$0 commission Amex Travellers Cheques offer from Amex.

Discussion in 'Travel Insider Tips' started by Mal, Mar 3, 2006.

Thread Status:
Not open for further replies.
Welcome to Australia's leading independent Frequent Flyer and Travel Resource!
(Click HERE for a welcome message from our founder.)

Our site contains tons of information that is guaranteed to improve your travel experience. Be it tips on how to fly in First/Business at a reduced cost, smart ways to earn more points, the best way to use your points, cheap deals, hand-picked hotel recommendations, detailed trip reports.

We hope you find the information useful and decide to join our online community.

Joining AFF is fast, simple and ABSOLUTELY FREE - so why not join now by clicking on the JOIN NOW button, and take immediate advantage of these great BENEFITS.

    
Once registered, this box will disappear freeing up more space on your screen!
And you will see fewer advertisements :)

  1. Mal

    Mal Enthusiast

    Dec 25, 2004
    12,219
    1,298
    15
    London
    Flight Map:
    View my flight map
    "Simply order your American Express foreign Travellers Cheques here between 1 March and 30 April 2006 and you will pay no commission!"
    Registered Users don't see this and have the option of removing all other advertisements.  Register HERE

    https://www.fx4you.com/australia/americanexpress/index.cfm


    Uses BPAY, so most (but not all) credit cards regard it as a purchase rather than a cash advance -- therefore points on the purchase.

    (and yes, I do realise that certain Amex cards and certain colours of credit cards get $0 commission T/C's, but not everyone has one of those cards!)
     
  2. serfty

    Moderator

    Nov 16, 2004
    38,113
    7,351
    15
    MEL
    Flight Map:
    View my flight map
    Sounds a good tip Mal, but I must admit I find T/C's a PITA these days.
     
  3. Kiwi Flyer

    Kiwi Flyer Senior Member

    Sep 24, 2004
    5,453
    4
    0
    Likewise. Only use T/Cs if likely to find mysefl somewhere where other sources of cash not readily available, eg no ATMs.
     
  4. cssaus

    cssaus Active Member

    Dec 13, 2004
    906
    62
    15
    Sydney
    I think it's designed as an incentive to regenerate interest in their Travellers Cheque product. With the advent of being able to use an ATM just about anywhere these days or get cash advances on credit cards (even taking into consideration the fees involved), T/Cs are becoming somewhat of a dinosaur.
     
  5. drron

    drron Enthusiast

    Jul 4, 2002
    16,627
    13,692
    15
    Sunshine Coast
    Travelling to the states I have no problem with travellers cheques.I have always got them commission free-CBA with gold card.They are accepted virtually everywhere without cost.So cheaper than cash and much cheaper than credit cards.
     
  6. Johan

    Johan Intern

    Feb 21, 2006
    58
    0
    0
    It's quite strange (given that they are selling AMEX TCs) that they accept Visa and MC via BPay, but not AMEX!
     
  7. JohnK

    JohnK Veteran Member

    Mar 22, 2005
    38,971
    8,093
    15
    BNE, SYD and CNX
    I have noticed in SE Asia the traveller cheque exchange rate is always better than the cash exchange rate and no commission is charged. So if you can get traveller's cheques at pay no commission here in Australia you have done well.
     
  8. Johan

    Johan Intern

    Feb 21, 2006
    58
    0
    0
    Additionally, it could be a good hedging/betting tool. e.g. if I need some USD for a holiday in 6months' time, but thought that the AUD would significantly depreciate against the USD, I could buy some USD TCs now. It is safer and cheaper than buying/keeping cash.
     
  9. JohnK

    JohnK Veteran Member

    Mar 22, 2005
    38,971
    8,093
    15
    BNE, SYD and CNX
    That sounds like a good suggestion. Helps if you know something about currency exchange rates and fluctuations.

    Now where did I put that crystal ball. :lol:
     
  10. QF WP

    Moderator

    Jun 20, 2002
    14,602
    6,278
    15
    Brisbane
    Flight Map:
    View my flight map
    Twitter:
    Facebook:
    Linkedin:
    Can't remember the last time I used TC's. Nowdays, I just take 3-5 days in cash and put the rest on the CC (having put funds onto it before I go, to soften the blow when I get the bill).

