Travellers Cheques - Beware!

betty_boob_2

My family and I have just had a great two week all inclusive holiday in the Dominican Republic, having never been there before. I booked it through Thomas Cook and got a good deal. When it came to changing our currency I went into the shop and asked for US Dollars as they were the best rate over Dominican Pesos. Lady advised me to take some dollars but also dollar travellers cheques as, to quote her "You never know and let's face it you won't lose out, we don't charge commission". First day there rep asked if we wanted to go on trips - we booked some but, not knowing we didn't really need a lot of cash, my husband worried we might run out, paid on credit card after rep said "No I don't charge anything for paying by credit card". On return we had all the travellers cheques left ($750). Went to cash in at TCook - buy back rate meant losing nearly £40!! To rub salt into wound Barclaycard have charged us £13.50 commission for paying by credit card!! BEWARE, THEY GET YOU ALL WAYS!! Anyone suggest what to do now??

ShockingPink

Unfortunately, there isn't anything you can do - travel money is always sold for more than you can sell it back. For future reference, check out Martin's guide to spending abroad: http://www.moneysavingexpert.com/cards/cheaper-spending-overseas
Usually best to take a bit of cash to tide you over and then use commision-free debit card such as Nationwide or credit card (Nationwide or Post Office) for spending while you're away. Never withdraw cash with a credit card though!

melancholly

it's such a shame - but i don't think any of that is surprising.... they may not charge commission on travellers cheques, but the buy back exchange rate is always really bad.

for any future trips abroad, it's worth getting an account with nationwide as they don't charge these extra fees. unfortunately i don't think there is anything you can do, but have a read of this article as it will save you money in the future. having $750 left over travellers cheques is a lot..... and losing £40 probably isn't as bad as it could have been.

http://www.moneysavingexpert.com/cards/cheaper-spending-overseas

melancholly

hehehe - i'm too slow!