traveller cheques

smk135

hey all,

can anyone explain to me what exactly Traveller Cheques are and what the pros and cons are to them, if for example i was travelling aorund Eruope for the next few months?
a part from security?
and how do they work?

Cheers!

Ruu_Old

Same was as bank drafts or cheques work I think, the bank issues them and the TC eventually makes the way back. You can get them in many denominations I believe. Alot easier than carrying cash or loading up your CC (which could end up getting lost) as you mentioned about security.

Cheiftan

Travellers cheques are hassle, pure and simple. If its europe your going to use your bank card from here , lot easier

BC

Travellers cheques are more secure and cheaper.
Most banks don't charge or charge very little for them so its much cheaper than a bank card usually. It is more hassle though.

If you note the numbers on them when you go away and you loose them then you can can get them replaced which means you don't loose the money.

smk135

ok thats great everone,
jst one more question though, in what way are they more hassle??
cheers

mikedragon32

They're hassle because you have to go to a bank to buy them, sign every single one in front of the teller and pay a charge for the cheques and the exchange rate.

When you get to your destination you either have to go to a bank to cash one, and pay a small fee for the service OR cash them in your hotel reception and pay a large fee! If you go to the bank, you'll also have to bring your passport.

Finally, if you get a currency like Dollars and are in say Asia, you'll end up paying a second exchange rate.

IMHO you're much better off with a Cirrus (Laser) card.

smk135

brilliant that's settled then, specially that i am stayin Europe so my card should work.

cheers Mikedragon and others...