Post Office Travel Money Card or Travelers Cheques

pcstiby

I am heading to the states and looking at how I can keep a large portion of my cash portable and secure. Carrying the full amount of cash for the 23 day trip would be irresponsible of me, and using credit cards could be exspensive for all the complicated charges etc...

This left me with Travellers Cheques and or Post Office Travel Money Card.

I guess currently my deciding factors are based on the answers to the following questions:

How accessible is the cash? i.e. places were travelers chques can be cashed in major city's, how popular are VISA cashing ATMs?

Whats the cost of cashing in? i.e. Is there a commission charge on cashing US doller traveler cheques in the US, what would an ATM in the states charge me for widthdrawing money using a VISA (additional to the £2 charge from the P.O.)?

If you havn't seen the Travel Money Card here is a link
http://www.postoffice.co.uk/portal/po/jump1?catId=19300207&mediaId=26800661

Are there alternatives I havn't considered?

Vampgirl

In most countries I wouldn't bother with travellers cheques, I would simply use my UK ATM card (not credit card!) in the machines over there: the charges really don't amount to much and they're counter-balanced by the good exchange rate you get. In my experience ATMs are as widely available as they are in the UK.

However the US is slightly different and if you don't want to use the ATMs then definately take US$ travellers cheques: they are accepted in shops just as cash would be, and are much simpler to use than in other countries.

vikingaero

When you pay with $ travellers cheques in the US you get change too.

alanrowell

In the US trying to use anything but USD cheques is virtually impossible - and it's probably a good idea to ensure they are issued by American Express.

But best option is a Nationwide Flexaccount debit card as recommended by Martin.

as for the travelcards - have a serious look at the fees. The ones in my experience have charges that make using TCs a good idea

dzug

The Post Office is currently (and for a limited period) offering currency travelcards with no initial fee. For how long I've no idea.

The fee for TCs will be more expensive than using a credit card (for purchases - not cash)

Pashadan

I got one of the Post Office's Travel Money Cards yesterday (in US Dollars) and they're definitely not charging a purchase charge at the moment (I think it's £10 normally) so the cards are free. It might be a special offer on or something, I don't know. It was a bit of an impulse, pushed on me by the Post Office lady, who said the rate you get is the Travellers Cheque rate, which is better value than the cash exchange rate. I might put most of our holiday money on it - it should be easier than carting travellers cheques about everywhere, shouldn't it? Also, I reckon that it will be cheaper than using my debit card as the money is already in Dollars so I don't have to keep worrying about currency conversions/exchange rates and stuff. The only question I have: most US ATMs accept Visa cards don't they?

alanrowell

Pashadan wrote: »

Also, I reckon that it will be cheaper than using my debit card as the money is already in Dollars so I don't have to keep worrying about currency conversions/exchange rates and stuff.

I'm sorry but that is not logical, by accepting this card you've ensured that you get a rate worse than that for using your Credit & Debit cards PLUS you'll pay fees for each transaction on it. HOW - unless the USD suddenly gains massively against the GBP - can you say it's cheaper?

newmum1

would it not be better to take £ travellers cheques then you can find the outlet with the best exchange rate, or simple just use your debit card, my only prob with that would be if it is the same acc that yr bills come out of check the dates so that something doesn't come out of your acc while away and leave you short.

dzug

Pashadan wrote: »

I got one of the Post Office's Travel Money Cards yesterday (in US Dollars) and they're definitely not charging a purchase charge at the moment (I think it's £10 normally) so the cards are free. It might be a special offer on or something, I don't know. It was a bit of an impulse, pushed on me by the Post Office lady, who said the rate you get is the Travellers Cheque rate, which is better value than the cash exchange rate. I might put most of our holiday money on it - it should be easier than carting travellers cheques about everywhere, shouldn't it? Also, I reckon that it will be cheaper than using my debit card as the money is already in Dollars so I don't have to keep worrying about currency conversions/exchange rates and stuff. The only question I have: most US ATMs accept Visa cards don't they?

The waiver of the £10 fee is a special offer that may be withdrawn without notice.

And whilst you may get the travellers cheque rate, it's really no big deal - it's a few tenths of a cent at most better than the cash rate.