Travellers Cheques: Where best to buy from now?

[lovetravellingoz]

Hi,

I have not used TC's for ages.

Might grab some for use in Thailand though.

Where is the best place to buy at present in terms of cost (ie commission).

For Thailand is it best just to stick with $Aus rather than $US to save on any exchange rate extra commissions??

I am leaving Saturday and live in Melbourne. So would need to buy on the spot.

However feel free to make general comments as other forumites may benefit from any suggestions.

Thanks

PS: I have Amex Plat Charge and Plat Credit cards.

 

[ric_melb]

Australia Post sell Amex travellers cheques commission free.
In my many trips to Thailand I have never used travellers cheques.
Just use credit cards, and a debit card for cash.
Others may have more experience with travellers cheques in Thailand.

 

[Cruiser Elite]

Do they still exist?

God I thought TC's were a thing of the way distant past.

Been in Thailand 3 times in last 12 months and ATM system works perfectly - I had plenty cash on me also and can exchange anywhere.

 

[yohy?!]

You used to be able to get tcs commission free with an Amex plat charge...best check with Plat services

 

[Mal]

Westpac used to have the best rates (and commission free). Not sure about today.

 

[ColinP]

Because of the 150 baht ATM fee in Thailand (on top of +++ from your own bank), I'm considering taking TCs (as well as cash) on my next trip to Thailand in January.
I haven't bought them yet but apparently, as mentioned above, they're available commission free at Aus Post.
Get AUD TCs to avoid double forex losses.
The fee for changing a TC in Thailand is 33 baht so best to get higher denominations ($100)

 

[lovetravellingoz]

Re: Do they still exist?

God I thought TC's were a thing of the way distant past.

Been in Thailand 3 times in last 12 months and ATM system works perfectly - I had plenty cash on me also and can exchange anywhere.

Me too..but the recent per tx ATM charge of 150 baht has me reconsidering them.

 

[drron]

Even the 33 baht charge for TCs makes cash the best option.before that i would use AUD $ TCs as a better exchange rate than cash.I used the CBA as again commission free with a gold CC-but have to buy at branch,not online.

 

[lovetravellingoz]

Even the 33 baht charge for TCs makes cash the best option.

My only concern with cash is the risk of theft or loss.

Plus I am paying fora family of 5...so need more $$$$ than single traveller would require.s

 

[tim irvin]

ATMs everywhere in Thailand.

If you can be bothered, you can also open a Thai bank account, and draw
Thai money out. That way you are not paying the rather hefty ATM commission
each time you need to use it.

 

[UP4014]

As someone else mentioned, Westpac is good for TC's.

 

[toottifruitti]

I too didn't think they had travel cheques any more.Every time we have been to BKK we get a Travelex debit card. 2 cards are issued...hubby takes one....I have the other. If one is stolen you still have the 2nd card. You can use them at ATMs there. I think they even have one that you can use in stores as a debit card. You can upload funds from your bank account here in Oz on the internet. Its been a couple of years since we have been away so it may have changed.

 

[RB]

I too didn't think they had travel cheques any more.Every time we have been to BKK we get a Travelex debit card. 2 cards are issued...hubby takes one....I have the other. If one is stolen you still have the 2nd card. You can use them at ATMs there. I think they even have one that you can use in stores as a debit card. You can upload funds from your bank account here in Oz on the internet. Its been a couple of years since we have been away so it may have changed.

Previous discussion here has indicated that these style of cards are generally an expensive way of using money.

 

[yohy?!]

I too didn't think they had travel cheques any more.Every time we have been to BKK we get a Travelex debit card. 2 cards are issued...hubby takes one....I have the other. If one is stolen you still have the 2nd card. You can use them at ATMs there. I think they even have one that you can use in stores as a debit card. You can upload funds from your bank account here in Oz on the internet. Its been a couple of years since we have been away so it may have changed.

These cards attract the nasty 150thb fee when used in atms

 

[dundas]

Up until a few days ago, I have been in Thaland all year.

I took traveller's cheques (I am an ANZ customer and bought my AMEX TCs from them - but I had to order them, and I wasn't encouraged to use them) because they do offer flexibility - $A100 denomination is good, as suggested, and you do get a slightly better exchange rate (sometimes) compared to cash, which helps with the transaction fee of B30 per cheque. . I didn't use TCs all that much - they were my emergency stash, and when I still had some left at the end of the trip, that's when I used them.

