Travellers cheques , cash,other?

[davealsop]

Hi,

First post on the site (which is a great informative site by the way!). We're off to Orlando in mid-June (3rd time for me but haven't been since 2000) and I was wondering what the majority do for spends these days?

When travelling to Europe I've always happily used travellers cheques as obviously there's the added secutiry option if you lose em and most tourist resorts have a main reception where we can cash 'em in etc.

We're staying in a villa in Hampton Lakes in orlando this year and would suspect that there isn't a main reception where we can change travellers cheques so will have to either pay for most stuff using tc's (which means taking my passport absolutely everywhere) or keep finding banks to exchange them for cash which sounds like a bit of a clart.

I don't really want to go to the extreme of finding and opening a new bank account that enables me to draw cash out (free of charges) but also am concerned about taking that much loose cash away with me in my wallet. A couple of friends have done/are doing this when going to Orlando this year but personally I think it's a little risky.

Lastly, any vague idea of spending amounts needed for a fortnight in June for family of 4 (2 adults 2 kids aged 11 & 6)? We're pre-booking all our park tickets, have sorted car hire so only really need additional spends. it's like gonna be our "holiday of a lifetime" for a little while to come so I don't want to have to scrimp of I can help it. I was thinking of taking in the region of £1800 - does that sound reasonable?

Thanks in advance for any assistance

Dave

[Robert5988]

Welcome to the forum.

Many of the regulars simply use 'plastic' i.e. Debit or Credit cards.

If you get a Nationwide or Post Office account(or a nationwide credit card) you pay zero commission on the exchange.

Even if you use other 'plastic' cards the commission on the commercial exchange rate of up to 2.75% gives a slightly better exchange rate than Travellers Cheques. - obviously only use debit cards for cash from an ATM.
At the moment the commercial exchange rate is 1.4594, if you are charged 2.75% with plastic that reduces to 1.4193. Travelex are giving 1.4045 for Travellers cheques.

Shopping and spending money in the USA is no different to spending money in UK - and we don't use travellers Cheques in UK.

[chris c]

Unfortunately, Nationwide are going to charge for using their Visa debit/credit cards very soon.
Charges will come into effect for their credit card on 6th May and will be introduced for the debit card on 1st June. Currently 0.84%, but to increase to 1% on 1st July.

[Sniff]

<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
Shopping and spending money in the USA is no different to spending money in UK - and we don't use travellers Cheques in UK.[/quote]
My thoughts exactly

[sammibabe]

Still Nationwide is the best one to use even with the charge (according to the various financial sites that send me emails). You usually get a bit better exchange rate than the usual tourist rate to offset that a bit but I am not sure how much. We usually take a Nationwide cc, a little cash and tc. We take tc and overpay to get the change as cash. This works for us. I don't like to have too much of a bill when I get home!

[Robert5988]

I haven't used TCs in over 20 years in the USA or in most of the other places I have visited. (Thailand being an exception)

As said above even if you don't have Nationwide and pay the full 2.75% on your 'plastic' you still get a better exchange rate than TCs and you can get your Airmiles/cashback with credit cards.

If you have enough money to buy TCs in UK, then why not use that money with a debit card for cash from an ATM or purchases and you won't "have too much of a bill when you get home".

[Jill]

The Post Office have a credit card that does not have any additional charges and will probably be a better bet for use outside Europe once Nationwide brings in charges for outside Europe. Abbey National also had a credit card called 'Zero' which was again the same as the Nationwide card. This is withdrawn at present but they say they will be reintroducing it soon - hopefully without charges.

For debit cards although Nationwide will be charging outside Europe there is no 'free' alternative with the same benefits.

[sammibabe]

Is a debit card free to use or is there a charge in the same way a cc has? Thanks; never thought about using a debit card probaly cos we rarely use it here!

[Albert the Frog]

<blockquote id="quote" class="ffs">quote:Originally posted by sammibabe
Is a debit card free to use or is there a charge in the same way a cc has? Thanks; never thought about using a debit card probaly cos we rarely use it here!
[/quote]
I just use my Visa Delta debit card in the same way as I do over here. I have never taken Travellers cheques and keep my cash to a minimum. The only charge I am aware of is made by the bank and is the standard fee I think 2.75%. However because the currency conversion takes place at Interbank rate rather than Tourist rate I don't think I'm any worse off.

[Jill]

Most UK banks charge a fee (hidden of course) approx, £1 to £1.50 for each debit card transaction on top of the currency conversion rate when the card is used abroad. Nationwide will continue to not charge a usage fee but they will soon be passing on the 1% cost if the card is used outside Europe.