Travelers cheques

[clo]

4 hours ago, cruisemom42 said:

I also have two separate checking accounts -- one is strictly for travel with no access or back-up link to any of my other accounts.

 

We have our insurance with USAA - Bob was in the Army - and they reimburse ATM fees for out of network withdrawals so that has been our travel checking account for ages.

[cruisemom42]

38 minutes ago, clo said:

We have our insurance with USAA - Bob was in the Army - and they reimburse ATM fees for out of network withdrawals so that has been our travel checking account for ages.

 

Yep, I have a Capitol One account back from when they were among the few offering no ATM fees and no transaction fees. I don't think they offer the same product any more (I am grandfathered in) but there are more options now.

Edited January 27, 2021 by cruisemom42

[jocap]

21 hours ago, lobsternight said:

Last time we had them, over 20 years ago, was on a trip to San Diego.  Guess they were already on the way out.  We had American Express, tried at numerous banks and credit unions.  The only place that would cash the AE cheques, about a few hundred dollars worth, was a Thomas Cook kiosk at a mall.

Ours was a similar story- getting traveller's cheques was what we were used to doing, so in the 1990s we bought some for our USA trip- and couldn't find anywhere. 

We finally managed in Florida- in the Magic Kingdom! They were Thomas Cook's cheques, and we saw a TC booth inside the resort and thought they might be able to help with their own cheques... it took a while, but we managed.

We met someone on a cruise just a few years ago who said that reception still accepted them! 

[Roger88]

5 minutes ago, jocap said:

Ours was a similar story- getting traveller's cheques was what we were used to doing, so in the 1990s we bought some for our USA trip- and couldn't find anywhere. 

We finally managed in Florida- in the Magic Kingdom! They were Thomas Cook's cheques, and we saw a TC booth inside the resort and thought they might be able to help with their own cheques... it took a while, but we managed.

We met someone on a cruise just a few years ago who said that reception still accepted them! 

It has become some sort of a long-story tradition already. So if you have a chance to keep those chques, you better keep them. At the end, everything may become usefull.. even these cheques 

[rkacruiser]

2 hours ago, Roger88 said:

It has become some sort of a long-story tradition already. So if you have a chance to keep those chques, you better keep them. At the end, everything may become usefull.. even these cheques 

 

Your comment is interesting because such could become memorabilia that could well exceed--eventually--far more than the face value of the cheques.  

 

2 hours ago, jocap said:

 They were Thomas Cook's cheques,

 

Thomas Cook!  Once upon a time the epitome of traveling for some people as I recall.  

Edited January 28, 2021 by rkacruiser

[Hlitner]

19 hours ago, rkacruiser said:

 

I have never had that experience, fortunately, but I do use a neck pouch that is under two layers of shirts.  I'd have to be pretty clueless to not notice someone going after it.  I usually do keep some dirty tissues in a pants pocket to "reward" anyone who tries to pick pocket me.  😄

 

 

Yes, AMEX offices will cash their own brand.  But, the one time that I needed to do so, they charged a fee on top of the fee that I had paid my bank to get the checks.  I was an unhappy customer when that happened.  Because of my relationship with my bank, the ones that I still have were obtained from the bank with no fee.  Now, Chase does not even offer them.  

 

 

AMEX no longer has offices.

 

Hank

[Hlitner]

I will repeat a post I have done in the past about money and foreign travel.  Folks not interested please just skip reading further.

 

We do a lot of International Travel (we are actually in Mexico at the moment) on cruises (sometimes over 100 days a year) and frequent independent land trips.  Because we are out of the country a lot, and often for many months, we need to be careful to always have access to both cash and credit.  So what to do?   Keep in mind that any good planning means having a backup plan and sometimes even more then one back up.

 

Cash-  We obtain all of our cash needs from ATM machines.   ATMs will give you the best rate of exchange, they work 24/7, are readily available throughout most of the world, and are often the only option.  Many foreign/domestic banks will no longer exchange money.  Keep in mind that ATM cards have a daily withdrawal limit (usually between $300 and $500).  In order to be able to get larger amounts of cash and also have backups in case a card is stolen, eaten by an ATM, we carry 3 different ATM cards...each drawn on a different account in a different bank/credit union.  We carry ATM cards that have no foreign exchange fees or fees charged by our bank (the best place to find such cards is at credit unions and smaller local banks).  All ATM withdrawals in foreign countries have a 1% International Services Fee imposed by the banking system (usually this is handled by VISA International) which is hidden in the rate of exchange.  

