How do Traveller's Cheques work please?

cpu

I thought TC were used like normal cheques, i.e. if you were in a restaurant you handed over a TC which you signed in front of the person you were paying and they gave you change in dollars for example. (We're going to America.)

Someone has just told me to buy TC's here and exchange them all for dollars when we arrive in the USA or when we need to access more cash. Is this right?

Do most of you (who don't use plastic) just take currency or do you use TC's too. If so, what mix do you tend to take? (50/50, 60/40 etc etc.)

I don't know what we'd be best buying.

I'd prefer not to use plastic as my credit cards are being juggled as it is and I don't want to apply for a Nationwide card as I will be applying for a new mortgage shortly and I don't need anymore searches or available debt on the go.

Thanks in advance if you can advise me.

sad_gills_fan

As far as I know, they are exactly like cheques. It's only a pain as you have to carry your passport with you to 'spend' them.
Your friends advice of cashing them when you get there sounds ok .. you'd just have loads of cash hanging around though which may not be wise.

If you were willing to pay a loading fee (don't quote me on that), you could always get a TC card .. it's not a credit card .. you put money on it, almost like a card for your gas/electric etc. I believe there is a small charge for using it though but it may be safer than taking so much cash or TC's.

Can understand not getting a search on your name so it may be worth checking the charges that your current accounts would charge for using abroad? Just a thought.

Have a great time, I'm soooo jealous. If you're going to Disney, don't miss Islands of Adventure.

Bokken_2

American Express travellers cheques are the best if you don't want to use a credit card and incur charges etc.
When you buy them the exchange should provide a detailed reciept of the cheques and all the numbers for you keep this safely in your wallet incase the luggage goes missing.That way you will have all the numbers of the cheques so American Express can cancel them and re -issue you your holiday money.For us this is the most important factor,even if your cheques are lost or stolen your get replacement cheques and your holiday carries on uninterupted.
You are right you can use them just about anywhere hand over a $50 -$100 buy what you need and the store will give you the difference in change.
If you need the cash be careful to only say spend a small amount on goods $5 and get $95 change .If you are going to Universal/Disney take a $200 or more for the day,if you are going to say Gatorland/Wet and Wild you won't need so much but it is upto you.
Have a great trip.
Hope this helps.

cpu

Thanks for the advice. One more (stupid I expect ) question......if we had a $100 dollar TC for arguments sake, and we took it to somewhere that exchanged them, would we get $100 dollars cash for it or would we get charged some sort of fee and so would get a little less than $100 dollars back?

Voyager2002

cpu wrote:

Thanks for the advice. One more (stupid I expect ) question......if we had a $100 dollar TC for arguments sake, and we took it to somewhere that exchanged them, would we get $100 dollars cash for it or would we get charged some sort of fee and so would get a little less than $100 dollars back?

Assuming you change it in the USA, you should get your full 100 dollars. But of course some places may try to make extra money out of you.

Note that in the USA it is quite usual to spend travellers' cheques in shops, restaurants and so forth and get the change back in cash. Or even a friendly McDonalds may be willing to give you cash for your TC. There is no sense changing lots of money from cheques into cash, since if you lose the cheques you get them replaced but lost cash is gone for ever.

june1970_2

they are so easy to use in the USA as you just use them like cash, i have photo copied my passport and laminated it so i have it in my purse as in the USA they almost always ask for id if you are buy alcohol.

I have never ever been charged to change the travelers cheques.

cpu

Thank you. Off to order them now then.

grahalex

I picked my travellers cheques the other day, signed them where I was told to and went home.Wife, who works in a bank said I had signed in wrong place, bottom left, they are Visa cheques.They have only been signed once but in place where you are supposed to countersign.Will I have a problem using these cheques and should I ask for replacements ?Only a few days left to hols.

Call_Centre_Guru

Have a look at the American Express Travellers Cheque card details are on their site or at all travel agents. Used it last year in Vegas much easier than TC's as you can take cash out from any hole in the wall machine plus you can use it in stores. Because you are preloading cash to the card in the UK it does not need any personal checks to be made to get one and it's really as good as a credit card for convience, clearly you can only spend what you load to the card but you can get your money back in the uk from any cash machine if you underspend. Last year some travel agents offered special offers if you took the card so shop around as well.