Cash or Travellers Cheques??

[slipperyangel]

Hi all, Just wanted to pick your brains about something I cant decide on!
Im off on holiday soon (to escape this horrid weather) and cant decide whether to take cash or travellers cheques.
Im going for 2 weeks and obviously need quite a bit of cash (I like to shop:lol and dont know if its wise to take that amount of cash.
When Ive been away before I took too much in sterling travellers cheques and had to pay ridiculous commission to change it to euros, and then on return when I exchanged them for sterling I was once again charged a fortune.
Does anyone have any advice on this as I dont want to pay huge fee's again cos that means less spending money for me :lol:
Thanks

 

[mercedes69]

where are you going to?

It might help with the answer :green: xxxxxx

 

[slipperyangel]

Im off to Lanzarote.
Has anyone been there??
Loads of people have called it Lanzagrotty, but Im hoping it will be nice.

 

[Noodle]

From a personal safety point of view, it's never wise to travel with stacks of cash on you.

You can get commission free currency at M&S and travellers cheques (Sterling, Euro or Dollar) with just 1% commission. Main branches of the Post Office also offer commission free currency and low commission rates for travellers cheques.

PS: Lanzarote is lovely ... I was there at Xmas.

 

[slipperyangel]

Im confused!
If its 1% commision, doesnt that mean you are paying commision so its not commission free?

 

[Noodle]

Cash currency is commission free, cheques are 1% ... does that help?

 

[marioned]

I usually just pay by credit card and take money out of the bank on my bank card. I think Nationwide (or maybe it's Abbey) do one where you don't have any charges, but I usually find you get a better rate than for cash/traveller's cheques when the bank/credit card company are doing the conversion that it isn't really worth changing in advance.
Marion x

 

[welshrarebit]

Hi

You can use your debit card and withdraw cash abroad - the fee isnt that expensive, I did this last year when I went to Spain, we took Euros with us and I also used my debit card to withdraw cash when I needed to. You could take a little bit of cash with you and leave some in your account, and withdraw it when you need to.

Another way to use money abroad now is like a debit card - its instead of taking euros or travellers cheques, you put money onto a type of debit card and when you spend money you hand over this "debit card" and the money is taken off the card. Ask at your travel agents about it.

The post-office are very reasonable with their exchange rates though if you do decide to use all foreign money or travellers cheques.

Debbie

 

[fozzyo]

I've never used travellers cheques, I grab a small amount of cash on the way out at the airport (I pre-order with Travelex to get a better deal) and then withdraw money at cash machines over there.

Mat

 

[Sammijo]

Hi
Pop in to Thomas Cook, their curency and currency travellers cheques are comm free. I would really recommend the Thomas Cook travel card, you can put you money on to it, then if you want to get cash out in Lanzarote you can go the hole in the wall, otherwise use it like you do a debit card as it comes with a pin no and you can use it in most shops etc. I used one in the States in Nov and had no probs whatsoever. Travellers cheques will eventually be phased out and this card will replace it. If theres any left on it at the end of the holiday you can go back to Thomas Cook and they will download it for you and give you your money back in sterling - no comm charges! Or you can keep it on there for your next holiday. Take a small amount of euros with you as well for the airport etc. Finally, please check your holiday insurance cover as many policies have a limit of £250 for cash, so if you were unlucky enough to lose your holiday money and its all in notes, you ins will not cover it all. The card is extremely safe, you can nominate an additional card holder and should you lose it replacement funds will be arranged within 24 hrs.
Hope this helps a bit!

Sam x

 

[jenny mosley]

Hiya

Ask for a plastic card, it's like a credit card.

Say for E.G you want to take £600 away to spend
you can top up your card with £500 and then get cash for the other £100 so you have a little to start your holiday...this card can be used in all sorts of places, it's just like having a credit/bank card, when you £500 is gone it's gone. You can cash in at the end or even top it up if needed while away.

have a fab time and be safe

jenx

 

[slipperyangel]

Thank you all so very much.
I think the best option is to go for the money card, what a fab idea!
Can I just go into any thomas cook and do it or do I have to ring up to arrange it??

 

[gillian w]

We always used to take travellers cheques but it is now very easy to just get money out of cash machines so we dont bother anymore.Lanzarote When i went in, i think 1986 if i remember rightly, it was the world cup and Samantha fox was number 1 with Touch Me, because we heard it everywhere,there was about 1 mile in puerto del carmen with anything at all and everywhere else was volcanic black nothingness and there was a constant wind.I think its changed a lot since then except the wind.

 

[Sammijo]

Hi again.......
Yes you can go in to any Thomas Cook and you dont have to pre arrange it. If you are paying with cash you need to take some ID with you, and proof of address. If paying by card, 2 forms of ID (one being a photo)
Have a fab time!

Sam x