travellers cheques

[Immortal298]

can anyone tell me how travellers cheques work?  i'm 22 and i realise its quite sad that i dont know, but i've never been abroad before.  i'm going to new york in october and i have no idea if i shud take cash or travellers cheques or what.  can anyone help?

[scubadiver]

With regards to what you should take, in my opinion, if you have a bank account, why not take a small amount of dollars and then use "hole in the wall" dispensers as you would in this country.

[Fitzer]

Travellers cheques are extremely simple once you know how. You buy them from your bank or other outlet as you would foreign currency, they have two places for your signature on them, you should then sign every one of them once in front of the person selling them. When you go to cash them or purchase something with them you should then sign them again in front of the vendor, they compare the signatures and your id (usually your passport) and bobs your uncle. Take photocopies of the cheques or make a note of the serial numbers in case of loss or theft. In most places in the USA travellers cheques (esp. American Express) are taken like cash (you'll get your change back in dollars).

The ATM idea is ok as long as you know what charges you will incur alongside the FX fees and so on.

I would say that your best bet would be say $100 dollars in small bills (1s, 5s & 10s) and the rest in Travellers cheques.

[Immortal298]

thanks for your help people, think i'll go with the $100 dollars in cash and the rest in travellers cheques idea.  thank you.

[blueeyedlass]

can i just say this "youve never been abroad and the very first time you go you are away to new york?? how bloody lucky are you !!!

[Immortal298]

not really very lucky.  determined.  and i'm living on baked beans and pasta til october.

[blueeyedlass]

well im sure it will be worth it.im planning on going in september and i cant wait. hope you have an exellent time.x

[morg_monster]

wow this is the 3rd posting I've answered this to: but if you are going to take cash out of an ATM you might like to think about getting a nationwide current account as they don't charge anything and still have good exchange rates.

[The Gambler]

In americah travellers cheques are widely accepted instead of cash - most shops and restaurants will take them (many without even checking your passport) although they do check your signature. Make sure you keep a list of your serial numbers in a separate place from your cheques in case you have to report them missing/stolen.