Amy

I'm planning a trip to England and have found that AAA here provides traveler's checks in GBP. I've read in this forum that there are frequently places that only accept cash. Will I have a problem stocking up on traveler's checks to take with me. I'd like to avoid cash advances from credit cards as all of my cards charge transaction and currency exchange fees. Thanks for your help.

Ed

First, not all shops and restaurants will accept traveler's checks. In many cases they're supposed to, but don't. Less of a problem, depending on your luck, in large cities, more of a problem in the provinces.<BR><BR>Second, if you have any left over at the end of your trip you're going to take an exchange loss when you get and home and convert them to dollars. A substantial exchange loss, most likely.<BR><BR>Better strategy in your situation: buy US dollar-denominated TCs. They'll be exchanged by banks virtually everywhere. If you have some left over you can spend them like cash at home.<BR><BR>Ed

wes fowler

Amy,<BR>If you must get travelers' checks get them in US dollars not pounds and cash them at British banks for the best exchange rate. You'll get a much less favorable rate using them to pay for accommodations, meals and shopping. If you get the checks in pounds you'll be penalized with the exchange rate converting them to dollars if you have any left over after your trip.<BR><BR>For the most favorable exchange rate, withdraw money from your checking account via ATM, not credit card. I'd suggest that instead of buying any kind of travelers checks, put the money in your checking account, secure an ATM card from your bank and use that instead of a credit card. Even with the bank fee, an ATM withdrawal will get you the absolute best rate of exchange. The other advantage of ATM withdrawals is that you needn't worry about theft or loss of traveler's checks.

elaine

amy.<BR>take the above advice, especially about using atms with a debit card.<BR>Some people take one or two trav. checks with them in their home currency just for an emergency back up, and you can always deposit it into your bank account when you return home with it. Use a credit card as much as you can for purchases and restaurants, and get cash from atms for small purchases, tips, and walking-around money. Even if your bank charges you a small transaction fee for using the atms, it will in most cases be less than the losses on converting trav. checks back and forth

Patrick

I guess I don't get the concern about losing money if you have some left over. I'd just think that you'd use all the rest on your hotel bill at time of checkout so you wouldn't be converting them back to US. I'd definitely get them in pounds not dollars as they will have a lot more use and although you'll lose on the exchange rate when you buy them in the US, at least you know you'll be getting face value for them in UK. But having said that, I'd never do the travel checks at all. Follow Wes's advice and use an ATM. Many people seem confused that when we all recommend that we are talking about borrowing on your credit card. Never! Do the ATM transaction as a withdrawal from your checking account. You will not lose money in any exchange rates and you shouldn't have more than about a $1.50 fee for each transaction. Last I knew even the banks in London charged up to 5 pounds per transaction to change British pound traveler's checques into cash (pounds). The only exceptions we found were Lloyds Bank and Bank of Scotland.

steve

My last two trips I have gotten travellers checks in pounds. I did run into one b&b that would not take one when I checked out (altho they had taken one as a deposit when I made my reservation). There should be no difference to the person taking the travellers check than a personal check as far as the banking is concerned. I could not understand when they told me that the bank made a big charge to take the check. <BR> <BR>I had no trouble in a small town grocery in Scotland with them taking the TC. Since I had American Express TC, I cashed them there when I could. Banks in Scotland made a small charge to cash them, even tho they were in pounds.

april

You can cash American Express Traveler's Checks for no fee at American Express locations in London. <BR>Addresses include: <BR>6 Haymarket, SW1; <BR>78 Brompton, Knightsbridge, SW3; <BR>84 Kensington High St., Kensington, W8; <BR>and 51 Great Russell, Bloomsbury, WC1. <BR>I have researched for advice on how to handle my money while on vacation in Europe and have found lots of conflicting information. I think the only thing you really need to do is to read the above suggestions and follow the advice that best suits your needs.