Travelers Cheque widely accepted?
 

Hi,

Just wondering if travelers cheque is widely accepted or should we take all cash?

Thank you

For Laos I would take cash as only the major hotels, banks and tourist oriented shops will accept T/C. You could use ATMs as an alternative too.

you will have trouble finding places to take them or to cash them...

Travellers cheques gives you a lot of safety from theft which is very useful when carrying a large amount of money. Best to take the TC's and encash in smaller lots. Amex TC's are good and Amex has offices in most places and will encash commission free.

Banks will exchange T Cheques and with one exception will charge you at least 3%. You won't be able to change them in more remote areas. I suggest you take cash or use the ATMs.

Vientianeboy is spot on. I usually take $US cash to Laos and its quite easy that way but last trip I also had some TCs so asked at the bank when my US cash was low. It was easy enough to cash them but a high charge to do so. I didn't bother just used some $aus instead.

Taking cash is a security problem anywhere of course - I use a money belt under my clothes when I'm in a place that doesn't have a safe (and thats a lot of Lao.

Thanks all for your help. It seems we should take cash or use ATMs now. How much do local banks charge per transaction?

Today's exchange rate is 8476 Kip per USD. ATM charges depend on the bank, with the ANZ bank charging the most, but also allowing withdrawals of 2 million Kip.

When I was in Lao last month. There were very few ATM's except in Vientiane. Luang Prabang ATM's had a maximum of 70.000 Kip per withdrawal. Cash in $ and enough Kip to get you to where you want to go is the answer. The ATM charge is between 3-5%

Thanks a lot for your info!

"Luang Prabang ATM's had a maximum of 70.000 Kip per withdrawal."

No this is incorrect. Most banks allow 700,000 kip, not 70,000 kip which is only about $9.00 USD. As I stated, the ANZ has a 2 million Kip limit.

There are many ATMs in Vientiane and from memory at least 6 in Luang Prabang.

Furthermore even with a 700,000kip limit, you can make multiple withdrawals in one day. (Of course, you pay the fee every time).

Thanks Vientianboy.

I have just returned from Laos and while I was there found that all the major banks accepted Amex USD Travellers Cheques even in the slightly more out of the way places like Sam Neua.

What was the service charge to cash your traveller's checks, Jennifer?

Only a couple of USD. Don't think we ever paid more then $5

You need to find out what fees your home bank will charge for using foreign ATMs - including the foreign conversion fee. I just opened a Capital One online account - no, zero, foreign conversion fee, and no fee for using a foreign ATM. Plus they refund up to $10 a month if the foreign ATM itself charges a fee. My Credit Union is nearly as good - 1% conversion, five free withdrawals a month and $1 each after that. But now Wachovia is Wells Fargo, its fees are ridiculous.

If it's $5 per transaction, that's a lot different from $5 per cheque. For example if they charge you $5 to cash a $50 TC, that's 10%, but if you're cashing $500 worth of them and they charge you $5, big deal. But the other question is at what rate of exchange? Are they giving you US dollars for US dollar traveler's cheques at face value?

My PNC bank account charges nothing to use any ATM worldwide. And if the foreign ATM charges me a fee, PNC refunds it to my account!

i have my travellers cheq here but i dont no were to spend it