Travellers Cheques

[Herbie]

Do people still use travellers cheques when abroad these days? I'm planning a fortnights tour in France this summer....first venture on the continent since the 80's....back then we used travellers cheques ....are they still popular? or is that a daft question?

 

[slowmotion]

I have not used them for fifteen years, but it's not a daft question at all. If you have an ATM card that works in the UK, you will almost certainly be able to go to an ATM abroad and get out cash. If you have a credit card that works here, it will probably work as well in shops etc. It's worthwhile phoning your bank/credit card company to alert them to the fact that you will be away, otherwise their daft systems might notice a strange transaction and block payment. It's always a good idea to get some of the local currency in the UK before you travel. The Post Office is good for that. Make a note of your bank/credit card peoples' phone number so you can phone them if you have problems when away.
Have a great holiday.

 

[snorri]

Slomo's advice is good!
I have only used Travellers Cheques once and that was in 1986, they might be good for travel in some obscure places in the world but for travel in Europe the credit or debit card will do the job.

 

[Brandane]

There may be quite hefty charges made by your bank for using your credit/debit card to get cash abroad.
I have found cash passport the best way to get round the problem. Available from Sainsburys main branches, you top it up before you leave home (or by internet banking wherever you are in the world) then use it like a debit card. There are still charges, but less than the banks.

 

[ufkacbln]

Speak to your bank and find out what they offer.

It can vary from charges to convert to service charges for the use of that ATM. It can be cheaper to use the debit card for purchases and have a small cash reserve for other expenses

Credit cards will always have an additional handling fee for cash withdrawals..



... and don't forget to let your bank know you are abroad, friends of ours had theirs cancelled as there were a number of "atypical expenditures" and the bank was susspicious, could not contact them, so stopped the cards!

 

[Turbo Rider]

I have used them, yes, though only to hold currency rates when things seemed to be going in the wrong direction - don't like walking around with too much cash on me. Otherwise, ATM / card will be fine.

 

[robjh]

If using ATMs abroad then try to withdraw the maximum amount allowed each time, and keep the number of withdrawals down, as there is often a hefty fixed charge for each use. Charges vary by ATM provider and your bank's policies and exchange rates, but I generally reckon on about paying about 5% for most cash obtained abroad.

As for travellers' cheques I last used them 10 years ago in China, but they were feeling pretty archaic even then.

 

[Cycling Naturalist]

Notifying your bank is sound advice if you don't regularly travel. I gave up notifying mine, when someone laughed and said that the computer had me logged for "annual skiing holiday and skiing related purchases."

 

[pplpilot]

My job involves a lot of European travel. I have a Halifax Credit card that has Zero charge worldwide including ATM and Purchases. Check one of the online comparison sites for the best ones.

 

[4F]

Like Brandane above I use a Cash passport.

 

[Herbie]

I have not used them for fifteen years, but it's not a daft question at all. If you have an ATM card that works in the UK, you will almost certainly be able to go to an ATM abroad and get out cash. If you have a credit card that works here, it will probably work as well in shops etc. It's worthwhile phoning your bank/credit card company to alert them to the fact that you will be away, otherwise their daft systems might notice a strange transaction and block payment. It's always a good idea to get some of the local currency in the UK before you travel. The Post Office is good for that. Make a note of your bank/credit card peoples' phone number so you can phone them if you have problems when away.
Have a great holiday.

Thanks for that info...the Cash Passport thing sounds ideal

 

[slowmotion]

Thanks for that info...the Cash Passport thing sounds ideal

Have a look at a Caxton card too. My daughter used one when she went travelling in the Far East. You load it up from your bank account and get fee-free cash withdrawals when abroard. It also acts as a credit card. If you are thinking about getting a pre-paid currency card, check the exchange rates that they give you. Caxton is one of the better ones.

 

[Arrowfoot]

My job involves a lot of European travel. I have a Halifax Credit card that has Zero charge worldwide including ATM and Purchases. Check one of the online comparison sites for the best ones.

Have checked all Halifax Credit Card product online and they all have cash withdrawal interest charges ranging from 12% to 25%. I think you are referring to the service fee just for making cash withdrawals. Most banks stopped using this fee as it appears as a separate item on the statement, They instead hike th interest portion as it then buried in the interest charges.

Bank incur cost when they convert currencies and they also need to cover any adverse fx movement so they need to build a buffer in the rates.

 

[TheDoctor]

I just use ATMs with a debit card, and buy stuff with a credit card.
But always get cash out in one big lump.

 

[slowwww]

I use a pre-pay FairFX card. It's a Mastercard and so you can use it in shops, restaurants etc, but you can also stick it in an ATM and pay zero charges for cash withdrawals. And their exchange rate is invariably way better than the rate you'll pay on your standard UK bank card.