Traveler's Cheques - How Do They Work?

[potterfan3]

How do Traveler's cheques work? If I go to a country with £1000 worth of traveller's cheques will I get £1000 worth of the local currency when I exchange, or can I choose to only take some of the money and leave the rest in traveller's cheque form?

Are there any other ways to take lots of money abroad safely?

[Bazile]

You'll get money in the currency of the country , based on the exchange rates , being offered where you change it .

[ChuckFickens]

IF you had £1000 worth of travellers cheques then you'd have something like 10 x £100 cheques, or 20 x £50 cheques, you could exchange as many or as few of them at a time as you wished and keep the rest as travellers cheques.

Personally, I wouldn't bother using them unless you can get them in the local currency of the place you are going though (i.e. taking dollar travel cheques to the USA is OK, taking UKP cheques to the USA would be a pain!)

these days it's probably easier just to use a debit or credit card while aboard to make cash withdrawals from a local cash point.

[Old_Geezer]

You may get the cheques in the currency you wish, and you get the local equivilent at the rate you present them at the bank to be cashed. You cash as many as you wish at the time. Leave whatever you wish until later.

You can take a credit or debit card. Can be expensive. Aside from that there must be ways to transfer money. But I find some cash in hand plus a wallet of travellers' cheques a decent bet.

[factor-fiction]

If you take cheques in denominatons of say £100 you can cash them one at a time if you wish

[Bazile]

// If you take cheques in denominatons of say £100 you can cash them one at a time if you wish //

You may have to pay a fee , each time you cash each cheque

[ChuckFickens]

"You may have to pay a fee , each time you cash each cheque"

Generally not if they are in the local currency, then they are pretty much treated as cash.

[sidkid]

I used to travel extensively in the States and always used Dollar TCs. A couple of downsides were that some establishments wouldn't take them and others would ask to see a passport. (I find it makes sense to lock away your passport when abroad - if you can) Those issues aside I found it a good way to take funds to the US.

[ChuckFickens]

"others would ask to see a passport"

They might ask to see photo ID.... a photo driving license is fine (I speak from experience from 4 days ago)

[Bazile]

Yes chuck - but the factor- fiction did say £ 100

[Bazile]

I dont know where you are going potterfan3 , but should it be by any chance Florida , some resorts treat USD travellers cheques , as cash .

[sidkid]

I was asked for my passport and only a passport many times.

[ChuckFickens]

Fair point... as I said earlier I would never use them unless you can take them in the local currency, taking them in another currency is asking for problems.

[boxtops]

Depends where you're going, but we never take t/cheques or anything like that, we just take a debit card and take the money out of a hole in the wall when we get there.

[spudqueen]

I found US$ travellers cheques really useful in Florida. I would pay for a bill, which was eg $70 with a $100 travellers cheque and get $30 change, in cash! Travellers cheques aren't as popular as they used to be though, more and more people use either debit cards or the pre-loaded currency cards, so you may find that you would have to cash them at a bank rather than spend them in shops. Depending on where you are going of course.

[dzug2]

Whilst cashing USD TCs in the US you will not normally be charged a fee, cashing local currency ones in other countries (eg euros in euroland) there's a high chance you will be

And you might find it difficult to avoid a fee when changing back