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Post by Libby on Oct 1, 2004 20:42:58 GMT -5
If I were to cash them at a bank, in the UK..approx what would it cost me?
Any ideas?
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Post by WillTravel on Oct 1, 2004 20:43:43 GMT -5
Rates vary, but count on a minimum of 5% if you are lucky.
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Post by Libby on Oct 1, 2004 20:44:38 GMT -5
Man, you are fast! 5% at a bank? Wow...had no idea it would be that high.
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Post by WillTravel on Oct 1, 2004 20:47:53 GMT -5
That's what I've read. Since I've never done this, it's probably best to research my answer . I've heard of people getting much worse deals, but I don't think those were necessarily at banks.
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Post by Libby on Oct 1, 2004 21:18:37 GMT -5
I have been told that the currency of the cheque makes a big difference. I would be charged less cashing in pounds sterling than I would cashing in a cheque with Canadian dollars.
I've also been told that Post Offices in the UK are a good place to change them.
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Post by WillTravel on Oct 1, 2004 23:39:43 GMT -5
If you are able to get pounds sterling travellers' cheques in Canada, you'd probably be dinged at that point. But if you have a good arrangement with the bank, maybe that's how you could get around it.
Why not use an ATM?
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Post by LHR02 on Oct 2, 2004 5:59:41 GMT -5
The exact question I was going to ask WT. TC's are becoming something of a dinosaur these days. They are costly to buy, getting harder to use, especially in smaller places and a bit of a hassle all the way round. If you aren't comfortable using your bank ATM card then I say why not look into the 'travel account' cards? I am sure that American Express has them and believe most of the other 'big' companies that used to offer TC's do as well. Works basically just the same as TC's...but instead of having the actual checks you have an ATM card. It is not linked in any way to your personal bank account and works just like a debit or CC.....and if lost or stolen, like TC's, it can be replaced in 24 hours or so. I'll go see if I can find a link about it. Personally, I think this would be amuch easier, better way to go. www10.americanexpress.com/sif/cda/page/0,1641,18622,00.asp?a=2000 ging
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Post by jennifer on Oct 2, 2004 11:25:11 GMT -5
Atm's are really good, and in the long run, although there are service charges, you end up spending less and worrying a WHOLE LOT less! xoxo Jen
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Post by Libby on Oct 2, 2004 11:57:35 GMT -5
First, I will be taking some TC's no matter what. So far the debit style, travellers cards aren't available in Canada (I checked with American Express weeks ago) and I want some secure money in case something happens to my bank card or credit card. According to my bank, if anything happens to my debit card while I am it can take a few days before it will be replaced. The TC's are secure and I'm not worried about hassles cashing them as I'll do it at a bank.
As well, the Canadian dollar is also on a real high right now and I want to take advantage of that. However, I don't want to be getting on the plane with 600+ Pounds Sterling in my pocket.
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Post by me on Oct 2, 2004 12:01:17 GMT -5
just looked at that link. it offers this in 3 currencies: US$, GBP or Euros. Canadians are kind of left out in the cold!
you'd have to pay for convertions at the start, and any left over funds at the end of your trip. that's silly! after all "Canada's Really Big," you shouldn't have to take that kind of abuse.
- d
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Post by me on Oct 2, 2004 12:10:47 GMT -5
the issue for some, Jen, is that if it's stolen: a. getting a replacement on the road might be hard. & b. it might leave all the cash in the account vulnerable to theft. these might be concerns. Atm's are really good, and in the long run, although there are service charges, you end up spending less and worrying a WHOLE LOT less!
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Post by Kim on Oct 2, 2004 12:51:47 GMT -5
Libby,
Talk to your bank - it took a bit of convincing but if you explain your situation to your bank (mine was CIBC) they can issue you a second card in case something happens to the first one.
You can have hassles cashing the travellers cheques, just to warn you, depending on where you are if it's on a weekend. Small towns/stores don't usually cash them and when they do, they seriously gouge you.
I would take, at the very most, $200 CND in TC's.
Kim
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Post by Eagle on Oct 2, 2004 14:05:27 GMT -5
LIBBY, I was a bit confused about your statement "travellers cards aren't available in Canada"? What type of card were you referring to? This may be determined by which financial institution you presently use, and whether they support this type of product. IMHO, I wouldn't bother with American Express, as I believe they aren't as widely accepted at locations overseas.
One product I use (in addition to my regular ATM / Debit card) is called Global Payment MasterCard. It looks just like a regular MasterCard, and transactions are processed the same way. However, in reality it is a debit card tied to one of my accounts. When a "charge" is made, the banking system "locks" that amount of funds in my account, similar to a certified cheque. The actual transfer of funds doesn't happen instantly, it may take a few days from what I understand. Unfortunately, I didn't have occasion to use this on my last trip, but it's a good "backup" in case the regular ATM card gets "eaten" or whatever. BTW, I obtained this from one of the Credit Unions.
One other point, I've seen some postings on other travel sites that Traveller's Cheques are becoming more difficult to use in Europe. Some people have reported difficulty in cashing them, with some merchants refusing to take these at all. Something to think about.
Hope this information is of some help. Cheers!!!
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Post by WillTravel on Oct 2, 2004 14:11:55 GMT -5
I can get cash advances on my credit cards if I use them at an ATM, in the same way that you would an ATM card (the credit cards require a PIN for this). The drawback is that cash advances on credit cards carry an unavoidable interest charge. But they're good as an emergency backup plan to losing a debit card.
Besides having an extra ATM card, which is a very good idea, you could take along about $500 Canadian or so for emergencies. You'd get a bad exchange rate if you had to exchange it somewhere (at an airport, bank, hotel, or currency exchange place), but the odds are you would never have to do that, and you could use it once you were back home.
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Post by Libby on Oct 2, 2004 14:39:36 GMT -5
Dustoff, I really don't understand what you are talking about. Debit cards are everywhere in Canada. You can use your cards to directly access your account everywhere from Wal-mart to small corner stores (even get Cash back!). I've never run into a problem with debit cards. I also don't pay ATM fees unless I use a machine that doesn't belong to the bank at which I am a member (Scotiabank). I don't think it's fair to say we are lagging behind the "western" world. I know you don't mean to be mean, but you are making assumptions that are incorrect. My credit card is actually a Line of Credit established with my bank and I have an interest rate half of what a normal credit card uses. I rarely use this. I HATE CREDIT I hate being in debt so much that using my credit card while on the road burns me. I want cash! IF that means pre-paid cards fine...or Travellers cheques..I'm ok with that. I just don't want to come home with a large bill. I also don't want more than one card. Sorry, this is a personality quirk and I'm pretty set in my ways. I have talked with Scotiabank on numerous occasions and they have told me time and time again, I cannot have a duplicate debit card for my trip. It goes against their security policy. Eagle, I am worried about what you said about difficulty cashing TC's. Was this specifically England?
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