View Full Version : Travelers Cheques
Help needed please. I ordered Travelers cheques on the internet from Tesco on Saturday which arrived today. I was very dissapointed to receive $500 cheques. Apart from our initial shop we very rarely spend more than $50 in a single transaction. I complained to Tesco but got nowhere, I was basically told I could have received $1000 ones, very helpfull[msnsad] She suggested I took them into a bank in America to change them (seems to defeat the security reasons for having them in the 1st place.)
My questions are
1. Do you know if the big shops will accept $500 ones
2. If I take them to a bank in Florida will I be charged a commission.
It is getting more and more difficult to use Traveller's cheques, so you may well have problems. I don't think it is reasonable for them to have given you only $500 cheques. We haven't used them for years so I don't know if that is the only denominatinon, other than $1000.
Seems a bit pointless if you then have to change them in a Bank! [msnscared] American banks charge you for breathing, so I expect there will be some sort of charge - am sure there are experts on here who could tell you, and advise you what to do about this situation.
Do you not have a credit card? It is much easier to use one of these - and they are accepted everywhere.
steph_goodrum
19-10-2010, 15:49
Lyn
I know Walmart had a sign saying they wouldnt take denominations greater than $100 last time we went and they will only take American Express ones.
mfairhurst
19-10-2010, 16:06
I know this is nothing to do with Travelers Checks but to do with Tesco .
We have home insurance with them and we got our new quote and it had gone up quite a bit so we shoped around and got a quote from Liverpool Victoria which was a saving of £45 .11 not a lot i know but they asked what quote we had got i told them and of cours they put me on music and came back abot 4 mins {not a free phone call } and said we will match it and also £1 .50 less .
We went with it but got a feeling this morning wished we had gone with the other company we have 7 days to read all the policy and if it is different stop it and go with the other who we have been with in the past .
Sorry about the rant but it is awful how such a big company take avantage of people .Tesco seem to be the same in all departments ,they are finishing given 2 points per pound on petrol in November it was on the web .
But the moral is shop around[msnmad]
MAUREEN
www.onlinefloridavillas.com/villas/1683.aspx
Laurel Oak
19-10-2010, 16:42
<blockquote id="quote" class="ffs">quote:Originally posted by Lyn
Help needed please. I ordered Travelers cheques on the internet from Tesco on Saturday which arrived today. I was very dissapointed to receive $500 cheques. Apart from our initial shop we very rarely spend more than $50 in a single transaction. I complained to Tesco but got nowhere, I was basically told I could have received $1000 ones, very helpfull[msnsad] She suggested I took them into a bank in America to change them (seems to defeat the security reasons for having them in the 1st place.)
My questions are
1. Do you know if the big shops will accept $500 ones
2. If I take them to a bank in Florida will I be charged a commission.
[/quote]
I fear you will have to go to a Bank as I'd be very surprised if any shops will take a $500 cheque.
I had the same problem a few years ago but was able to cash them at the Pursar's Office on the Cruise we were on. For that reason I have stopped taking Travellers Cheques and only take cash. I know its not as secure but fortunately I have a safe in the house as I'm sure do others.
Yes, the bank is the way to go in my opinion. We took TC's last last year and just went to the bank in Celebration to change them $500 or more at a time. We usually did this en route to the villa so we could put the cash straight in the safe.
It worked well for us but this year we chose to use a FairFX card which worked perfectly and we are doing the same for next years holiday.
<blockquote id="quote" class="ffs">quote:Originally posted by mfairhurst
I know this is nothing to do with Travelers Checks but to do with Tesco .
We have home insurance with them and we got our new quote and it had gone up quite a bit so we shoped around and got a quote from Liverpool Victoria which was a saving of £45 .11 not a lot i know but they asked what quote we had got i told them and of cours they put me on music and came back abot 4 mins {not a free phone call } and said we will match it and also £1 .50 less .
We went with it but got a feeling this morning wished we had gone with the other company we have 7 days to read all the policy and if it is different stop it and go with the other who we have been with in the past .
Sorry about the rant but it is awful how such a big company take avantage of people .Tesco seem to be the same in all departments ,they are finishing given 2 points per pound on petrol in November it was on the web .
But the moral is shop around[msnmad]
MAUREEN
www.onlinefloridavillas.com/villas/1683.aspx
[/quote]We had the same thing with Tesco. Loyal customer and the renewal was £180 more than the previous year. I rang to cancel and they said they would match the previous years price! I politely told them they should have offered me that price in the first place and that i was going elsewhere!!
Hi Gary, can you remember what the charge was for cashing Travelers Cheques.
gary, can you tell me more abut the fairfix card[msnscared]? thanks
Have just rang Tesco again and asked for the complaints dept. ended up speaking to Travelex who apparently distribute cheques for Tesco, they where much more helpful and have told me to void the cheques, return them in the post and they will re-issue smaller demoninations and hopefully have them with me before 1pm Friday (I leave home Saturday) Watch this space[msnwink] I could end up with no Travellers Cheques at all, thats me, ever the pessimist[msnembarrased]
Glad you appear to have it sorted Lyn.