 

Credit Cards -   The Golden standard for credit cards are Visa and MasterCharge.  AMEX is not as widely accepted (because they charge merchants a higher fee) but is still a great card.  We carry multiple credit cards (DW and I have our own credit card accounts) so that there is adequate backup in case a card is lost, stolen, or compromised.   High credit limits are desirable.  Consider that if you have a medical emergency you will likely need to settle your bill (which can easily be in the thousands of dollars) before you are discharged.

 

IMPORTANT -  There is a relatively new "tactic" called "Dynamic Currency Conversion."  IMHO this is a complete scam perpetuated by both the banking and credit card industries.  Bottom line is that if an ATM or credit card machine offers you a specific rate of exchange....just say NO!  If you decline your transaction will be done in the local currency and later converted to your own currency by the banking system at a much better rate of exchange.   I suggest every traveler go online and "Google" Dynamic Currency Exchange and read up on the topic.  I will again repeat that IMHO  DCC is a scam and should be outlawed by government's and prohibited by the banking/credit card systems.

 

Hank

[iancal]

At one time we found Princess was notorious for this.  We would tick the box to have our on board charges in USD.  When we checked with the Purser's desk they were invariable set up in our own currency.  Got caught once.  Cost us an extra 3-4 points.

 

 A number of retail and hospitality in FLL and MIA always tried it on, including some well known chains.  Same for AZ  On our last cruise this appeared to have been remedied.  It happens overseas fairly often.   The heads up is the question 'would you like to be billed in your home currency".   In some cases they do not always ask SO we always proactively ask to be billed in the local currency.

 

It may not seem like a lot but if one is travelling out of country four months or so per year 3-5 points on credit card transactions can make a difference.  Just as a 10 point discount for cash for accommodation etc. can add up.   Or shopping internationally for travel products instead of NA web sites.   On our last pre covid trip to  Zakynthos we had a choice of how to pay for accommodation.....350E through Booking.com or 250E cash.   Great price for 4 nights in a modern one bedroom ocean side condo in early/mid Oct.

Edited January 28, 2021 by iancal

[iancal]

The last time we bought travellers cheques was in 1977.  Cannot imagine buying them today.   Not many people will accept them any longer and if they do there is a fee.   

 

Paper is too expensive to handle and to process.

[rkacruiser]

9 hours ago, Hlitner said:

AMEX no longer has offices.

 

Hank

 

Not surprised.  Thanks for that information.

 

Time to cash all of them.  

[ldubs]

On 1/27/2021 at 10:35 AM, Toofarfromthesea said:

 

We bank with Wells Fargo*, and before we took our first 'foreign' trip we talked to them and they set us up with a debit card that could not be used to access our regular accounts, but which we could easily transfer money into, as needed.  Our regular accounts had access to the debit card, but not vice versa.  That way if the debit card was lost or stolen our exposure was just to the amount on the card, which we kept pretty low since we could add more money, as needed, very easily.

I should add that this is the only debit card we have ever hsd, as I believe generally they are inferior to credit cards.  And we never used that debit card for purchases - used a credit card for that - we only used it to get local currency at ATMs.  And the currency exchange was done by my bank, not the ATM.  This was much better than the scam exchange places that abound in Europe.

* I'd imagine other major banks offer something similar.

 

I like it.  Your approach of having the dedicated travel ATM card makes a heck of a lot of sense for the reason you say --  you can limit to exposure should the card be compromised.  And I agree that using the ATMs is a heck of a lot better in many ways than the money change places.  

 

I had not thought of it before you mentioned it in your post, but I don''t think I have ever made a purchase with my ATM card.   

 

 

[lenquixote66]

38 minutes ago, ldubs said:

 

I like it.  Your approach of having the dedicated travel ATM card makes a heck of a lot of sense for the reason you say --  you can limit to exposure should the card be compromised.  And I agree that using the ATMs is a heck of a lot better in many ways than the money change places.  

 

I had not thought of it before you mentioned it in your post, but I don''t think I have ever made a purchase with my ATM card.   

 

 

I too have never made a purchase with an ATM card.😀

[iancal]

I think that people should be aware of the severe limitations of traveller's cheques and that is what I believe the gist of the message was meant to be. Not offensive..more like common sense.

 

They  may be fine on a cruise ship however the reality is that fewer and few places sell or accept them.  That could place an unsuspecting traveler in a difficult situation.

