Travellers Cheques...

Stephen · Feb 13th, 2009, 16:44

I'm thinking of buying travellers cheques for peace of mind, but when I exchange them for Indian Rs. do you get charged commission and is the exchange rate better, worse or the same?

Many thanks in advance.

S.

fragrance · Feb 13th, 2009, 18:03

Hi stephen, for travellers check the exchange rate is usually little lesser (like 2 rupees for a dollar for example) compared to currency note.

palerider · Feb 13th, 2009, 18:08

TCs aren't really a good idea. You don't need them anymore, the world economy is Global now.
You pay twice for them, once when you buy, and again when you sell.
ATMs are everywhere now.

Stephen · Feb 13th, 2009, 18:17

Quote:

Originally Posted by fragrance

Hi stephen, for travellers check the exchange rate is usually little lesser (like 2 rupees for a dollar for example) compared to currency note.

Thanks fragrance, that's not too bad. So it'd be just over Rs.1 for £ Sterling.

Quote:

Originally Posted by palerider

TCs aren't really a good idea. You don't need them anymore, the world economy is Global now.
You pay twice for them, once when you buy, and again when you sell.
ATMs are everywhere now.

Yes but my bank charges £2 for every transaction and I could quite possibly lose my Visa card. I always use the swipe method though because I always think it could be possible for the ATM to keep my card for no reason, like they do in the UK, occasionally.

Aishah · Feb 13th, 2009, 18:20

Stephen - we now have a new Forum for any questions related to money issues etc., so I have moved your thread from Goa to here.

fragrance · Feb 13th, 2009, 18:27

I think it's better to carry currency notes instead(below your limit of how much you carry in the plane ofcourse)like this you will get better exchange rate, if you want to be on the safe side then TC is good.

jaws · Feb 13th, 2009, 18:36

Steven
TC is good as back up. we open iciici current a/c here in uk pound then withdraw inr in india from atm as back up.
There is no charge for tc here in uk if u collect from branch.

palerider · Feb 13th, 2009, 18:39

currency, travellers cheques etc are just something else to drag around, and something more to steal. Really, you're just giving money to the bank anyway.
What most people do is withdraw a fair amount at a time, and just pay the withdrawal fee.
There is a charge for travellers cheques as well, you pay whichever way you go. You also have the option with atm visa card to benefit from fluctuations in the market. If you buy travellers cheques/cash at the wrong time, you can cheat yourself out of some money anyway.
TCs are a bit like walking canes and visiting cards. They're made for a time when we didn't have interaction between countries financial institutions. A bit like a bank draught.
You can carry a spare cirrus/maestro card somewhere different to your wallet, and if you lose them anyway, you can cancel and replace them easily with a phone call to your bank in England. It's just not hard.

voyager61 · Feb 13th, 2009, 19:04

Hi! ATMs are not really everywhere,in Spiti for example there is none,and they happen to be out of order sometimes. I've seen many people who had to cut short their visit there because of no money left,and plastic useless. Some cash generally solves all problems.

jaws · Feb 13th, 2009, 19:11

Palerider
IN uk we do not pay for tc if u collect from bank branches.
In icici if i put money in their uk normal current a/c i can withdraw without any charge in india atm plus if i do not use its still in uk so i can use when i come back. well for me we got nri a/c with icici so we get chq book aswell so we cash in any iciici bank hopefully, trying first time so will see in ten days what happensin delhi.

Stephen · Feb 13th, 2009, 23:44

Quote:

Originally Posted by Aishah

Stephen - we now have a new Forum for any questions related to money issues etc., so I have moved your thread from Goa to here.

Okay, sorry I didn't realise.

Quote:

Originally Posted by jaws

Steven
TC is good as back up. we open iciici current a/c here in uk pound then withdraw inr in india from atm as back up.
There is no charge for tc here in uk if u collect from branch.

Thanks for that. I didn't know that you could open up an iciici current account in the UK. I may use this facility for future India trips.

Quote:

Originally Posted by fragrance

I think it's better to carry currency notes instead(below your limit of how much you carry in the plane ofcourse)like this you will get better exchange rate, if you want to be on the safe side then TC is good.

I've decided to carry currency notes and some TC's in case of any mishaps.

Quote:

Originally Posted by voyager61

Hi! ATMs are not really everywhere,in Spiti for example there is none,and they happen to be out of order sometimes. I've seen many people who had to cut short their visit there because of no money left,and plastic useless. Some cash generally solves all problems.

Definitely. I always prefer to use the chip and PIN swipe machines if at all possible.

Towle · Mar 7th, 2009, 15:43

Quote:

Originally Posted by jaws

Palerider
IN uk we do not pay for tc if u collect from bank branches.
In icici if i put money in their uk normal current a/c i can withdraw without any charge in india atm plus if i do not use its still in uk so i can use when i come back. well for me we got nri a/c with icici so we get chq book aswell so we cash in any iciici bank hopefully, trying first time so will see in ten days what happensin delhi.

I have received an email from ICICI bank that states because I am not a NRI (non-resident Indian) or a PIO (person of Indian origin) I cannot open any account with them. So please explain how I would do this in Australia if I am not either of these two types of customer?

GiniHay · Mar 9th, 2009, 17:00

We are off to india in march (and other countries afterwards) and we have just opened an nationwide account as they ae the only UK bank that doesn't charge for withdrawls abroad.

