BudBrain

We are planning to take some AUD in cash for our trip from the UK to Oz next year - and I 'was' planning to take the majority of our money in travellers cheques, however after a conversation with a colleague of mine this morning I'm wondering if there are better alternatives.

What do you guys do/suggest?

Sherlock Holmes

I used American Express travellers cheques via Lloyds Bank when I used to come out here on hols. There was no commission at either end. To confirm, that was AUD cheques bought in the UK for use in Oz.

I also had a Visa debit card which works in all the ATMs.

BudBrain

Thanks

I think he meant some kind of card that you 'top up' - like a card version of a travellers cheque? Anyway, if there is no charge at either end with a travellers cheque then I'll go for that.

I take it I just need my passport to cash them in once in Oz?

MartinLuther

Maybe he was talking about this.

http://www.cashpassport.com/

Centurion

You should probably remember that regardless of what you choose, you always pay a fee whether it is factored into an initial commission or charge, or the exchange rate you receive.

I must confess I have not seen travellers cheques for years and the prepaid VISA card version seems to be carried more often since you can use it at ATM's as well as just pay for things without the pain in the ass of cashing and using travellers cheques.

You might consider asking your bank what solution they offer in terms of a debit card and what the exchange rates are. For example, I hold an Australian NAB card which has zero fee foreign transactions, so its just easier to use my bank card.

BudBrain

Thanks, I'll take a look.

My worst nightmare would be having my bank cancel my transactions/card because of security (I've heard so many stories) so something that sits between the convenience of a travels cheque and security of a card sounds ideal

bcworld

I also just use my NAB card to take out cash when overseas, no fees and excellent exchange rates.

Used it again in NZ last week...rate charged was NZ$1.300 versus an actual real rate that day of no more than NZ$1.305 .

Dorothy

I wouldn't bother frankly. I bought traveller's cheques when I went overseas in July and had a real problem getting anywhere that would accept them! I ended up cashing the UK ones at my hotel. My Canadian ones were not accepted at any shops at all, including the bigger/better known stores. I had to go to a bank with my passport and driver's license to cash them. By the time I got to the US I didn't even bother trying to use them - just went to the first bank I found with a shit load of ID and cashed them in.

Just get yourself a pre-paid VISA card (one you top up yourself) and you can use that wherever you go.

Bermudashorts

I thought travellers cheques were from another era!

When I came out for my validation trip we got some cash at airport and then just used our cards as normal. Debit card for taking cash out of ATM and credit card for purchaes. My credit card rate was not much worse than the ozforex rate around that time.

Exchanging money from one currency to another is never free no matter how you pay.

You can phone your bank in advance and tell them to note on your file that you are going away and they should expect foreign transactions. First Direct (my UK bank) are very quick to stop cards if they see foreign currency transactions. They will lift it though after a phonecall.

Sherlock Holmes

I take your point and it is a good one. I ordered travellers cheques (should have been a clue) and I phoned them and told them I was going to Oz. All worked for a week or so and then they put a stop on my card. One ranty phone call from here fixed it but it's embarrassing when it happens. Luckily I had cash to cover the bill when card was refused.

Centurion

I actually phone the NAB and tell them I'm away. That way I never have a problem thanks to their paranoia that transactions appear in several different currencies over days. Learnt that lesson the hard way.