 

Being prepared is one reason why we each carry two credit cards and a debit card when we travel.  We keep them separate to  ensure that we always have multiple ways of accessing cash or credit.  And an ipad or smart phone for the same reason.

 

Don't know about other brands but you cannot buy Amex TC's in Canada.  Some Canadian banks will not accept them, some will accept but only with a large service charge attached.  Merchants have the same issue when they are depositing customer receipts at banks.  Hence many stores simply will not accept them.  

 

 

Edited January 29, 2021 by iancal

[clo]

3 hours ago, ldubs said:

 

I like it.  Your approach of having the dedicated travel ATM card makes a heck of a lot of sense for the reason you say --  you can limit to exposure should the card be compromised.  And I agree that using the ATMs is a heck of a lot better in many ways than the money change places.  

 

I had not thought of it before you mentioned it in your post, but I don''t think I have ever made a purchase with my ATM card.   

 

 

We do the same with our USAA debit card. Just move money in as we need it.

[clo]

3 hours ago, ldubs said:

I had not thought of it before you mentioned it in your post, but I don''t think I have ever made a purchase with my ATM card.   

 

We really haven't in decades probably. And with the CSR card we even charge a $5 drive-thru McD's breakfast - and get 3x points.

[getting older slowly]

interest Travel Cheques started 1772  so they have been around a while

 

But in the 1900's The Kirghiz people in central Asia have long used horses as their main monetary unit and store of value. Sheep are used as subsidiary units and small change is given in lambskins.

 

Maybe we should go back to bartering....

[Toofarfromthesea]

3 hours ago, lenquixote66 said:

I too have never made a purchase with an ATM card.😀

 

Nor I, but a lot of ATM cards have the logo and hook-up to VISA or MC, which makes them debit cards, which allows them to make purchases.  I specifically ask that my ATM card remain a pure ATM card with no logo, so it CAN'T be used to make a purchase.  The line between ATM cards and debit cards hinges on that logo.  

[lenquixote66]

Just now, Toofarfromthesea said:

 

Nor I, but a lot of ATM cards have the logo and hook-up to VISA or MC, which makes them debit cards, which allows them to make purchases.  I specifically ask that my ATM card remain a pure ATM card with no logo, so it CAN'T be used to make a purchase.  The line between ATM cards and debit cards hinges on that logo.  

I have never made a purchase in a store with a credit card.The only time I ever use a credit card is on a cruise ship and in the area before boarding.

[lenquixote66]

56 minutes ago, getting older slowly said:

interest Travel Cheques started 1772  so they have been around a while

 

But in the 1900's The Kirghiz people in central Asia have long used horses as their main monetary unit and store of value. Sheep are used as subsidiary units and small change is given in lambskins.

 

Maybe we should go back to bartering....

My dentist has a picture in his office of people bartering for dental care .I think you have an excellent idea.

[iancal]

We came home from Mexico in late March.  I had $90 cash,   I still have $70 of that.     Credit cards for everything.

[clo]

18 minutes ago, lenquixote66 said:

I have never made a purchase in a store with a credit card.The only time I ever use a credit card is on a cruise ship and in the area before boarding.

I don't want to walk around with a lot of cash. Sometimes I'll have a $20 bill in my wallet for what seems like weeks. And as I said we put absolutely everything we can on a credit card. Love racking up those travel points.

[TheOldBear]

21 minutes ago, Toofarfromthesea said:

 

Nor I, but a lot of ATM cards have the logo and hook-up to VISA or MC, which makes them debit cards, which allows them to make purchases.  I specifically ask that my ATM card remain a pure ATM card with no logo, so it CAN'T be used to make a purchase.  The line between ATM cards and debit cards hinges on that logo.  

NFCU issues both an ATM card and Visa logo debit cards - for the same account.

Many merchants (grocery stores, CVS drugs, Costco, BJs...) will accept either. I tend to use the ATM card when I want cash back (avoiding ATM fees)

[clo]

13 minutes ago, iancal said:

We came home from Mexico in late March.  I had $90 cash,   I still have $70 of that.     Credit cards for everything.

It is funny, isn't it? But you MUST be able to pay in full every month or that interest rate will kill ya.

[iancal]

6 minutes ago, clo said:

It is funny, isn't it? But you MUST be able to pay in full every month or that interest rate will kill ya.

Neither of us has ever paid interest on our credit cards.  More often the balance is paid prior to the statement.   

[clo]

3 minutes ago, iancal said:

More often the balance is paid prior to the statement.   

Now just why would you do that? But yeah, they can 'charge' as much interest as they want.