Hello

I have never been to Canada and never used travellers cheques so please excuse me if this question makes me appear a bit thick, but...

If I bring over Canadian dollar travellers cheques when I come over on my recce trip (not long now - only 7 days) will the banks over there charge anything for exchanging them?

Simple for those who know, but I have no idea, so any help would be brilliant.

Thanks

Rubie

x

Don't bother, just use the cash machines.............the exchange rate is good and the charge isn't that high, alternatively use your credit cards

i doubt you'll be charged anything to cash travellers cheques. I havent cashed them in canada but have never been charged having used them in other countries including the USA.

OH

thanks Brownstar but my debit card provider is going to charge me 1.75 for each cash withrawal and then an extra conversion fee 2.75% - that sounded quite a high charge to me???

rubie

x

Last time I had a run in with travelers cheques it depended on the cheques / banks involoved

If i recall correctly American Express ones could be cashed free as Scotiabank for example. Other banks will probably cash them, but they might charge a fee.


I would ask the provider of the cheques which canadian banks will cash them for free, because canadian banks being what they are, if they can charge you for a service, you can bet that they will.


Having said all that I havent used them for years, and even my dad now seems happy enough to use credit card advances from cash machines, having built up a positive balance in advance to minimise interest charges.

Whatever way you go you get charged, I've not used travellers cheques for about 20 years but I would suspect the exchange rate on offer would not be as good as say a money exchange or withdrawing from a cash machine

I think it varies from bank to bank and depending on what travellers cheques you have. I just use credit card and cash machine wherever I travel.

Last time I used travellers cheques was about 10 yrs ago, then you could use them like regular cash in the US, at supermarkets etc. Not sure if you still can....

you DON'T pay any charges for cashing TC in canada banks

but the exchange offices do charge about 5 %

Thanks everyone

I'm guessing that travellers cheques are way out of date then??

Think I'll go have a look at my other cards and see what the exchange/charge rates are.

Rubie

x

Rubie

The last time we were over we opened up an account with TD Trust and then just paid our travellers cheques in and used the debit card to withdraw cash and pay for things. We weren't charged as we had Canadian dollar travellers cheques and the full amount was just deposited.

Michelle