Usine American Express Travellers Cheque Card in the US
Dec 14th, 2005, 10:58 AM
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Usine American Express Travellers Cheque Card in the US
Hello folks
I've just signed into this new AMEX travellers cheque card system. You preload your card with $US and most restaurants, stores, or anywhere else that takes regular American Express cards is supposed to accept it. There is a fee of £1.50 UK for each ATM cash transaction for £250 per day max. I like the idea of it all, especially the safety, however, I've had such problems already here in the UK trying to activate my card and trying to get the AMEX website to accept my security details to access my balance, I wonder if, when I get to the US, this will work as smoothly as it's supposed to. I would be in deep trouble if this system doesn't work as most of my money for the trip will be loaded onto this card, however, I will be taking some regular travellers cheques and a few $US.
Does anyone else here have experience of this travellers cheque card system yet? It's new-ish.
Many thanks
MJM
I've just signed into this new AMEX travellers cheque card system. You preload your card with $US and most restaurants, stores, or anywhere else that takes regular American Express cards is supposed to accept it. There is a fee of £1.50 UK for each ATM cash transaction for £250 per day max. I like the idea of it all, especially the safety, however, I've had such problems already here in the UK trying to activate my card and trying to get the AMEX website to accept my security details to access my balance, I wonder if, when I get to the US, this will work as smoothly as it's supposed to. I would be in deep trouble if this system doesn't work as most of my money for the trip will be loaded onto this card, however, I will be taking some regular travellers cheques and a few $US.
Does anyone else here have experience of this travellers cheque card system yet? It's new-ish.
Many thanks
MJM
Dec 14th, 2005, 11:28 AM
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What do you view as the advantages of this that would make you want to use it? I see it mainly as a way for Amex to make money.
If you bring an ATM card and regular credit card (Visa or Mastercard preferred, but Amex is pretty widely accepted), why would you need this or travelers' checks?
If you bring an ATM card and regular credit card (Visa or Mastercard preferred, but Amex is pretty widely accepted), why would you need this or travelers' checks?
Dec 14th, 2005, 12:22 PM
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Because using any CREDIT card in the US, originating in the UK, including American Express, incurs savage charges when the card company calculates the exchange rates from $US to £UK. The AMEX travellers cheque card system is supposed to avoid all of that but I'm concerned about how complicated and user-unfriendly the system seems to be when I haven't even left UK shores.
Is this system in use in the USA for American users now? If it is, how easy, or otherwise, is it?
Thank you
MJM
Is this system in use in the USA for American users now? If it is, how easy, or otherwise, is it?
Thank you
MJM
Dec 14th, 2005, 12:33 PM
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I know I'm not answering your specific question, and I'm sorry about that. Hopefully someone with experience with this system will also reply. I'm still just trying to figure out why it's the best option for you.
Do you know what the fee is for putting $ on the card in the first place? Certainly Amex will be charging you a fee to exchange your pounds to dollars - are you sure it's not as savage as any other credit card?
From what I've read and experienced going the other way - US travelers in Europe, UK or otherwise, the most cost-effective way to spend money is to put major expenditures on any regular credit card and use cash withdrawn from an ATM after arrival for smaller purchases, or when credit isn't accepted.
I'd be surprised to learn that it's significantly different from European visitors to the US. There are definitely fees that way - ATM fees from your local bank maybe, and from the bank you withdraw from (in the US that's allowed), plus losses in the exchange rate, as well as fees on credit card transactions. But no matter how you change currencies, there will be fees.
Do you know what the fee is for putting $ on the card in the first place? Certainly Amex will be charging you a fee to exchange your pounds to dollars - are you sure it's not as savage as any other credit card?
From what I've read and experienced going the other way - US travelers in Europe, UK or otherwise, the most cost-effective way to spend money is to put major expenditures on any regular credit card and use cash withdrawn from an ATM after arrival for smaller purchases, or when credit isn't accepted.
I'd be surprised to learn that it's significantly different from European visitors to the US. There are definitely fees that way - ATM fees from your local bank maybe, and from the bank you withdraw from (in the US that's allowed), plus losses in the exchange rate, as well as fees on credit card transactions. But no matter how you change currencies, there will be fees.
Dec 14th, 2005, 05:14 PM
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Hi, MaryJo. By any chance, do you use Barclay's bank? I am a customer of Bank of America and I was told these 2 banks have a partnership agreement. I used only Barclay's ATMs in the UK. I never paid any ATM fees, and the markup on the exchange was only 1%. I don't know this for a fact, but I imagine the partnership goes both ways. If that's true, then a Barclay's customer should be able to use B of A ATMs without charges.
I don't usually recommend traveler's checks, but in this case I'm tempted to say they are less expensive and more widely accepted than the AMEX card. It has been my observation that TC's are easier to cash in the US than in Europe. The AmEx card is accepted in many places in the US, but not as nearly as frequently as MC or Visa.
