Travellers Cheques? Are they still used.

swingaloo

Im going to the USA in a months time and want to take approx. £5000 in spending money.

When I collected my tickets from Thompson Holidays they were trying to get me to take one of their money cards.

When I last went I took a certain amount in dollars and they rest in Thomas Cook travellers cheques. Do these still get used or are they a thing of the past now the money cards are around.

I don't know why but for some reason Im wary about the money cards.

Having had bad credit problems in the past I only have a £400 credit limit on my credit card which is paid up to date. Would I be better off ringing the credit card company and asking if we could load about 4000 onto the card and using that whilst away or is that not a good idea?

Sorry to sound clueless but its so long since we last went -about 14 years- and it was just travellers cheques then.

PeacefulWaters

Travellers cheques live on, but tend to have lower acceptance in the past and often gain poor exchange rates / high commissions that work against you.

In your shoes my approach would be to try to:

1. Get a credit limit increase on your existing card.

2. Apply for a Halifax Clarity credit card.

Use (2) as main card with (1) as back up. Look to use online banking to clear any balances quickly, to minimise interest charges. Minimise cash withdrawals too.

If you're unsuccessful, which with an iffy credit history you may be, get hold of a FairFx prepaid card and load the cash to this. Check out the fees first to make sure you load and use in the most cost effective way.

Me? I'd never use travellers cheques again.

This would be a good link to read:
http://www.moneysavingexpert.com/travel/cheap-travel-money

ATM withdrawals in the USA usually have a flat fee too, in addition to fees charged by your card issuer. So if you're in New York State find out where the nearest TD Bank ATM is (Google Maps) as they don't charge. If there isn't one, fewer large withdrawals will be cheaper than multiple small ones.

Wammer

It's against the T&Cs to load a credit card so that's a non-starter even if they agreed to increase your limit.

I think it depends where you are going in the US. I used travellers cheques there a couple of years ago, but not recently. I have read that they are no longer widely accepted.

I would suggests getting more than one pre-paid card and from more than one provider for that amount of money. Thomas Cook cards are normally poor value. Check the Travel link at the top of the forum as I think there is a link to getting a Fairfx card free.

swingaloo

Thank you for the advice, much appreciated.