Travelers Cheques

[gpullan]

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]

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 !!!!

[Lyn]

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.

[Andrena]

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

[donny]

Lyn enjoy your holiday [msncool] and let us know how the TC go down[msnwink]

[Tonish]

<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]

<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?

[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!!)

[steph_goodrum]

<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.

[Lyn]

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]