The Banks do not charge for cashing TC. They are treated the same as cash.
Sandra
No charge at all for cashing travellers cheques, $500 was $500.
The FairFX card is a pre paid mastercard. I load it with dollars whenever the rate looks good, whether it be £20 or £300. I just keep loading it throughout the year. Then, when you go to America (or Europe with the Euro card) you just pay with mastercard for everything just as you would do normally, no fees at all.
I then usually just get a text balance every few days to see what's left on it to budget and carry on. You can load it up with more money while you're away and change it back to sterling when you're back for a small fee.
You can even withdraw cash from the ATM while you're away for a fee, not much.
Just checkout their website fairfx dot com. Don't pay a fee for the card, google it and there will be offers for free cards.
Hope this helps, i made it sound like i work for them!! I don't!! They're actually owned by Newcastle Building Society.
Worked great for us.
Gary is thereany sort of insurance for if the card is lost or stolen?
<blockquote id="quote" class="ffs">quote:Originally posted by SDJ
The Banks do not charge for cashing TC. They are treated the same as cash.
Sandra
[/quote]
Glad you posted that, Sandra. That is well worth knowing. Thanks.
Hi
Just to clarify that 2 of these pre-payment cards exist with very similar names fairfx and caxton fx, they are very similar
I have the caxton fx card and if it is stolen etc then they will send you a new one to the states for £50 and your funds are protected as the card is chip and pin
I have not used the card yet but have been loading it for our trip next year, but from what I have gathered much the same as Gary's experience as they are mastercard they are accepted everywhere.
I had considered using t cheques but I don't think they are widely accepted anymore and it must be easier to carry one card around than a bundle of t cheques
Nadim
DLB-GOUROCK
20-10-2010, 03:18
I don't know who is putting out this rumour the TCs are not being accepted any more.
As far as I know only Golden Coral have issues with them.
As long as you have them in reasonable denominations $20 and $50s they are still treated as cash. Yes most places ask for ID and your photo driving licence is suitable.
I only had difficulty once and that was in JC Penny at Florida Mall and this was because the sales assistant did not understand how to process them through the till and after several attempts called over someone else who did it first time.
I think that rumours like this is what is affecting the trust in TCs nothing to do with retail outlets having issues.
You will probably find that tour operators in the High Street shops get commission from selling pre-paid cards that they are telling porkies to get you to buy something that you don't need. (must be learning from car rental agents lol).
redsandy
20-10-2010, 08:02
In the states are the mo, brought cash and a pre loaded mastercard. Have used the card with no problems and check the available balance on line so have no problems with knowing the balance. this is the first time not using TC's and all is good, at the mo, fingers crossed.
The tip is to have 2 cards, i have one with all the money on and my wife has one. If anything were to happen to my card then 1 phonecall to FairFX and my card would be cancelled and all funds transferred onto my wifes. They would then also get me a new card out.
Thats a good idea Gary - just calling them now to order an extra card for the wife!
canarypam
20-10-2010, 13:33
The FairFX card is excellent and usually has a better rate than shops etc. We do as Gary does load it through the year great way of saving.
It really is a great way of saving. As an example, i haven't even started thinking about spending money for next year, yet i have over $400 on my card, just by checking the website most days and when it's been ok, like 1.56 i just throw £20 or so onto it. I don't miss the odd £20 here and there and the dollars are there at the rate bought for whenever you like.
Another tip. Buy when the rate is favourable and then use that card to pay for park tickets as they are charged in dollars. You will then only pay the dollar price and not have any conversion done by your card company. Same goes for other dollar purchases before you go (Discovery Cove direct, Disney dining etc...)
DLB-GOUROCK
20-10-2010, 15:44
Garry and Sandy,
I have gone for a Caxton FX card and have had no problems with it either.
But in general don't right off TCs yet. They are still the preferred option for many and they shouldn't be discouraged from using them.
Garry / Sandy - I'm not referring to any of your posts in the above.
Garry, happy birthday I see you joined two years ago today !!!!
I like your thinking Gary, to late for this trip but when I get back will sort one out. I have always bought travellers cheques as and when I thought the exchange rate was good, but this card sounds a much easier way of doing this.
WE haven't used TC for some years, but friends have had problems using them in Publix who actually refused them. Very few people use them so many stores rarely see them and are therefore wary of accepting them.
Andrena
Lyn enjoy your holiday [msncool] and let us know how the TC go down[msnwink]
<blockquote id="quote" class="ffs">quote:Originally posted by gpullan
No charge at all for cashing travellers cheques, $500 was $500.
The FairFX card is a pre paid mastercard. I load it with dollars whenever the rate looks good, whether it be £20 or £300. I just keep loading it throughout the year. Then, when you go to America (or Europe with the Euro card) you just pay with mastercard for everything just as you would do normally, no fees at all.
