Travellers Cheques, right or wrong?

leaat23

I went out an purchased sterling travellers cheques a couple of weeks ago for my holiday in Corfu in a couple of weeks time, I am now hearing stories about banks/exchanges refusing them due to problems with the Greek banking system, is this true?? Marks and Spencers, Thomas Cook have stopped selling travellers cheques for use in Greece.:(

I'm trying to get in touch with a friend in Corfu, but so far no joy.

I'm thinking of going to the Post Office and changing the cheques for a pre-pay travellers card, is this a wise move?

Thanks for any advice.

peachyprice

Travellers cheques are pretty much obsolete anywhere in the world TBH.

NFH

Traveller's cheques are an extremely costly form of international payment from a bygone age. Unless you want to unnecessarily pay fees and margins for changing or spending money, forget them and move on to a more modern and cost effective method of payment. The Halifax Clarity Card is a good place to start.

fifeken

Fees free TCs (available from Lloyds TSB amongst others) can be cost effective and TCs in general are still widely used in many places.

I can't help with Corfu (so sorry for going off topic) but wanted to point out that the above two statements are incorrect.

catokelly

Traveller Cheques are very difficult to cash in the Euro-zone these days (not just in Greece).

If you already have the Sterling TCs you should not change them at the Post office as I am quite sure they will charge a commission for doing so, you should deposit them in your UK bank account, the bank should treat it as cash and not charge you any extra fee they will usually treat it as a normal cheque deposit.

The Post office prepaid card wont be much good, as their rates/fees are rubbish! Perhaps Travelex cash passport globe in GBP (it used to get good reiviews on here), or just bring Euro cash.

benjus

catokelly wrote: »

Perhaps Travelex cash passport globe in GBP (it used to get good reiviews on here), or just bring Euro cash.

The TravelEx Cash Passport Globe now has higher fees, so we don't recommend it much any more. The Kalixa card is a decent choice, and I think there's another reasonably good option but I can't remember it offhand - have a look at recent posts on the subject.

The best way is to get one of the fee-free debit or credit cards. If you are in or near London, the Metro Bank card can be obtained immediately.

pramodnegi

travel Cheques is right option

benjus

fifeken wrote: »

Fees free TCs (available from Lloyds TSB amongst others) can be cost effective and TCs in general are still widely used in many places.

I can't help with Corfu (so sorry for going off topic) but wanted to point out that the above two statements are incorrect.

That only really applies in countries where all or most ATMs charge you for cash withdrawals, and where you can get a good exchange rate for Sterling TCs - the only example I can think of is Thailand. For the vast majority of countries what the earlier posters said is true.

dzug1

pramodnegi wrote: »

travel Cheques is right option

Why do you say that?

Doshwaster

benjus wrote: »

That only really applies in countries where all or most ATMs charge you for cash withdrawals, and where you can get a good exchange rate for Sterling TCs - the only example I can think of is Thailand. For the vast majority of countries what the earlier posters said is true.

I wouldn't even bother with TCs in Thailand. The machines there may charge but as long you take out a large amount, say £200, each time then the fee is relatively small. Using ATMs is a lot more convenient than having to find a bank that is open.

Heliflyguy

When I used TC's in Thailand they could be exchanged at the booths no need for a bank, the cost was 33 THB each so for £200 in TC'c it would be cheaper than £200 from an ATM if exchanging 2 £100 TC's which I believe is the highest denomination.

IMO they are a lot simpler to use, have a slightly higher exchange rate to cash and have better security than a card for those who like such features.

Personally I take cash.