travellers cheques advice?

Question

i'm going backpacking round europe this summer and am planning on taking £100 worth of euros in cash and my debit card for backup. as it's safer to take travellers cheques i'm planning on taking the rest of my money in these so i was wondering 1) is it best to take sterling/euro travellers cheques?
2) how exactly do travellers cheques work as i've never used them before. because how can i use sterling cheques in a foreign country??

Answer 1

Definitely get sterling travellers cheques as when you go to other countries they will give you a better exchange rate than what you will get here as they work like this....... You pay with sterling cash here and get sterling travellers cheques with a bit of commision added, you then take them to any country and go to an exchange bureau and they have different exchange rates for different currencies, you then sign your travellers cheques over and get their money! They always have better exchange rates for sterling as they like to hold on to them as the rates tend to go up then they will cash them in but if you take euros you will get a lower exchange rate. Hope this helps!

Answer 2

I agree with 'Just a friend'!
Do not use travelers checks.
Take your debit card, and to back it up, bring a credit-card.
Keep one in your purse and the other in your money-belt.
You can not loose money that is still in the bank, and if you do not keep your pin code with your card your bank will replace all money used on your card after it has been reported stolen.

So copy the numbers on a slip of paper and write the telephone number to block them, and keep one copy of those in your money belt, and an other in your big pack.

I have been traveling Europe, and far outside it, the last 22 years, and I never had the need to use travellers cheques. I have never been caught out by not have money either, (having the credit-card for back-up and emergencies.)

Answer 3

Providing all the countries you are visiting use the euro currency, i would take euro travellers cheques, as they are safer than cash.If they get stolen or lost they can be replaced and are unique to you as they have your name on them.
They are used as cash, just ask before you use them in the shop/bar/restaurant etc.
Your uk bank will charge you for withdrawing a foreign currency and you will get a low rate if you choose to use your debit card abroad, so i would advise that you keep that as emergency funds.
Ask at a travel agency, if you are unsure.

Answer 4

I wouldn't take travelers checks at all.

They are an antiquated system of carrying money, and will soon be the way of the Dodo bird. Not only do you have to pay for them, you get killed on the exchange rate when cashing them. To add insult to injury, no one wants to take them anymore. You will run into people giving you a dirty look at best, to down right refusing to cash them at worse. The best method of taking getting cash away from home is your bank ATM card. Not only is it completely safe (as long as you protect your PIN number), but it gets you foreign cash at the lowest cost to you. There are banks everywhere for you to get your money from, and the only cost to you is a small transaction fee of about a half pound. The bank you are getting money from won't charge you anything if they are part of the same system, and your bank will only charge you a small fee. Best of all, you get the correct exchange rate on your money. That is something that doesn't happen with travelers checks, you will often lose between 5-10% of your money when cashing them. That is robbery if you ask me.

Your bank ATM card if the safest, best and cheapest method of getting money...period.

Answer 5

I would only take about the same in TC as I did in cash and mostly use my debit card. Does not matter what currency you get them in any exchange cambio or bank will give you the money back in local currency.

Answer 6

Travellers cheques are best, if they are lost or stolen you can get them replaced.