Sue_xx_yy

I'm assuming you bought American Express traveler's cheques. I'm not familiar with Citibank, but I'm guessing they don't normally deal with Amex TCs. (Some banks sell VISA or Thomas Cook TCs instead.) This might be the origin of what admittedly is an outrageous charge for cashing the TCs, even allowing for their being denominated in Euro. As another poster pointed out, AAA should be able to direct you as to what banks will cash your cheques for you for the most reasonable rate.

As a general rule always grill bank clerks for their bank's charge policy before doing virtually any transaction, not just TCs. For example, the bank I deal with charges stiff fees for withdrawals should the account balance drop below a certain level.

We're among those who only take such TCs as we take denominated in our home currency. We have taken the same few hundred dollars worth of TCs on the past 3 trips - they're only a backup to our ATM and CC cards. Consequently, we never bother to cash them in upon return, since the amount involved is small, interest rates are low, and the convenience is worth it - there's enough to do pre-departure as it is, without adding 'buy TCs' to the list.

Should we ever have to use them we can't predict whether we'd be using them in the UK or Europe. Admittedly, the exchange rate and charge for cashing them at a UK or European currency exchange would be exorbitant, but this charge would only apply if we actually use them, whereas the cost and inconvenience of getting Euro or pound denominated TCs would be 'up-front'. We'd also need to get two completely different sets of TCs, one set in each of these currencies.

ira

Hi Grandma,

The $10.00/check fee wasn't so bad. I have correspondents in London who tell me that it costs them 10GBP to deposit a check in dollars.

martytravels

Travelers check,s are bad news. I bought some euro checks at AAA too, of course at a rate higher than the actual euro-dollar exchange rate. Then I got to ABN AMRO in Amsterdam to exchange them and was subjected to a ridiculous fee. In short, the 100 euro in checks I purchased resulted in about 87 euro in actual cash. Stick to your ATM card!

andy

Grandma--

I am also of the "old school" like Christine..I ALWAYS carry some money in TC but in USD or GBP ( if visiting England)..and for just the reason you listed --you did say your hubs wallet got lifted...Without those UNECESSARY TC, you would have had no money for a day or 2 and that would have wrecked havoc with anyone's vacation...

But I would NEVER get TC in EUROS since I cannot use them in the US...I do the same as Christine- I keep them to use in the US for US vacations ( after a European trip) and eliminate any bank fees...

FOR ANY TC- Euro,GBP or USD, in Europe , they have to be converted at the local AX bank and there is always a small fee.

janis

Ira is correct - the $10 was not to "cash" the TCs, it was mostly to convert and deposit them.

I once mistakenly paid cash for something for which I would claim VAT back (instead of usung a credit card). Because there was no account to credit I received a £ check refund. The check was only £8 and the costs to convert and deposit were over $20. Needless to say I did not cash it and It is now framed and hung on my wall as a reminder Fees were that high because two banks were involved (the one drawn in the UK and my own).

So your TCs would only face 1/2 of that -- $10 would be about right. (not to beat a dead horse -- but if they had been US$ TCs they would have been no charge to cash them)

jsmith

Janis, you could endorse the check and send it to a charity in the UK. Let me know if you need suggestions.

janis

jsmith - I have actually done that several times since -- not checks but extra £ currency I have contributed to Oxfam and other charities or to various museums. But this check is now very stale (10+ years) and I didn't think about that at the time.

jsmith

Janis, maybe we've provided an inspiration. This website gives a form and address for donations to the British Red Cross:

http://www.redcross.org.uk/temp/Brit...tionspForm.doc

gracejoan

I guess the mistake made was in not knowing in advance that you would be not using the euros.

I always purchase euros via AAA and I also purchase $2000 - $3000 travelrs checks in dollars, for emergency. If you have a AAA credit card, there is no cost to you for those. Put it on the credit card and when you return homeyou just deposit them and pay your credit card bill when it comes in. You have the security, with absolutely no cost to you!

I use credit cards for most dining and shopping..with some planning ahead, I use whatever final euros for hotel bill and airport departure tip.

This has worked out well for me for a great many years. I don't even think about using ATM's........

