travellers cheques

[rayb]

Hi all not debt related but want to pick your brains. I am off to Majorca with the missus and kids in 4 weeks and need to know are you better off with sterling or euro travellers cheques???

I have no clue so any help would be appreciated

[kallis3]

Hi Ray, personally I would say take Eurotravellers cheques.

[rayb]

Hi Kallis3,

What is the real difference between the 2?? Do you get stuffed on commission here or abroad

Thanks

[steve532]

Euro travellers cheques definatly, Read my thread reference the Post Office Travel Money Card!!! stear well clear of that!!!!

Enjoy your holiday

[rayb]

Cheers Steve

[kallis3]

Hi Ray,

Don't know whether it has changed since I last went to Europe (I have a vague memory!!!!), but we did take sterling cheques once instead of francs (told you it was a long time ago!), and we had to pay commission on our transactions, plus we were reliant on the exchange rate at the time and had to shop around for the best deal.

When we took travellers cheques in the local currency we didn't have to pay commission and of course we could exchange them anywhere. You can even use them in restaurants and places like a normal cheque.

[rayb]

Thanks Jan. Me thinks I will go with the euro travellers cheques will just have to find out if I bring any back how much I will lose converting them back

[kallis3]

I suppose that would depend on the exchange rate at the time. A lot of places won't charge you commission if you change them back at the same place.

[size5]

I dropped a right clanger this year. Last year I went to America and took dollar travellers cheques which were taken everywhere, in effect, as bank notes. Got a good exchange rate when I bought them as well.

This year, I was behind the clock with getting everything sorted so was rushing around last minute (typical bloke) and got sterling travellers cheques without thinking.. Not only did I have to traipse round to find exchanges, but the exchange rate I got there was rubbish, $1.75. Over here I could have got $2.00 or thereabouts, so I would agree that Euros are probably best to take. There are also places that will change them back commission free if you shop around.

Regards.

[rayb]

Thanks for that. Will definitely take euros and then hopefully find somewhere here that will have them back commission free. I heard M & S are supposed to be quite good

[size5]

That's where I get mine, and they will take back unused travellers cheques commission free. The only risk is that the exchange rate may have gone down but I don't think you would lose a lot even so.

Regards.

[pbeck]

Your best bet is to open an account with Nationwide and get a cashcard from them. Middle market forex rates and no commission or ATM charges at all.

[butterflies]

Hi Philip does Nationwide accept people in IVA's to open bank accounts?

Blue

[rayb]

Philip,

I have just the basic cash card only. Can you use this abroad??? I did not qualify for the flex account obviously due to the IVA

[chris.g]

I have an Electron and that can be used abroad, basically anywhere that displays the 'Link' logo. There are charges for it though and this can run up to be quite a bit if your using it quite a lot