Traveller's cheques in euros?
Dec 26th, 2004, 08:41 PM
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Traveller's cheques in euros?
Is there any truth in the reports I have been reading lately that many places will not accept travellers cheques in euros? These reports referred to Italy and London.
Dec 26th, 2004, 08:56 PM
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London's currency is the pound sterling not the euro. Hence, only banks (or perhaps the airport shops) would accept euro traveler's checks.
From personal experience in Ireland (a country using euros) most places will not accept the euro traveler's checks because the banks charge to cash them or put them into a bank account. I had to go to a bank to get euros with my TCs, which incurred charges, thus defeating the purpose of euro TCs. Also, when buying traveler's checks you will probably get an unfavorable rate when purchasing them. Call your bank or other company to ask what the exchange rate is for buying them. Then look online at oanda.com to see what the rate actually is.
You are probably better off using credit cards (if yours does not charge an international surcharge of 2-3% or more) and your ATM bank card. But check with your bank too. More places are adding on foreign exchange charges all the time. It pays in the longrun to find out way ahead of time so you can apply for another CC or ATM if needed.
From personal experience in Ireland (a country using euros) most places will not accept the euro traveler's checks because the banks charge to cash them or put them into a bank account. I had to go to a bank to get euros with my TCs, which incurred charges, thus defeating the purpose of euro TCs. Also, when buying traveler's checks you will probably get an unfavorable rate when purchasing them. Call your bank or other company to ask what the exchange rate is for buying them. Then look online at oanda.com to see what the rate actually is.
You are probably better off using credit cards (if yours does not charge an international surcharge of 2-3% or more) and your ATM bank card. But check with your bank too. More places are adding on foreign exchange charges all the time. It pays in the longrun to find out way ahead of time so you can apply for another CC or ATM if needed.
Dec 26th, 2004, 09:15 PM
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Relatively, very few places in Europe accept Travelers Cheques in ANY currency. No matter whether you get TCs in your own currency, or in €, or in £, you will have to go into banks, post offices, or bureau de change to cash them, and pay high fees to do so.
TCs are an expensive way to get money and are actually very out dated. Use your ATM card to get cash and credit cards to make many purchases -- much better than using travelers' cks.
TCs are an expensive way to get money and are actually very out dated. Use your ATM card to get cash and credit cards to make many purchases -- much better than using travelers' cks.
Dec 26th, 2004, 09:40 PM
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I get my TC's from AAA for free. I don't use them to purchase anything in Europe. I've cashed them all over Europe for free. I may get a better rate from an ATM, but then I don't spend 70,100 or 125 GBP or Euros a night to stay in Europe. I also enjoy visiting with my friends at my bank in London - more enjoyable than an ATM.
Dec 26th, 2004, 09:52 PM
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I have never used Euro traveler's checks. I have gone to AAA and gotten a couple hundred dollars in US currency and stashed them away for the most awful emergency like having my credit cards or ATM card not work for some reason or having everything stolen..something like that. I have never had to use them and just either deposit them back into my account when I get home or just use them up at the grocerie store. A lot of people don't feel this is necessary and I don't dispute them, it just makes me feel better. I just use my ATM card for cash withdrawals and my credit card for most purchases. So, it's just whatever makes you comfortable, but knowing most places will not accept travelers checks and then of course London is on the pound, I think US currency is the way to go...I can cash at many hotels and at the banks if I had to. I don't think the fees would be something I would be thinking about if I had the kind of emergency I was talking about. If you want some for back up, take them, but using your ATM and credit cards is the best way to go I think.
Dec 27th, 2004, 12:15 AM
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Peteralan - All of the above messages are spot on.
It must be remembered that TC's are not used in the same way in Europe (and especially the UK). You cannot present them in the same way as money in stores as they will be refused. Therefore the only way to cash them in is at banks, bureau de change and in hotels (at high rates).
You are far better off with some cash and use ATM's or credit cards. If using ATM's (known universally as CashPoints in the UK), use the main banks and not machines in stores as these will levy a higher charge in addition to your cards charges.
It must be remembered that TC's are not used in the same way in Europe (and especially the UK). You cannot present them in the same way as money in stores as they will be refused. Therefore the only way to cash them in is at banks, bureau de change and in hotels (at high rates).
You are far better off with some cash and use ATM's or credit cards. If using ATM's (known universally as CashPoints in the UK), use the main banks and not machines in stores as these will levy a higher charge in addition to your cards charges.
Dec 27th, 2004, 03:58 AM
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Hi P,
The last time I used TC's in London (1987) I found that merchants would cash them only if the change was <10GBP.
