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Cashing Travellers checks in USA
JamesStep wrote:
Do banks, Hotels, Restaurants etc, charge a fee for cashing US Travellers cheques.??? I don't think stores ever charged me a fee when I used cheques to pay for purchases years ago; they treated them like cash. I never tried just cashing them in a bank so I don't know if they charge a fee. But they are rarely used anymore due to the popularity of credit cards. Last time I used traveler's cheques (maybe 10 years ago) I found that many clerks had never seen them before. Thats surprising. all Major banks sell them. James |
#12
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Cashing Travellers checks in USA
Shawn Hirn wrote:
In article , Qanset wrote: Do banks, Hotels, Restaurants etc, charge a fee for cashing US Travellers cheques.??? I doubt it, but why bother with traveler's checks? They are so obsolete. Just use credit cards or your ATM card to get cash from a machine. For me they are safest form of currency in the event of loss/theft. Can be replaced almost the same day. I doubt if you could replace a credit the same day that was issued in another country. However I take credit cards and some cash as a backup. If you say they are obselete, then why do major banks still sell them?? |
#13
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Cashing Travellers checks in USA
Major banks still sell them because they are very profitable. Many remain
uncashed for months; some for years - some never. They can be cashed - you will require a passport; probably the documentation you obtained when you bought the dinosaurs - and patience. Only use USD TCs in the USA - many US Bank Clerks are unsure there is any other currency! Most travellers these days use ATM cards - they are accepted almost everywhere - even small villages in India have ATMs connected to the big wide world. "Qanset" wrote in message ... Do banks, Hotels, Restaurants etc, charge a fee for cashing US Travellers cheques.??? |
#14
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Cashing Travellers checks in USA
Qanset wrote:
Shawn Hirn wrote: In article , Qanset wrote: Do banks, Hotels, Restaurants etc, charge a fee for cashing US Travellers cheques.??? I doubt it, but why bother with traveler's checks? They are so obsolete. Just use credit cards or your ATM card to get cash from a machine. For me they are safest form of currency in the event of loss/theft. Can be replaced almost the same day. I doubt if you could replace a credit the same day that was issued in another country. They're a big hassle. Yes you can usually get them replaced if there's an American Express office nearby, but you have to be sure to keep track of all the serial numbers, and keep your receipt, and you need to keep them separate from your checks so if your wallet is stolen you don't lose all your money. Many hotels and restaurants and stores won't accept them anymore because of widespread counterfeiting. Carrying a couple of ATM cards and credit cards is much simpler. Of course that doesn't work in some countries with no ATMs, but those same countries won't take traveler's checks either. There is one good thing about American Express traveler's checks. At American Express owned offices in the U.S. (not affiliates or representatives) you can buy $1000 of them with no fee with an American Express card, and they are treated as a purchase, not a cash advance, so you get miles/rebates. Then you deposit them back into your bank. Surprisingly, Amex doesn't appear to have closed this loophole, probably because there are so few company-owned Amex offices in the U.S. that not a lot of people are able to abuse this (it's a tough way to make a living!). The closest Amex office to me is 40 miles away in San Francisco. A long time ago AAA let you purchase no-fee traveler's checks with a credit card but when this began to be abused they stopped it. |
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Cashing Travellers checks in USA
On Sep 28, 2:36*am, Qanset wrote:
For me they are safest form of currency in the event of loss/theft. Can be replaced almost the same day. I agree. I get "fee-free" TCs from my bank. I take TCs with me to be used only as a last resort. In doznes of trips abroad, I have only had them replaced once by the American Express office, but I was very grateful that I had that safety net. I doubt if you could replace a credit the same day that was issued in another country. I used to be a CitiGold customer. I lost my Citibank card in a foreign country. I called the Citi office in NYC on a Friday to have it replaced, and asked to have it delivered to a nearby branch office. When I walked into the branch on Monday, I found that Citi had not even started the process. The replacement card did not arrive until Thursday. When I got home, I closed all my Citi accounts. However I take credit cards and some cash as a backup. I use cash from local ATMs for most purchases. I prefer to avoid the 2-5% markup added to credit card transactions. |
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Cashing Travellers checks in USA
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#17
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Cashing Travellers checks in USA
On Mon, 28 Sep 2009 08:53:06 -0700, SMS
wrote: wrote: I use cash from local ATMs for most purchases. I prefer to avoid the 2-5% markup added to credit card transactions. SNIP Hi One major problem with using credit cards abroad (at least cards issued here in the UK) is that, to prevent fraud, you have to inform the card issuer beforehand of the countries you intend visiting; otherwise they are quite likely to block the card when you try to use it. However - and this is what I was told by the card company themselves - there is no guarantee that your card will NOT be blocked when you try to use it, even if you have informed them. They argue that if this does happen then a simple phone call will sort the problem out. The snag here is that if your card is blocked when trying to pay a hotel bill for example, it could be the middle of the night in the UK and the card company is closed or it may be difficult to get somebody to answer, ("beep. You are number 15 in the queue") and if you are in a hurry - on the way to the airport for example - you may have a long delay, possibly resulting in a missed flight; plus of course the people