Also going to take some US dollars with us as a back up.

Aishah · Mar 10th, 2009, 12:41

Towle - it depends on country of residence and different rules pertaining to that country. If you are resident in Australia, you can open an ICICI account in the bank there. NRI (non-resident Indian) and PIO (person of Indian origin) are terms only applicable in India. Were you trying to open an account in India?

Towle · Mar 10th, 2009, 16:32

Quote:

Originally Posted by Aishah

Towle - it depends on country of residence and different rules pertaining to that country. If you are resident in Australia, you can open an ICICI account in the bank there. NRI (non-resident Indian) and PIO (person of Indian origin) are terms only applicable in India. Were you trying to open an account in India?

ICICI don't have a branch in Australia.. So I don't understand how I would be able to open an account here. Unless you know of a branch that I can go to in person. Australian's need to provide 100 points of ID

How do I open a bank account with ICICI bank in Australia? They have no branches.

Feb 13th, 2009, 16:44	#1
Stephen Senior Member Join Date: Jun 2006 Location: Manchester Posts: 122	Travellers Cheques... I'm thinking of buying travellers cheques for peace of mind, but when I exchange them for Indian Rs. do you get charged commission and is the exchange rate better, worse or the same? Many thanks in advance. S.

Feb 13th, 2009, 18:08	#3
palerider this is Brad. He's cute Join Date: Jul 2006 Location: Armidale, N.S.W., Australia Posts: 2,226	TCs aren't really a good idea. You don't need them anymore, the world economy is Global now. You pay twice for them, once when you buy, and again when you sell. ATMs are everywhere now. __________________ I always wanted to be someone when I grew up, I realise now that I should have been more specific.

Feb 13th, 2009, 18:20	#5
Aishah She-who-must-be-obeyed! Join Date: Mar 2007 Location: Jaisalmer Posts: 7,624	Stephen - we now have a new Forum for any questions related to money issues etc., so I have moved your thread from Goa to here. __________________ "Life can only be understood backwards, but it must be lived forwards."

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Feb 13th, 2009, 18:03	#2
fragrance Member Join Date: Nov 2008 Location: Bangalore Posts: 6	Hi stephen, for travellers check the exchange rate is usually little lesser (like 2 rupees for a dollar for example) compared to currency note.

Feb 13th, 2009, 18:27	#6
fragrance Member Join Date: Nov 2008 Location: Bangalore Posts: 6	I think it's better to carry currency notes instead(below your limit of how much you carry in the plane ofcourse)like this you will get better exchange rate, if you want to be on the safe side then TC is good.

Feb 13th, 2009, 18:36	#7
jaws Senior Member Join Date: Jan 2009 Location: LONDON Posts: 297	Steven TC is good as back up. we open iciici current a/c here in uk pound then withdraw inr in india from atm as back up. There is no charge for tc here in uk if u collect from branch.

Feb 13th, 2009, 18:39	#8
palerider this is Brad. He's cute Join Date: Jul 2006 Location: Armidale, N.S.W., Australia Posts: 2,226	currency, travellers cheques etc are just something else to drag around, and something more to steal. Really, you're just giving money to the bank anyway. What most people do is withdraw a fair amount at a time, and just pay the withdrawal fee. There is a charge for travellers cheques as well, you pay whichever way you go. You also have the option with atm visa card to benefit from fluctuations in the market. If you buy travellers cheques/cash at the wrong time, you can cheat yourself out of some money anyway. TCs are a bit like walking canes and visiting cards. They're made for a time when we didn't have interaction between countries financial institutions. A bit like a bank draught. You can carry a spare cirrus/maestro card somewhere different to your wallet, and if you lose them anyway, you can cancel and replace them easily with a phone call to your bank in England. It's just not hard.

Feb 13th, 2009, 19:04	#9
voyager61 Maha Guru Member Join Date: Jan 2007 Location: ivrea Posts: 532	Hi! ATMs are not really everywhere,in Spiti for example there is none,and they happen to be out of order sometimes. I've seen many people who had to cut short their visit there because of no money left,and plastic useless. Some cash generally solves all problems.

Feb 13th, 2009, 19:11	#10
jaws Senior Member Join Date: Jan 2009 Location: LONDON Posts: 297	Palerider IN uk we do not pay for tc if u collect from bank branches. In icici if i put money in their uk normal current a/c i can withdraw without any charge in india atm plus if i do not use its still in uk so i can use when i come back. well for me we got nri a/c with icici so we get chq book aswell so we cash in any iciici bank hopefully, trying first time so will see in ten days what happensin delhi.

Mar 9th, 2009, 17:00	#13
GiniHay Member Join Date: Jan 2009 Location: uk Posts: 3	We are off to india in march (and other countries afterwards) and we have just opened an nationwide account as they ae the only UK bank that doesn't charge for withdrawls abroad. Also going to take some US dollars with us as a back up.

Mar 10th, 2009, 12:41	#14
Aishah She-who-must-be-obeyed! Join Date: Mar 2007 Location: Jaisalmer Posts: 7,624	Towle - it depends on country of residence and different rules pertaining to that country. If you are resident in Australia, you can open an ICICI account in the bank there. NRI (non-resident Indian) and PIO (person of Indian origin) are terms only applicable in India. Were you trying to open an account in India?