Only one bank would cash them for free.
In 2003, in Paris, I could find no merchants who would accept them, and no bank which would cash them for free.
I suggest you charge whatever you can and get cash from ATMs.
The last time I used TC's in London (1987) I found that merchants would cash them only if the change was <10GBP.
Only one bank would cash them for free.
In 2003, in Paris, I could find no merchants who would accept them, and no bank which would cash them for free.
I suggest you charge whatever you can and get cash from ATMs.
Dec 27th, 2004, 04:35 AM
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I have never used those, but earlier this year I met some Aussies travelling in Spain who had purchased those. They went around Madrid for 3 days trying to cash them at stores, restaurants, etc. with no success. Finally they had to go to a bank and pay fees and to cash them. They were so unhappy, it was a complete waste. Use your ATM card.
Dec 27th, 2004, 09:12 AM
#9
If you want to use TC's (instead of an ATM, charge cards, or money exchange) take them in U.S. dollars (assuming you are from the States) and plan to cash them in a bank (not directly spending them, which is the difficulty).
Then if you do not use them you can save them for another trip or redeposit them at home.
Then if you do not use them you can save them for another trip or redeposit them at home.
Dec 27th, 2004, 09:20 AM
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To show you how useful traveler's checks are, I have some in my passport case that have now made 5 round trips to Europe.
Once in 1998 I used one because the ATM at the Zürich airport was broken and my train was leaving in a few minutes.
The other time I used them was to calm a waiter in a little Paris restaurant. For some reason my primary credit card was not satisfactory. My wife got up out of her chair to go get some money from an ATM and the waiter just about had acute gastritis and a heart attack at the same time. I pulled the American Express checks out and laid them on the table. That calmed him fortunately.
I found my back up credit card and paid with that.
I guess the checks to provide psychological warmth, but they are not what I would call ready money anywhere except in the US.
Go aTM and credit card. It is easier.
Once in 1998 I used one because the ATM at the Zürich airport was broken and my train was leaving in a few minutes.
The other time I used them was to calm a waiter in a little Paris restaurant. For some reason my primary credit card was not satisfactory. My wife got up out of her chair to go get some money from an ATM and the waiter just about had acute gastritis and a heart attack at the same time. I pulled the American Express checks out and laid them on the table. That calmed him fortunately.
I found my back up credit card and paid with that.
I guess the checks to provide psychological warmth, but they are not what I would call ready money anywhere except in the US.
Go aTM and credit card. It is easier.
Dec 29th, 2004, 10:41 AM
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I can add that on 9/12, the day after, when I was in Austria, nobody knew what was happening or going to happen.
I was very happy to have the feel of a few hundered dollars in my passport case. Their presence was reassuring even if I did not spend any of them!
I take a few checks along these days, as does my wife, to serve as a doomsday defense against the unknowable. In normal travel, it is ATM and credit card. But after 9/11 I like the feel of my security blanket, even it did belong to a dinosaur.
I take them with no plans to use them.
I was very happy to have the feel of a few hundered dollars in my passport case. Their presence was reassuring even if I did not spend any of them!
I take a few checks along these days, as does my wife, to serve as a doomsday defense against the unknowable. In normal travel, it is ATM and credit card. But after 9/11 I like the feel of my security blanket, even it did belong to a dinosaur.
I take them with no plans to use them.
Dec 29th, 2004, 11:22 AM
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To sum up what the others have said, use credit cards for major purchases and get cash at ATMs for everything else. There are some important things to do *before* leaving home to be sure both your credit cards and your ATM cards will work in Europe. Read this very helpful article: www.ricksteves.com/plan/tips/moneytip.htm.
Dec 29th, 2004, 06:17 PM
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One more tip. Might not be a bad idea to let your plastic issuers know when you will be in Europe, and where.
Sometimes, transactions are blocked.
I have never had the problem because a couple of quick phone calls does the trick.
Sometimes, transactions are blocked.
I have never had the problem because a couple of quick phone calls does the trick.
Dec 30th, 2004, 10:23 AM
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We haven't used travelers check for quite a while, but we always carry them for the feeling of having something when the ATM and/or credit card machines aren't working.
Remember to alway call your credit card company before leaving home. That goes for the United States, too. Recently, I had my card blocked in Las Vegas. The company was very concerned about all of my shopping charges. It took a couple of calls to get the block lifted. Always carry several cards.
Remember to alway call your credit card company before leaving home. That goes for the United States, too. Recently, I had my card blocked in Las Vegas. The company was very concerned about all of my shopping charges. It took a couple of calls to get the block lifted. Always carry several cards.