I then usually just get a text balance every few days to see what's left on it to budget and carry on. You can load it up with more money while you're away and change it back to sterling when you're back for a small fee.
You can even withdraw cash from the ATM while you're away for a fee, not much.
Just checkout their website fairfx dot com. Don't pay a fee for the card, google it and there will be offers for free cards.
Hope this helps, i made it sound like i work for them!! I don't!! They're actually owned by Newcastle Building Society.
Worked great for us.
[/quote]
I think these are definitely the replacement for travellers cheques, however I have to confess I haven't the patience to work out the relative benefits. I haven't used travellers cheques for donkey's years and just use a nationwide flex account card or my normal bank account debit/credit cards.
With the FairFX card, they claim to give a better exchange rate, but I would want to check that to be sure. They also charge a fee for cash withdrawals at ATM's and a 1.5% transaction fee, and an initial £10 or so.
It's clearly not fee free, plus what rate (if any) do they pay you for the cash you have in their card? I couldn't find any reference to it, so I'm assuming nil.
So, I'm not knocking it, I liked your idea of chucking £20 at it every so often to build up a fund, but I'm not at all convinced it's any better than just using your normal bank accounts.
Nationwide certainly used to be the exception, but it's changed - they faced the dilemma of wanting to provide a real value service to their members, but having their ability to do that jeopardised by large numbers of customers (like me) using them solely for that purpose thus destroying the economics of it.
Anyway, each to their own, but in my opinion travellers cheques are analogue in a digital age.
Robert5988
21-10-2010, 14:17
<blockquote id="quote" class="ffs">quote:Anyway, each to their own, but in my opinion travellers cheques are analogue in a digital age[/quote]
Not certain I agree - abacus is more appropriate[msnwink]
Whilst Nationwide have lost the edge they enjoyed, at 1% commission on the commercial rate is far better than most other forms of payment.
We all use plastic debit/credit cards in UK, why not the USA?
Yes i did mention that both cash withdrawals and changing back to sterling both carried a small fee. I personally did not use the card in an ATM, just used it as a fee free credit card and got the best dollar rates along the way.
I used an ATM when in Vegas as we were short of cash (damn casinos!!)
steph_goodrum
21-10-2010, 15:25
<blockquote id="quote" class="ffs">quote:Originally posted by gpullan
Yes i did mention that both cash withdrawals and changing back to sterling both carried a small fee. I personally did not use the card in an ATM, just used it as a fee free credit card and got the best dollar rates along the way.
I used an ATM when in Vegas as we were short of cash (damn casinos!!)
[/quote]
Garry
It's not a fee free credit card , it's a fee free debit card:) You are not borrowing any moeny from them as with a credit card, they are merely looking after your own money.
What I would suggest though is not too much too far in advance. Although I have suggested this as a menas to saving to others, when looking at all the terms, it seems your money is not protected in the same way as with a building society or bank (even though it is operated (Fairfx) by Newcastle buuilding society.
We got one for our daughter and she didnt have any problem using it although it was only a small amount ($80). It is also a good way to shop onlne without too much risk if you want something (as youu can load what you want for the purchase without worrying about giving out your main credit card details.
I know my days of buying Travellers Cheques is at an and, I received the new ones this morning and quess what, the same $500 demoninatiopns as before. I am now having to collect them from Gatwick on Saturday, hope those ones are OK, I have had a really bad headache since Tuesday and think it must be the stress. It will be my card in future with a small amount of cash.[msnscared]
<blockquote id="quote" class="ffs">quote:Originally posted by DLB-GOUROCK
Garry and Sandy,
I have gone for a Caxton FX card and have had no problems with it either.
But in general don't right off TCs yet. They are still the preferred option for many and they shouldn't be discouraged from using them.
Garry / Sandy - I'm not referring to any of your posts in the above.
Garry, happy birthday I see you joined two years ago today !!!!
[/quote]David, i joined January 2008
DLB-GOUROCK
26-10-2010, 19:43
Garry,
So you did. I don't know what I was looking at.
Oh well happy belated birthday for last January.
[msnsmile2]
Thanks David.
Well I got the correct travellers cheques at Gatwick, and so far have had no problem spending them, no one so far has even asked for ID.
steph_goodrum
28-10-2010, 11:33
Lyn
That's good to know as we usually take some with us for safety as they can be replaced if lost.
sammibabe
28-10-2010, 12:38
We do too although not asking for ID is unusual these days. I like them as you can use them like cash (I don't want to use any card for small amounts) but it keeps our cash topped up without having to find an ATM, or pay to get cash. Might be old fashioned but they have my vote!
spiderman
10-11-2010, 04:02
Didn't realise these Prepaid Cards existed until I came across this post so thanks! Saved me some money.
If anyone is looking at getting the FairFX card if you go through Quidco you get the card for free and £5 cashback [msnsmile2]
Just want to point out - there is no FSCS cover or protection of your cash on these cards - the funds do appear to be held as client monies, which offers a degree of protection against creditors, but it's not the same as the FSCS, which doesn't cover these products.