Travellers Cheques

D

Debz

Active Member
Right I'm off to Ibiza tonight and trying to sort out which way to take money. I've read a few bad stories latley about banks charging an absolute bomb to cash travellers cheques. Any truth in this ?! As dont wanna waste my precious clubbing money on greedy banks!!
 
I usually take cash and get a safety deposit box.

Some places do commision free it's a matter of shopping about, but can you be bothered doing that when ya get there!?
 
Leaving it a bit late to sort currency arent you??

The best value for money is to get it changed into euros at your bank at the exchange rate instead of the rate set by travel agents as travel agents buy currency in bulk and sell it at a lower rate. They then claim that it is "commision free", which in a sense is true, but definately not good value. Your only worry then is what to do with the money when you are over there, if there is more than one of you then maybe sharing a safety deposit box will save you all a bit.
 
I have to say, I always just take the commission cost on the chin + go for the safest option - if you have a banklink card with "cirrus/link" on the back of it, you can just withdraw your Euro's from the banklinks over there. I know there's a charge for it, but to me it is better than the worry of travellers cheques or cash.
 
I usually take travellers cheques but it's a pain in the a*se getting them changed and getting charged for the privelge. I'm just taking my bank card and credit card this year and will withdraw cash as and when I need it. I don't think you get charged for drawing cash from your bank account do you? I know there is a charge for drawing money off credit cards but hopefully I won't be doing that too much!
 
CraigyBoy said:
I usually take travellers cheques but it's a pain in the a*se getting them changed and getting charged for the privelge. I'm just taking my bank card and credit card this year and will withdraw cash as and when I need it. I don't think you get charged for drawing cash from your bank account do you? I know there is a charge for drawing money off credit cards but hopefully I won't be doing that too much!
Click to expand...

I think there's a charge per withdrawal on the banklink, not 100% sure tho. Don't think there's a charge if you withdraw your own cash from your credit card - but this would mean that you have to clear the balance first - NO WAY is this a runner for me before my hols :roll:. Don't think there's a charge if you just use the cr card to pay in a restaurant i.e. its swiped.
 
Credit cards are free to use and you get all purchases ie restaurant meals etc at the exchange rate, the only charge comes with withdrawing cash on your credit card and this is imposed by the card issuer exactly as it would be over here. Is it generally a charge of around 1.5% (min £1-50), whether you are in the uk or ibiza, per transaction.

This is just a general rule and you will have to check with your card issuer for exact rates.

Bear in mind that this will be the only charge you pay on your credit card transactions providing you pay the balance on your return.
 
andivokes said:
Bear in mind that this will be the only charge you pay on your credit card transactions providing you pay the balance on your return.
Click to expand...

or do as i did and add a balance to your cc by transferring the amount your likely to spend straight from your checking account before you go
 
You must log in or register to reply here.
Back
Top