Travellers cheques

#1 Jun 4th, 2011, 12:19
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  • kazworthy is offline
#1
I was advised by the travel agent to take cheques in sterling I am not sure what to do about this I am travelling in nov and was going to start getting my money sorted now by buying 200 of money ... can it be easily changed in Goa and is there a charge for doing so ?? any advise please karen xxx
#2 Jun 4th, 2011, 12:31
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  • Dil_Se is offline
#2
I've taken travellers checks in sterling before, no probs. Make sure you have a fair idea of the exchange rate when you go to change them - check online. Sometimes there is a fee for changing them, usually small, but on other occasions I found there was no fee. Don't change at the airport, I always find the rate is very poor there.

However, I always took them in conjunction with an ATM card and I pretty much only took them so that I had an alternative source of money in case my ATM card got stolen/lost/etc. May I ask why you are not just taking a card? If you like, you can get travel money cards which are separate from your normal account, which you can top up online.
#3 Jun 4th, 2011, 13:20
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  • kazworthy is offline
#3
I will take my card I just thought there would be bank charges for withdrawing money over there? I have never been to Goa and cant buy rupees in UK so was confused to what to take karen xx
#4 Jun 4th, 2011, 15:29
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  • Dil_Se is offline
#4
Depending on the card you get, there may be charges. I believe that Santandar advertises free cash withdrawals worldwide. The card I had charged a small fee for withdrawals and nothing to use the card in shops/restaurants/hotels/etc.

Overall I think an ATM card is easier and less hassle (no having to carry photocopies of your passport or get photocopies done, no scouting endlessly for somewhere to change them, no missing hours when changing places are open, etc.). I've never sat down and worked it out but it's possible that the charges are very similar for both methods.

I'm sure someone with more in depth knowledge of this will step in! Also, you can do a search because I'm pretty sure threads like this have come up before.

In general, I recommend taking most of your money on some kind of card, either your regular debit card of a pre-paid travellers card (which can be topped up as necessary). Make sure the card can be replaced at short notice should this be necessary, most cards seem to advertise this. Then take a small amount (but sufficient to cover you in an emergency) of money in some separate form - either travellers cheques or I suppose hard cash, though travellers cheques are obviously more secure. Keep this securely in a separate place from your ATM card in case of theft, loss, etc.
#5 Jun 4th, 2011, 16:21
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  • Gypsy Moth is offline
#5
I took traveler's checks only to pay the tour company, which did not accept credit cards. Had a few left over, and in Jaipur the banks would not change them nor were money changers easy to find. I was really glad I didn't have to depend on traveler's checks for cash.

ATM's are everywhere. Yes, there is a fee to withdraw but it's not much. Take the maximum cash withdrawal each time so you don't have to use the ATM so often, and just consider it a part of your vacation expense like a hotel or anything else. The convenience is worth it.
#6 Jul 13th, 2011, 00:01
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  • RadJim is offline
#6
Travellers checks are widely accepted around Goa and when I went in 2008, ATMs where quite scarce actually. I seem to remember them only being around the towns, rather than the coastal areas you are most likely to be staying.
Most places i used offered a "free" service for cashing travellers checks but the rates they gave me where horrible compared to the exchange rate you would find at somewhere like http://www.exchangerates.org.uk/ and this seemed to be pretty standard across them all.
#7 Jul 13th, 2011, 00:34
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  • rahul001 is offline
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I have used capital one credit card where ever it is accepted (no international transction charges and exchange rate was better than what was advertised on xe.com ). Airports have worst possible rate for exchange and then comes the hotels if you carry traveler checks. Check with the local banks, they can be hassel but worth the time if you are exchanging large amount.
Pre loaded ATM cards are the best and in recent years I have found ATM machines in almost everywhere (apart from remote villages). Withdraw max amount possible each time, it can save a lot on the transaction charges.
“I'm not dumb. I just have a command of thoroughly useless information” - Calvin

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