I also took a Wizard Clear Advantage Mastercard (now called Wizard 28 degrees), which was my main way of getting money at the best possible rate. True, there is the Thai ATM fee of B155, but if you take out large amounts (B20,000 for instance), this isn't an issue. You should also avoid allowing the owner of the ATM to bill you in aussie dollars - you will definitely be better off doing the transaction in Thai baht, and getting the rate offered by Wizard, who do not pass on the Mastercard forex charge. Wizard also do not levy the $4 or $5 "foreign ATM" so beloved of the big 4 aussie banks. I used internet banking to ensure there was always money in the account, and so I never incurred any interest charges.

I found out about this card in Choice magazine - who said they had had a number of enquiries asking if it was too good to be true. I think it's too good to last, so use it while it does!

 

[JohnK]

Even the 33 baht charge for TCs makes cash the best option.before that i would use AUD $ TCs as a better exchange rate than cash.I used the CBA as again commission free with a gold CC-but have to buy at branch,not online.

Without doing any research what does it cost to buy travellers cheques?

I have calculated it in the past but there is a point where the 33 baht is cancelled out by the better rate. Just quickly looking at Kasikorn bank currency exchange it shows the AUD cash rate at 29.10 and the traveller cheque rate at 29.42. So

- if one exchanges AUD100 in cash they receive THB2910 and
- if one exchanges AUD100 in travellers cheques they receive THB2909 (which is 2942 less 33 baht traveller Cheque fee)

I am not sure of the denominations of travellers cheques but if one can get them in AUD200 lots would be better and obviously higher denominations cancels out the traveller cheque fee.

Again it will all depend on how much it costs to purchase the travellers cheques in the first place.

A good balance may be part cash part travellers cheques.

Previous discussion here has indicated that these style of cards are generally an expensive way of using money.

I believe that is a very expensive way of getting foreign exchange especially if it has anything to do with Travelex.

 

[ColinP]

These cards attract the nasty 150thb fee when used in atms

As well as the Thai 150 baht fee there is a ~ AU$4.50 Travelex fee bringing the total fee for each withdrawal very close to AU$10. Add to that the 1% re-load fee to put money onto the card in the first place and it's an expensive option.:shock:

 

[Tassey69]

Have been buying currency from local Australia Post Office, good service no hassels, good rates obtained via AMEX, buy on Monday ready on Wednesday, I think they do TC

 

[coolsteps]

Have been buying currency from local Australia Post Office, good service no hassels, good rates obtained via AMEX, buy on Monday ready on Wednesday, I think they do TC

I didnt think of buying currency from local Australia Post Office. is there any fees and do you get a better exchange rate than the 28 degree credit card? other options would be to open a Thai bank account and link it up to paypal and email yourself funds via your AUD paypal account. But not sure if the paypal exchange rates are good or if the fees are low enough to make it viable? i agree no matter which option you choose its always best to transfer larger amounts to avoid extra fees. Another option is to do a cash advance over the counter at a thai bank using the 28 degrees cc or NAB gold visa debit card to avoid the 150$ baht atm fee but not sure if its a better option as it depends on the rate the THAI bank offers you ? btw are there any foreign banks atm's in THAiland that dont charge this 150 baht atm fee that you can use?

 

[Nigelinoz]

Australia Post - Travel money

When you're heading overseas it can really pay to take more than one form of travel money with you for security and convenience. You can get 3 different types of travel money at more than 3200 Australia Post retail outlets. Best of all, all foreign currency travel money is commission-free1 when you buy it from Australia Post.

• Travelex Cash Passports are prepaid travel money cards that allow you to withdraw local currency from more than one million Visa ATMs around the world. They also give you the security of being PIN protected2
• American Express Travellers Cheques are a safe and easy way to protect your travel money. They're fully replaceable if lost or stolen, and they're widely accepted right around the world3
• Foreign currency - you can order many types of foreign currency through Australia Post at competitive rates with no commission1added.
• American Express GlobalTravel Card is a prepaid travel card that is available in three currencies and can be used at merchants and ATMs on the American Express network outside of Australia.