I don't usually recommend traveler's checks, but in this case I'm tempted to say they are less expensive and more widely accepted than the AMEX card. It has been my observation that TC's are easier to cash in the US than in Europe. The AmEx card is accepted in many places in the US, but not as nearly as frequently as MC or Visa.
Dec 14th, 2005, 06:32 PM
#6
I have used the preloaded Amex Travel funds card. Is this the same one? I used it while on vacation in San Francisco and used it in many restaurants and shops without any problems. I did not know what my balance was until I called a number. I thought it was safer than carrying lots of cash while walking around the city. I did not use it as an ATM. So, I cannot help you there.
Dec 14th, 2005, 08:56 PM
#7
I am much more familiar w/ this product going the other way - US to Europe for € or £. I am assuming the same disadvantages would apply coming to the US. The card has fees to activate, fees to re-fill, fees to withdraw cash, and even fees to liquidate any balance when you get back home. Basically it is a cash cow for AMEX.
Is there any reason you aren't simply using your ATM card? The exchange rate will be much better and and even though there will usually be fees to withdraw cash - they do not assess fees when used as a debit card.
Just think of all the disadvantages of Travelers cheques and multiply them about 5 fold.
An ATM card and a visa or mastercard will be a better deal than the AMEX travel card. And if you bank w/ Barclays you can use BofA atms w/o any fees.
Is there any reason you aren't simply using your ATM card? The exchange rate will be much better and and even though there will usually be fees to withdraw cash - they do not assess fees when used as a debit card.
Just think of all the disadvantages of Travelers cheques and multiply them about 5 fold.
An ATM card and a visa or mastercard will be a better deal than the AMEX travel card. And if you bank w/ Barclays you can use BofA atms w/o any fees.
Dec 15th, 2005, 05:53 AM
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Thank you all for your help and suggestions.
The initial charge for the card is £15, no charges for loading it or reloading, only for using the ATMs in America (AMEX give a list of certain banks where it is cheaper than using an ATM say in a supermarket). Aside from the safety and convenience aspect of not having to carry cash and travellers cheques, they add $250 if you load the card with the initial $2000 maximum, which I certainly did. Now, that worked out at an extremely attractive exchange rate of $1.85 to the £, given the recent strength of the dollar against sterling which currently gives us a regular exchange rate of $1.68/69 to the £, I though the AMEX deal was pretty good. What bothered me yesterday was the trouble I had trying to activate the card and to get the online website to accept my security details, which it wouldn't and am still sorting it out by 'phone.
It's just that my heart sank, wondering if I'd done the right thing and if this would really work so well when I get to America. However, I will take a mixture of means to pay but most of my money will be on the AMEX card. The rental company for my accommodation has already informed me that they expect cash or travellers cheques and won't accept the AMEX card, even though it's preloaded with plenty of dollars.
I'm going to be more optimistic about it and I'm sure all will be well...gulp!
Thanks again.
The initial charge for the card is £15, no charges for loading it or reloading, only for using the ATMs in America (AMEX give a list of certain banks where it is cheaper than using an ATM say in a supermarket). Aside from the safety and convenience aspect of not having to carry cash and travellers cheques, they add $250 if you load the card with the initial $2000 maximum, which I certainly did. Now, that worked out at an extremely attractive exchange rate of $1.85 to the £, given the recent strength of the dollar against sterling which currently gives us a regular exchange rate of $1.68/69 to the £, I though the AMEX deal was pretty good. What bothered me yesterday was the trouble I had trying to activate the card and to get the online website to accept my security details, which it wouldn't and am still sorting it out by 'phone.
It's just that my heart sank, wondering if I'd done the right thing and if this would really work so well when I get to America. However, I will take a mixture of means to pay but most of my money will be on the AMEX card. The rental company for my accommodation has already informed me that they expect cash or travellers cheques and won't accept the AMEX card, even though it's preloaded with plenty of dollars.
I'm going to be more optimistic about it and I'm sure all will be well...gulp!
Thanks again.
Dec 15th, 2005, 06:26 AM
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You should find that using the Amex card here is no different than if you had a plain old Amex card. Many places do accept it, some places accept no charge cards, and some accept some, but not Amex.
The fact that it is loaded with $$ means nothing to the store you're trying to use it at - either they have gone through the process to set up the way to accept Amex cards or they haven't. If they haven't, they can't take your card, no matter how much money it has on it.
That's really the only problem I can see you having here with it - you'll need other forms of spending (cash or other credit cards) in some situations.
The fact that it is loaded with $$ means nothing to the store you're trying to use it at - either they have gone through the process to set up the way to accept Amex cards or they haven't. If they haven't, they can't take your card, no matter how much money it has on it.
That's really the only problem I can see you having here with it - you'll need other forms of spending (cash or other credit cards) in some situations.