queuing behind you, also trying to check out of the hotel, will not be too pleased at waiting whilst you sort the problem out. Having said that, the only problem I personally have ever had was in the USA, when my credit card was blocked trying to pay a motel bill. Luckily I had another credit card, which worked OK, so I just used that one. When I later tried to contact the card issuer to unblock the card, it was virtually impossible to do so. I couldn't use the transfer charge International number the card company had given me because the phone operator wouldn't allow a transfer charge from a public phone, I couldn't use the card to pay for the call because it had been blocked - and the public phone wouldn't take cash. The only solution in such a situation is to use a private phone but if you do not know anybody in the country, it could be difficult persuading someone to let you use their phone for an International call (luckily my brother in law lives in the US and we were on our way to visit him). My wife and I are shortly setting off on a Round the World trip and yes, we are taking credit (and debit) cards to pay for goods and to use in ATM machines; but in case our cards are blocked we are also taking plenty of $US dollars with us (we are from the UK, but nowadays people abroad fall about laughing if you try and pay with British currency, whereas $US are accepted almost universally!!!). Admittedly it is not an ideal solution to carry around a large amount of cash, but we would rather risk it than be left unable to access any money at all - and any $US left over, we will use next year when we visit the USA again. Regards KGB |
#18
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Cashing Travellers checks in USA
On Sep 28, 8:53*am, SMS wrote:
You're using the wrong credit card it you're being charged 2-5%. Or are you saying the merchant is adding 2-5% if you use a credit card, rather than the credit card issuer's fees? When I calculated the exchange rate on my CC purchases, it was 2-3% different from the wholesale exchange rate. American Express had the highest difference. When I was on business travel, my employer required that I use the company AmEx card for certain charges (hotel bills, airline tickets, car rentals, etc.). For some ATM cards, I can get cash at the day's wholesale rate with no additional charges. The Visa card I use charges only the 1% imposed by Visa, the bank does not add additional fees (for doing nothing). Capital One goes one better than my own Visa and absorbs the 1% charged by Visa and Mastercard without passing it on to the card holder. For example their No Hassle Cash Rewards Credit Card has no annual fee and offers 1% back * (2% on gas and at supermarkets). I don't bother with a Capital One card since my Visa card has a better rewards program that makes the 1% fee Visa charges a moot point. I am unwilling to get a card from Capital One. I recall that they were in the news for particularaly hostile customer practices. Their slick TV ads have not increased my confidence in them. The credit card foreign exchange rate is usually better than the rate you get at an ATM, provided you're not using a credit card that charges 2-3% extra for foreign transactions. Also, be sure that you're using an ATM card that rebates any ATM fees, foreign or domestic. The First Republic ATM card is "fee-free" but their exchange rate is 1% higher (could be a VISA network charge). I have never seen a CC that gave me the wholesale rate, even back in the "good old days" when conventional wisdom said they gave you the best rate. |
#19
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Cashing Travellers checks in USA
On Sun, 27 Sep 2009 22:37:09 -0700, Hatunen
wrote: On Sun, 27 Sep 2009 21:23:11 -0700 (PDT), " wrote: On Sep 27, 5:49*pm, SMS wrote: In 1993 I was in Moscow and no stores or restaurants would take traveler's checks. Those people that brought them had to go to a bank to cash them. I had brought some, but had also brought enough cash and I spent very little while there because it was an organized bicycle trip with all meals and accommodations provided. They would only take cash that was in very good condition with no tears in the bills. I assume you mean Moscow, Idaho since the orginal poster explicitly asked about "Cashing Travellers checks in USA". Please note that he did not specify US dollar traveler's cheques. Oops. yes he did. Never mind.... -- ************* DAVE HATUNEN ) ************* * Tucson Arizona, out where the cacti grow * * My typos & mispellings are intentional copyright traps * |
#20
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Cashing Travellers checks in USA
On Mon, 28 Sep 2009 18:00:47 GMT, "KGB"
(KGB) wrote: One major problem with using credit cards abroad (at least cards issued here in the UK) is that, to prevent fraud, you have to inform the card issuer beforehand of the countries you intend visiting; otherwise they are quite likely to block the card when you try to use it. However - and this is what I was told by the card company themselves - there is no guarantee that your card will NOT be blocked when you try to use it, even if you have informed them. They argue that if this does happen then a simple phone call will sort the problem out. The snag here is that if your card is blocked when trying to pay a hotel bill for example, it could be the middle of the night in the UK and the card company is closed or it may be difficult to get somebody to answer, ("beep. You are number 15 in the queue") and if you are in a hurry - on the way to the airport for example - you may have a long delay, possibly resulting in a missed flight; plus of course the people queuing behind you, also trying to check out of the hotel, will not be too pleased at waiting whilst you sort the problem out. Although what you say may be true, let me add the following: 1. I always notify my credit card companies before I go on a trip to another country. It takes just a few minutes and is no big deal. 2. I've done this *many* times, and I have never had a problem with a card that I've notified them about being blocked. 3. I carry several different credit cards, and worst case, I could always use a different one. So I see this as an exceptionally minor problem, and not at all the "major problem" you call it. -- Ken Blake Please Reply to the Newsgroup |
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