Globe and I am sure you used to have the username STILLTHEONE, both of your usernames are constantly pushing this product and seem quite rude sometimes!

Four useless posts since Oct 2010? I don't think that you are in the position to comment at all.

TakeThis

benjus wrote: »

Do you have anything to back that statement up with? You can order over the phone, which does not mention having to be a Lloyds customer.

The only things I can see on the website regarding non-Lloyds customers are:





Neither of which are relevant to the question here.

You have to be Lloyds customer or pay 1.5%. If you need further proof you can call them yourself. Not sure what else I can tell you.