$0 commission Amex Travellers Cheques offer from Amex. | Australian Frequent Flyer
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$0 commission Amex Travellers Cheques offer from Amex.

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Mal

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"Simply order your American Express foreign Travellers Cheques here between 1 March and 30 April 2006 and you will pay no commission!"

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!)
 

serfty

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Sounds a good tip Mal, but I must admit I find T/C's a PITA these days.
 

Kiwi Flyer

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Likewise. Only use T/Cs if likely to find mysefl somewhere where other sources of cash not readily available, eg no ATMs.
 

cssaus

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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.
 

drron

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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.
 

Johan

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It's quite strange (given that they are selling AMEX TCs) that they accept Visa and MC via BPay, but not AMEX!
 

JohnK

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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.
 

Johan

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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.
 

JohnK

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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. :D
 

QF WP

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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).
 

NM

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They might not be charging any commission, but they still make their money on the difference between their buy and sell rates!
 

clifford

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drron said:
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.
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.

:)
 

Kalan

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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.
 

CO BNE

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clifford said:
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.

:)
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.
 

Kalan

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Johan said:
Kalan - which cc do u use?
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.
 

cbert

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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.
 

clifford

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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.
 

drron

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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".
 

JohnK

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drron said:
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".
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?
 
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