    Nonetheless, interesting that Amex has fee-free ones...but they are more hassle than flicking the 'ol plastic across the table (but I suppose in some places, the TC's would be a better risk).
     
  11. NM

    NM
    Moderator

    Aug 27, 2004
    15,709
    1,186
    15
    Flight Map:
    View my flight map
    They might not be charging any commission, but they still make their money on the difference between their buy and sell rates!
     
  12. clifford

    clifford Established Member

    Jul 6, 2004
    1,734
    235
    15
    Canberra / London
    Spot on. I usually buy a NY Times newspaper (USD 1.00) at a LAX newsagency with an Amex TT and get the change in cash. Couldn't be simpler, and no commission (as in Europe). Beats the pants off CC's.

    :)
     
  13. Kalan

    Kalan Junior Member

    Feb 24, 2006
    29
    0
    0
    Brisbane, Australia
    My credit card doesn't charge fees for foreign currencies, and the exchange is always spot on to what XE.com is showing. With so many ATMS around it'd have to me more convenient than travellers cheques, surely.
     
  14. Johan

    Johan Intern

    Feb 21, 2006
    58
    0
    0
    Kalan - which cc do u use?
     
  15. CO BNE

    CO BNE Junior Member

    Feb 20, 2005
    40
    0
    0
    Exactly the same reason why I always take the Travellers Cheques to the US. Always get the $100 values so that you can buy something small like a newspaper/bottle of water and get the cash.

    Beats the US$1.25 - US$2.50 surchage that some US ATMs charge for using their service on top of the CBA back home charging their AU$5 fee for using a non-CBA ATM.
     
  16. Kalan

    Kalan Junior Member

    Feb 24, 2006
    29
    0
    0
    Brisbane, Australia
    Go Mastercard. I've prepaid quite a few european hotels on it and it always takes out exactly what XE.com says the exchange rate is at the time, and I'm not charged anything extra for the privelage at any time.
     
  17. cbert

    cbert Intern

    Apr 17, 2006
    96
    0
    0
    I found that the exchange sell rate TC give you is lower than days exchange sell rate on CC or ATM card.

    For instance CC and ATM sell rate for USD today is $0.7526 but sell rate for TC is $0.7411

    Yet taking into consideration extra conversion rate fees on both ATM and CC then it works out to be the same for large amounts exchanged so no real advantage of TC but security of not carrying cash.
     
  18. clifford

    clifford Established Member

    Jul 6, 2004
    1,734
    235
    15
    Canberra / London
    Not sure where you're coming from, cbert,

    CBA sells at the same rate for both cash and TC's (but imposes an AUD 8 fee for cash. For TC's there is no commission from CBA if you have a gold card (which I do).

    Conversion from USD to AUD, CBA charges a better rate for TC's than cash. For example, today, the cash rate is 0.7981, against the TC rate of 0.7756.

    Check it out for yourself on http://www.commbank.com.au/tools/fxcalc.htm

    Good luck.
     
  19. drron

    drron Enthusiast

    Jul 4, 2002
    16,627
    13,692
    15
    Sunshine Coast
    I agree with clifford the rate you get on TCs is the same as cash here.Though commission free TCs at the CBA are if you have at least a gold CC with them.I still have no problem cashing US dollar tcs in america.In thailand and malaysia I get a better rate for Aud dollar tcs than with cash.
    Beware of using your mastercard overseas.Mastercard will exchange foreign currency into US dollars and then to Aud dollars.Visa does a direct conversion to aussie dollars.So with mastercard you will be hit with 2 exchange losses(unless charge is in US dollars) even if your bank says foreign exchange is "fee free".
     
  20. JohnK

    JohnK Veteran Member

    Mar 22, 2005
    38,971
    8,093
    15
    BNE, SYD and CNX
    I have used CBA Mastercard and Visa in Thailand for cash advances minutes apart and have been able to reconcile the exchange rate they both charge to be exactly the same.

    Don't know whether it is just CBA but Mastercard and Visa both do conversion to US$ before converting to A$. With CBA there is no "fee free" foreign exhange. You get slugged an overseas terminal cash advance plus a percentage of the cash advance plus a foreign currency conversion through US$ to A$. Not a bad little money spinner is it?
     
Loading...

Share This Page