Speedie

I read in one guidebook that few merchants would take traveler's checks in pound currency, and that it was better to get the traveler's checks in US $ and convert in UK. However, our local AAA office told my husband that they recommend getting the checks in Pounds because then we will be more aware of accuracy of change that we get. <BR><BR>What advice can anyone give? Thanks

kay

Experienced Fodorites say to buy TCs in dollars, if at all, because they are so difficult to use in any currency that you should have them only for emergencies if credit card and ATMs fail you. When you return with a pile of unused TCs you just deposit them in your bank account.<BR>Do searches on this site using "travelers check" and ATM as your search terms to read the accumulated wisdom.

Bob Brown

Kay is right on the target. I have carried US $ traveler's checks to Europe on all of my last 4 trips but only as emergency backup<BR><BR>So far, I have used exactly 2 of them.<BR>Both times, it was an unusual circumstance. <BR><BR>I can buy the checks at no direct cost to me, so I simply redeposit the unused checks or cash them as I go to pay for various items. <BR><BR>The rest of the time in Europe I rely on ATM's and credit cards. <BR><BR>The only caveat on credit card use is that some issuers now charge a 2% conversion fee. I switched credit cards to one issued by MBNA through AAA because that issuer does not charge the 2% extra profit. <BR><BR>The advantage to using ATMs and credit cards is that the exchange rate you get is based on the bank wholesale rate.<BR>I figure the conversion costs me about 1%.<BR><BR>Even if you buy traveler's checks in a foreign currency at "no fee", I have found that I paid 2%. How? The seller adjusts the exchange rate in his favor; it is not added on as a line item marked "Fee", it is simply a hidden surcharge. Then to use them, I have to find a bank or American Experess office.<BR>And, even if in the local currency, I might get socked with a check cashing fee. <BR>Likewise, I have found that purchasing foreign currency locally costs me 5% over the wholesale bank rate. If I get any at all, I get the minimum just for convenience -- enough for taxi fare and perhaps a bite to eat. <BR><BR>

Jim Quon

Forget the TCs unless you feel their need for old time sake. We've taken TCs so many tims and end up having to redeposit them upon our return, its so much easier to use ATM for local cash and credit cards for purchases and lodging. And TCs are harder to use than cash, obviously. Banks and hotels give you a lousy exchange rate for TCs and charge you a fee or commission on top of that! Take some US$ with you for emergencies.<BR><BR>Jim

XXXX

If you have to take travelers checks with you get them issued in pounds from AAA. I do this all the time, it makes it much easier when you shop and it's a great way of getting money, since the stores in England do not have a limit. An example I used a 50 pound travelers check for a 5 pound purchase and they gave me change in local currency. I've done this in grocery stores and department stores, since my visits to England is usually to a small area without tourists I find this great. If I happen to bring any back I just go back to AAA and get my cash back. If you get them in US dollars you will most probably have to pay another exchange fee at a bank, this way you only do the one. It is much easier to use a debit or credit card.

Patrick

I guess I look at a different way than most. I don't use traveler's checks but rely totally on ATM and credit cards and have never had a problem, but IF I were taking travelers' checks, I'd get them in pounds or Euro. I'd only get about $100 worth for emergencies. That way they would be more easily accepted in case of an emergency and I wouldn't lose a lot somewhere that offered a very poor exchange rate to convert my dollar checks to pounds or Euro, or was completely dumbfounded with what to do with US dollar travelers' checks. And it just doesn't make sense that there is a problem having them left when you return home. At the last hotel you stay in Europe simply use all your remaining European currency travelers' checks against your final hotel bill. End of problem. Why return home with any?

Leah

I have relied heavily on ATM's in the past - my dilemma is that we will be in London during the 2-day holiday celebrating the Queen's Jubilee - one of those days is a bank holiday. Since we are arriving on a Saturday (banks closed?) and Monday is a bank holiday, I wonder if there will be a run on the ATMs?

Keith

I still use travellers' cheques - they are the one sure way of protecting your cash if it's stolen (even if, as in the UK, the credit card companies are restricted to only charging you the first &pound;50 if you report it stolen. Unlike in the US I don't think many shops will accept them as cash so you'll probably need to go to a bank, post office or bureau de change to cash them.<BR><BR>Leah, the banks always allow for bank holidays (we usually have four or five a year, not counting Christmas and Easter) and ensure that the ATMs will either be fully stocked on the Friday night or will be restocked at some point.

Suzy

Actually, the bank holiday is 4 days, Saturday 1 June through Tuesday 4 June.

Dave White

My opinion:<BR><BR>Travelers checks are almost a non-issue these days--most folks use ATMs and credit cards and take advantage of the favorable currency conversion rates applied to electronic transactions. Caveat: be sure to check to see if your issuing bank charges extra ATM or credit card foreign transaction fees. If they do, find a new bank.<BR><BR>IF you get traveler's checks, get them issued in British Pounds not dollars. That way you can use them directly in the UK without having to convert them. Traveler's check and cash currency conversion is a rip-off, and you will lose several percent of your US $ every time you convert. <BR><BR>Acceptance of even UK&pound; travelers checks is not universal in Britain, but it is much better than US$ checks. <BR><BR>Finally, if you do get travelers checks, and if you decide to get them in US$, then exchange them at American Express offices in the UK. At least they don't add an additional fee for converting the checks (although you'll still not get a terrific currency exchange rate). Many large commercial banks will also cash TCs. The WORST place to cash your checks is probably the front desk at a hotel, followed by a commercial "bureau de change" or currency exchange shop.<BR><BR>Hope this helps....I'm sure you'll get more (and different) opinions on the subject.<BR><BR>David White<BR>http://www.KidsToLondon.com

xxx

I disagree that travelers' checks are the "one sure way" of protecting your money if stolen. One phone call if your ATM or credit card is stolen and you are totally protected -- not even any of that $50 business. Of course, once you have withdrawn a minimum amount on your ATM, that cash could be stolen from you, but the same is true from the cash you get when you cash a traveler's checks. It's hard to imagine only using travlers' checks for the exact amount of any purchase.

Joyce

By "protection" we mean you can immediately get replacement Travelers Checks. You cannot immediately get a replacement ATM card.<BR><BR>No one is saying that ONLY Travelers Checks should be taken. It is okay to take an ATM card also, even advisable to do so if you have a good rate on your card. <BR>

Calle

I took TCs on last trip and regretted it. Jim Q is exactly right, I ended up redepositing them when I got home. No one would take them. I think in the future I'll either skip it or take only $100 or so for extreme emergencies that can be solved with a trip to AmEx or a bank.

D

&lt;&lt;one of those days is a bank holiday. Since we are arriving on a Saturday (banks closed?) and Monday is a bank holiday, I wonder if there will be a run on the ATMs?&gt;&gt;<BR>We were in London over Easter weekend, Friday and Monday were both bank holidays and we had no problem accessing ATM's on Monday evening. Since I was concerned about them running out too, I made it a point to look at ATM's we passsed while we were out walking and I didn't see any that were out of order or not working.