Grandma

Gracejoan, El husband's modus operandi has always been just like yours... except for this year. (We usually travel once or twice a year.) Euro checks came in handy getting money at hotels before and after cruise while we were sans credit cards. (Also, we've had some health emergencies in the past so like a little "insurance.&quot
El H. went off and got the checks without consulting me, then compounded the folly by not returning them to AAA. Someday I'm going to sit him down and make him read this thread. - -

nnrobnz

In a slightly similar situation, I had trouble with my bankcard in some ATMs in Italy in Oct so I used a credit card to get a cash advance in Euros. On my current bill, I noticed a couple of TRANSACTION FEES and called Chase for clarification. They waived the fees immediately without a struggle. I think sometimes the universal corporate THEY try to get away with stuff and you have to be on your toes.

crepes_a_go_go

with most people's opinion of TCs, i almost hate to post this question, but here goes. one post suggested taking TC if you need a large amount of currency in one blow, like for payment of month's rent on a vacation cottage, for instance. if th is were the case, would you take the TCs in dollars or euros since you know you will be using euros at your destination? is there a better way to pay a large sum like this other than TCs? i always use debit card and credit cards when traveling in europe, but i have never needed to pay for accomodations in advance in this amount before. thanks for any advice.

CalgirlSusan

That's an easy one, crepes. If the place has quoted you in euros then get the checks in euros. Otherwise there's no guarantee how many dollars they will think is the equivalent of that many euros.

Grandma, are you saying that they charged you $10 to cash each check in addition to the conversion rate, or are you saying for each 50 euro check they credited you $40? I'm not really sure which is worse.

gracejoan

Grandma,

I don't buy AAA Euro travelers checks..I buy cash euros...buy AAA dollar travel checks for security purposes only..

gracejoan

re T?/C in euros or dollars...if you are renting a house. they sometimes want cash only. You just need to know where you will be staying and what they want. I always travel with quite a large sum of euros in cash. I do most of my dining and shopping with credit cards..as I get towards the end of my trip and know what large things I have to pay for, hotels, rental cars..then I use my final for those things..saving only what I need for the airport. You can always pay your hotel or rental car with part cash(euros) and part credit card. I have never had a problems using this method..it is the way I travel.

Grandma

Calgirlsusan: Yup.. the worst scenario... $10 in addition to the conversion rate. ALSO I don't know what I was thinking: the bank in question is CHASE... not Citibank. (My apologies, Mr. Weil) El Husband is planning an appeal for mercy to our local manager now that the holidays are over.
Gracejoan: where do you buy Euros? (Once again, the rates I see posted at
Chase are cause for laughter.)

crepes_a_go_go

Calgirl - wonder about the exchange rate - as in, would i get a better exchange rate if i took the TCs over in dollars and with them, bought euros or euros TCs? i can easily buy the TCs from AmEx so that I can use their services in Paris. I am not worth a toot at this conversion rate thingy. I always figure, if I have to watch it that close, I prob should keep myself at home - LOL. But in this case, I am going to be spending a few thousand in apartment rental, so I might better get a little more savvy! thanks.

Patrick

If for some reason you had to have travelers checks to pay this big apartment rental bill, I'd get them in Euros. You'll know exactly how many euros they will charge you. What if you got them in dollars and when you got there they quoted you an exchange rate of some 10 or 20% more than it should be to convert them, you'd have no recourse.

But why traveler's checks? Why not make sure you have that much in your checking account and do an ATM withdrawal (or a couple if over the limit) when you get there and simply pay them in cash? It will be less than the exchange rate you'd pay either buying or selling Travelers Checks.

GSteed

History...Early travellers carried gold and silver. Even earlier ones carried salt. Banking developed and credit was established. Interest rates are often set by the risk of it. Today we have mechanisms that can transfer value at a minimal cost. Debit cards! Money is safe in account until needed. All transportable forms of money carry risks. Loss, theft, non-acceptance. Exchanging money forms requires time/expense. A fee is charged to cover that expense plus an amount for profit. Sometime in the future we may have society that simply uses services and such without any payment. Much European travel is just that. Guests stay with friends! Friends visit guests.

AX promoted the idea of keeping an AX TC in the wallet as insurance. AX used the funds generated/float.

Local currencies are continually depreciating. Hence the development of money market funds. Unused cash may be protected from devaluation.

Consider the traveller that bought Euros when the rate was at .85! Today they are worth 1.25!

Aside: Will the Europeans take advantage of the current rates to travel in the USA? If so, they may help US Airlines to keep prices low.

BDM

I agree with GSteed. We've bought Local currency traveler's cheques before with great results. (except when we found we needed to pay a 7FF toll at 8:30am on a Sunday with a 1,000FF check

We also bought 500 Euros as emergency money at .85 and then forgot them. We spent them this year in Amsterdam at $1.27 and used the profit to splurge on a great bottle of wine.

Best advice we have - use your debit card, take out euros from ATM's and have fun. One great benefit of the euro is the elimination of needing to convert money back and forth all the time. Just bring back the leftovers and spend them next time.

Via con dios - Brian