Travellers Cheques, right or wrong?

antenna

Heliflyguy wrote: »

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.

Travellers Cheques have a slightly higher exchange rate than cash? I find that SO hard to believe.......what is the commision charged on tc's compared to the rate on cash,and i dont mean in the hotel,but if you shop around?

Heliflyguy

From personal experience and do you also find it SO hard to use Google...

http://www.tripadvisor.co.uk/Travel-g293915-s601/Thailand:Banks.And.Money.html

Travelers Cheques
If you prefer the security offered by Travellers cheques, then take them in your home currency if available. i.e. If you are from Britain, do not get USD cheques or you will lose money on that exchange before you have even started. In some cases there is a fee to buy travellers cheques.

When you exchange Travellers Cheques in Thailand there is a mandatory 33 baht fee per cheque (incl. the 3 baht government duty).
To minimise this 33 baht fee it is wise to get your cheques in larger denominations (i.e. fewer exchanges).
T/Cs actually get a marginally better exchange rate than cash, which will help offset part of the fee.
When cashing T/Cs you will be required to present your ID (i.e. Passport).
T/Cs provide improved security for you, as they can be replaced if lost/stolen.

NiftyDigits

antenna wrote: »

Travellers Cheques have a slightly higher exchange rate than cash? I find that SO hard to believe.......what is the commision charged on tc's compared to the rate on cash,and i dont mean in the hotel,but if you shop around?

See here Sight Bill = TC.

antenna

If i changed up £100 in uk cash for thai baht i would walk away with more baht than if i changed up £100 in uk travellers cheques......is this right or wrong?

photome

dzug1 wrote: »

Why do you say that?

I suspect spam

fifeken

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.

Agree. Just wanted to make sure the OP had all the facts.

antenna wrote: »

If i changed up £100 in uk cash for thai baht i would walk away with more baht than if i changed up £100 in uk travellers cheques......is this right or wrong?

For £100 you're probably right as the increased rate is roughly about 0.2 baht so the fee (33 baht) outweighs this. You'd need to exchange roughly £200 to be better off with TCs.

Bri1

Travellers cheques are outdated & not many places will take them foreign banks will make a charge, so I wouldn't bother, get a clarity Halifax card & take a bit of foreign currency with you easiest & cheapest way