Travelers Cheques advice

We just returned and had taken Travelers Cheques based on some advice we read here, big mistake!

We experienced the following:

1) All of the banks charge an extra 35 baht per Cheque.

2) In addition, the vast majority of banks and currency exchange centers pay LESS for travelers cheques. So, double whammy hit as opposed to just taking cash.

3) (And the worse) We gave 10 travelers cheques to a Siam Bank booth in Patong. Signed all of them as the teller asked with a valid passport, she didn%26#39;t like the signatures and insisted they ALL be signed again on the back sides. Again, she is not satisfied....told us that she wouldn%26#39;t cash them. As you all know, once they are signed (not in a tellers presence), they can%26#39;t be cashed. Very long story short, we wasted the next two hours tracking down her manager to get it cleared up and the cheques cashed.

After that we decided to use the ATM instead. Our bank hit us with a $6 US charge each time.

Next time, we are taking only cash, storing it in our in room safe and save the cost and aggrevation.

Travelers Cheques advice

Sorry to here about the problems you had, we also just returned from Phuket and had no problems with travellers cheques, and did not get charged a fee, and got more baht with them than cash ?

Travelers Cheques advice

FunTrvlCpl;

thanks for the warning and sorry to read about your difficulty....

I wonder if you remember what exchange rate you did get.. for the TCs and when you used the ATM....

For me.. a mixture of cash and use ATM is preferred... as I don%26#39;t like to have ';all the eggs in the one basket';.

Most banks offered 36.4 for T.C.s and 36.6 to 36.8(per US dollar) for cash.

To the previous poster that wasn%26#39;t charged fees and received a higher exchange. Please post that bank%26#39;s name for others, because we checked out dozens of banks/ currency exchange places in both Bangkok and Phuket. We only found one that didn%26#39;t charge a T.C. fee, BUT they had much lower exchange rates then all of the other places.

They post the charge in VERY SMALL print on a very small sign and we observed that many people simply didn%26#39;t notice it when they exchanged. I know, because I asked several people in line with me.

Our bank charged us too much for ATM, if you have one that doesn%26#39;t, that could be your best bet.

FunTrvlCpl...

thank you.. thats good to know... it%26#39;s more or less what I have experienced also...

I do agree with you that many of us don%26#39;t look carefully at the rate and fee when we exchange... and I fear that the banks take advantage... afterall we need them more than they need us... at least that%26#39;s their attitude....

From what I read on the forum... UK people can get an account with ';Nationwide'; which promisses no fees and someone did seem to indicate that the exchange rate was in line with other cards.... Usually you get a marginally better rate at the ATM... but it dosn%26#39;t make up for the fees. However being able to withdraw money as we need them is worth something.. I suppose...

In Australia Wizzard offers a master card free of fees... I haven%26#39;t checked it out... yet.

Thanks again!

I took t%26#39;cs on my first holiday to Phuket and in the next 5 have just taken cash.

Cant be bothered with the carrying your passport with you and getting your signature approved, not worth the hassel.

As long as you only carry the cash that you will need for the day, then its not a problem.

Each to their own, but it%26#39;s cash for me...

Did you take australian dollars? and was the exchange rate for cash good?

RB2 .. That is a great point...the hassle of carrying around the passport and the thought of misplacing it was greater then the thought of misplacing cash.... for us!

Actually, cashing the T.C.s was the only hassle of the whole trip, everything else was great...best vacation ever.

sigash... if you are taking cash... aussie $ is good.... Don%26#39;t change it in Australia before you go! You get the better rate there.

The banks have on-line rates.. updatet all the time.. this is ';Bangkok Bank';

http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Foreign+Exchange/FX+Rates/default.htm