T Cheq. Question HELP NEEDED

hsvqbutr

Hi All
Question time:

We have been trying to buy travellers cheques online from the likes of Tesco and Saga.

I need to buy £2000 worth of Canadian TC's split 50/50 between me and my wife. Tesco say yes this is possible as the TC's they send out are blank and we just need to sign them. BUT........ When we go to cash them in we must take with us our transaction receipt to show to cashier as proof of ownership etc. I think this is totally daft as the transaction reciept is the proof that i purchased them and had all the TC's numbers etc. surly this would be a thiefs goldmine TC's and proof of ownership.

As for Saga. we were told that we would need to make our own purchases to get them in each others name. so two transactions and twice the cash advance fee for using a debit card. Sneeky or what.

Can anyone offer advice on the above, am i barking up a wrong tree and expecting too much from a currency exchange provider.

Cheers
Gary

dzug

Why pay 5% or so to get travellers cheques when you can use debit cards to get cash and credit cards to spend? Almost invariably at a lower cost.

As for the transaction record, well that's another reason for not buying them.

Unless you want to pay over the odds for security TCs are a waste of time.

jonesMUFCforever

I work in a bank and certainly when cashing T/C's we do not want to see your original receipt but we would want to see photo id.

Voyager2002

Back in the days when I used T/Cs, it was not at all usual to show the purchase receipt when cashing them, but it did happen sometimes.

In the event of loss/theft, the purchase receipt is needed in order to get a replacement. So if your wife (say) wanted some stolen cheques replaced, but the receipt showed that you were the owner, you might have problems.

richardw

They have cash machines in Canada, you can stick your card in one like you do in the UK, why do you want to bother with traveller's cheques?

hsvqbutr

We want TC's as we cant be assed to find a hole in the wall to get cash out every few days. TC's represented good value as commision free and easy to use (but hard to get).

I cant see the point in getting stung with a charge every time i buy something with a credit card and getting chared to get cash out of a hole in the wall.

Cheers
Gary
PS we are driving accross Canada.

dzug

hsvqbutr wrote: »

We want TC's as we cant be assed to find a hole in the wall to get cash out every few days. TC's represented good value as commision free and easy to use (but hard to get).

I cant see the point in getting stung with a charge every time i buy something with a credit card and getting chared to get cash out of a hole in the wall.

Cheers
Gary
PS we are driving accross Canada.

But they are NOT commission free. They claim to be but they are not. They have a loading (ie another word for commission) of 5% (in most places, some are a little better, some are a little worse) built into the exchange rate when you buy them, and a further similar or larger loading (8% is common eg Post Office) if you bring any home and cash them in.

If you use a credit card you will be charged a 2.75% (on most cards) loading on the exchange rate. Full stop.

If you use a debit card in a hole in the wall most cards have a 2.75% exchange rate loading and some have a 1.5% (or even 2%) fee as well.

Neither of those adds up to 5% - not far off for the worst ATM cards admittedly, but a credit card for purchases comes no-where near it. And less left over to change back at a loss when you get home.

M4RKM

ATM's in the US and Canada are EVERYWHERE.. you'll find one at every gas station you stop at, on literally many street corners in towns and cities...
McDonalds always seem to have one inside too!!!! it really won't be a hunt to find one....

dzug

markymoo wrote: »

ATM's in the US and Canada are EVERYWHERE.. you'll find one at every gas station you stop at, on literally many street corners in towns and cities...
McDonalds always seem to have one inside too!!!! it really won't be a hunt to find one....

But remember the ones in gas stations, etc, (as here) may make a 'small' charge of their own on top of what your bank charges.

richardw

hsvqbutr wrote: »

We want TC's as we cant be assed to find a hole in the wall to get cash out every few days. TC's represented good value as commision free and easy to use (but hard to get).

I cant see the point in getting stung with a charge every time i buy something with a credit card and getting chared to get cash out of a hole in the wall.

Cheers
Gary
PS we are driving accross Canada.

Have you actually done a real and true comparison of the two alternatives, from actual sources? or are you just making assumptions?

hsvqbutr

Im just making asumptions. i always thought/believe that i would be charged more by using a credit/debit card.

must admit it never entered my head to use them either, Ive always been taught that TC's are safe and easy and they they were commision free.

1 question though. How can it be a better exchange rate by using a hole in the wall, as the rate is set when the conversion is made in the UK.

AND. thank you for all of you who have replied and helped or thrown spanner in works and given me more to think about. No. HONESTLY THANK YOU.

Gary