wwhitman

Is it easy in London to convert travelers cheques in American dollars into British pounds. I know that I can buy travelers cheques in British pounds, but would prefer to buy them in American dollars so that I don't take a pounding via the exchange rate when I return to the U.S.

elberko

See attached post for all the reasons NOT to use travelers checks:

http://www.fodors.com/forums/threads...p;tid=34500088

elaine

Hi
whether your trav cheques are in pounds or dollars you will almost always pay a fee to cash them.
Do you have a particular reason for bringing them? ATM cash withdrawals from your checking account, and use of credit cards for as many purchases as possible is the way to go. You can take a hundred or two in trav cheques just for an emergency if you like. If you don't use them, endorse and deposit them into your account when you return home.

Daisy54

You'll probably take just as much of a pounding on the exchange rate if you take USD travelers checks and convert them in the UK, so if you're going that route you might as well get them in GP pounds before you go and save yourself a trip to the bank or currency exchange (which however are very plentiful in London esp. around Paddington train station and I assume in other high-traffic areas as well.)

However having said that, most people will tell you you'll get the most favorable rate by using your ATM or credit card there to get cash and pay for things, rather than using travelers checks or exchanging cash. Just be sure to contact your bank before you go to make sure your plastic will work abroad and so that they don't freeze it thinking it's a fruadulent purchase the first time you use it.

Christina

It may vary where you get them, but it generally isn't true that you will pay the same in the US to convert to GBP as in London to cash them. My experience is it costs more in the US. Your idea is the best thing to do, especially because of what you said -- having leftovers. There's no point to taking them in GBP.

It is very easy to cash them in London as there are currency exchanges all over the central area. I was there last summer and was actually surprised how common they were because of more people using ATMs. There were about three within one block of my hotel in SOuth Kensington, and I saw them all along the streets. One of the best places to exchange you might not thing of is in Selfridges -- they have both ATMs (good ones which are off the street) and a currency exchange office. I had quite a few ATMs not work in London and liked using them in Selfridges as they're off the street.

Christina

oh, I forgot to say, another reason I think there is no point to getting them in GBP is that you may have to go to a currency exchange to cash them anyway, even when they are in GBP. Then, you pay another fee for cashing them there even when in GBP, and don't save yourself any trips.

Bob1

i still have $150.00 in AmEx Travelers Checks that I purchased in 1992. One of these days I will have to use them. They have made about 20 overseas trips and are now part of the family. They went to India in March and just returned from Portugal.

With credit cards and ATM machines you simply do not need these things anymore. You are getting good advice above.

pkdof

If you buy American Express travelers checks and have a platinum card, there is no fee for purchase, or for cashing at Amex office, I believe. If that's correct, wouldn't it be advantageous to buy the travelers checks in USD and cash into GBP in London?

StCirq

pkdof:

I haven't been to the AMEX office in London, but I've ended up at the one in Paris a few times, and if London is anything like it, you can fritter half a day away there.
I don't know why anyone would want to plan to spend time at an AMEX office that might not be at all convenient and might take up a lot of time when there are ATM machines everywhere.
Traveler's cheques are really a dinosaur, and you have to deal with them both before and during, and often after, a trip. An ATM transaction takes about a minute.

ira

One more voice against TCs in either $ or GBP.

As for using currency exchanges - you will lose at least 5% compared to ATMs.

Daisy54

I realize that travelers checks are old fashioned and potentially less frugal to use, but for those (and I'm sure they're out there) who choose to use them anyway (free will and all you know) there is a way to get around the extra fee of cashing them in a currency exchange. If you get your TC in GB pounds before going there, use them to pay for hotels, meals and purchases - they will be accepted at most hotels, restaurant & large stores. The only thing is the purchase will have to be more than half the value of the check - for example my mom tried to buy a £20 book with a £50 TC, and they wouldn't take it. But when she made a £30 purchase, they happily accepted her £50 TC and gave her the £20 change. Of course don't expect to be able to use TC at small shops, pubs, street vendors, the bus etc.

Robespierre

AAA Cook/Travelex don't charge if you cash them at their outlets. (That's nice, since you paid 9% over interbank for them!) Amex marks up about 5%, I think. I don't know of any way around markup in buying foreign currency cheques. Once upon a time, Amex didn't charge cardholders for USD cheques, and you could cash them free at their offices overseas.

Find a bank card that doesn't add on to the Visa 1% foreign exchange factor. Use it for as many purchases as you can.

vcl

We always carry a few hundred dollars in Amex Traveller's Checks for emergencies. They came in handy a couple of years ago when the only ATM in a small town was out of order.

Having them is a bit like having a "blankie;" a relic of an earlier time, but comforting.

P.S. Our daughter, who returns annually to that small town, says there are now ATMs about every three feet.