Credit cards v travelers checks
 

I am travelling to Greece and London in a few weeks and am considering getting the travelers check card from American Express but was curious how popular AMEX is in both places. Would I be better off with a combination of a different cc, travelers checks and some cash?

Any help will be greatly appreciated.

An AMEX check card is a rip-off. You will get the best exchange and pay the lowest fees by using your ATM card. If you take traveler's checks, take them only as a back-up in the unlikely event you are unable to use your ATM card. Exchanging traveler's checks and/or cash is a thing of the past and no smart traveler does it anymore. Credit cards are good too.

Be sure to notify your bank that you will be using your ATM card overseas.

And notify your credit card companies, too. If you forget, they might "freeze" your card, believing it to be stolen because you're using it unusually.

Beware. American Express is being accepted less and less in the UK.
Travellers Cheques were never that popular here anyway, even before ATM's.
I really would advise you not to bother with any form of TC's and use main bank ATM's (not the ones found in convenience stores as they charge up to £2 per transaction in addition to anything your bank will charge). TC's can't be used in stores in the UK like they can in the US. By the time you find an open bank, you may as well have used the ATM.
ATM's are also extremely numerous everywhere in Greece.

I just bought 2 100 pound traveler's checks at AAA to send as a deposit for an apartment. The owner checked and said his bank will accept them for deposit with no charge to him. Interestingly though, AAA now uses VISA traveler's checks which the clerk there says are better accepted at banks in Europe than Am Ex ones. I don't plan to find out, as I certainly won't be carrying TCs with me to Europe -- no reason to.

Thanks so much for the info -- glad I checked this morning before I made the mistake of buying them.

I think we'll stick to ATMs and credit cards.

Two additional tips.

If you have more than one card, check which one has the lowest fees for currency conversion. Only use the others as back up.

When you call to tell the Credit Card company that you will be using the card in Europe, also ask for a telephone number good for calls from outside the US.

Keith

Both Amex and Visa are wellknown companies that I think any bank would accept checks from. A lot of the clerks at AAA don't know much about foreign money or travelers checks, etc., and haven't really traveled to Europe much. One clerk told me the reason they switched (which I believe), is that Visa gives AAA a better deal. They just did it for their own financial reasons.

Christina, you speak the truth about lack of knowledge from AAA staff. I still shudder from the explanation I overheard there one day that "if you use a European ATM with a US card, you will get the cash in US dollars and you'll still have to convert them."

However, when I emailed the owner about that deposit in AmEx TC's (which is what I thought I'd be getting) he emailed back that yes the bank would let him deposit them, but there "might be a small service charge". Later when I advised him I had mailed the checks and they were actually VISA ones, he emailed me back saying the bank told him there would be NO charge for depositing those. Now whether the bank clerk originally knew what he was talking about or not, I can't say, but it does show that they were more comfortable with the VISA checks than with the AM EX ones.

Regarding ATMs, is there a bank in Western US (California) that is "partners" with any banks in London and/or Paris that we can use over in Europe and know we won't have any problems? Or extra fees?

Bank of America has partners in both London and Paris. Those partners are Barclays in the UK and BNP Paribas in France. I have used these ATMs in their respective countries and I have never been charged any fees by Bank of America. ATMs from both of these banks are plentiful.

Be sure to check on the daily dollar withdrawal limit with your ATM card. I ended up getting an additional ATM card from another credit union, so that I'd be able to withdraw enough cash per day.

Any banks that are "partners" with Washington Mutual? Or any banks in London and Paris that will allow me to use my Washington Mutal Visa Check Card (ATM)with no fees? Does WaMu charge a fee?

Thanks

uscTrojans,

European banks do not charge fees. But your U.S. bank might. You could always open a credit union account. Credit unions usually do not charge fees for ATM withdrawals.

usc trojans, you really should call your bank and ask about partner agreements and fees for overseas withdrawals.

Even if there are 'partner' banks, do you really want to be traipsing all over Europe looking for one that matches your ATM? The trick is to have a home bank that does not charge a fee, or charges one you are comfortable with. As clarified above, the European bank does not charge for use of machine.

Back about those travelers check cards, I can't see they would ever be the way to go unless you do not or cannot have an ATM or normal credit card, or if it's for a teenager from parents, or some other unusual financial situation.

I agree w/suze that it's best to have an ATM card with low w/d fees. However when we were in the UK we used the partner bank Barclays. We found Barclay's ATMs to be everywhere, even in tiny little towns.

Suze's post made me think of an important question one should ask regarding partner banks. In addition to finding out who are the partner banks, it would be wise to ask how easy it is to find these banks in the country you are visiting. The bank might not know the answer, but the Fodorites will :-)

My daughter is going to Liverpool next week. She 's got an ATM card from the bank, but does not have a credit card. As a back up in case of loss of the card or card being eaten by machine, would travelers checks be the best option? How much should she take? Figured she can wire me for money in emergency.

trivbeck- simply ask for a 2nd ATM card would be the best backup in that situation for your daughter.

while people "poo-poo" them here i don't think there's anything wrong with having a few travelers checks for an unseen emergency as well.

I've always travelled with a few Amex TCs for back-up. I never use them at retail/hotel/restaurants. Just strictly turn them in for whatever cash I need on the spot if other methods don't work. At an Amex office, a local bank, etc. as needed. As back up.