cash, travelers cheques or bank card?

[saffsmom]

not sure whether i should take all US cash out of bank before we leave,
take travellers cheques and some cash,
or just take out a little bit of US cash and use my bank card to withdraw more as needed while we are there. (we are with RBC)

i had planned to put my CC on my KTTW and charge most stuff to the room
(and then just pay that off as soon as we get home)

DH would prefer to "use cash" so that he can SEE what we are spending...but i do not like the idea of carrying all of that cash around.

we have a $1000 "spending" budget ...so how best to take it with us???

thanks!

 

[Gigi22]

If I understand you correctly, you are considering taking $1000 US with you on vacation in cash? Carrying this amount of currency is a bit outside my comfort zone. It also strikes me as being optimistic that nothing bad will happen during your trip.

If you charge your hotel bills to your cc, most cards will charge you the conversion rate for Canadian-US $ plus an added 2.5% of the bill. There are one or two cards that don't slap on the extra charge, but they are hard to find. Another alternative would be getting a US currency credit card from your bank, if available. Since you mention putting charges on your cards while you are away, do remember to notify the bank that issued your cc that you will be out of the country.

Traveller's cheques still work for travel in the US. They are fairly easy to cash at hotels and at WDW. Younger hotel employees may not be familiar with them, but that is their training issue. If you are prepared to wait for them to cash your cheques, they can and will do so.

You could also consider loading a bank card with US $. I am not so fond of Visa that I would do so, but it is still an option.

For what its worth, DH and I usually travel with about 25% of our money in cash and the rest in traveller's cheques. When we go on a lengthy trip, we don't want to put everything on credit, or carry enough cash to see us through.

 

[Northstar]

Personally, I'd take about half your budgeted $1000 in cash, divided between your two wallets, then visit an ATM once or possibly twice during your stay to get more $$. Expect to pay a reasonable fee at an ATM, like a few dollars. Be sure to check with RBC what your daily ATM withdrawal limit is.

Travellers' cheques are okay too but: a) unless you can get really cheap ones, they usually cost more than the ATM fee and end up comparable to using your credit card. b) most retail places won't accept them any more... you need to cash them at your hotel or a bank, and that takes more time than shoving your card into an ATM.

 

[minnie mum]

DH and I use a mix of cash and credit card. We never travel with a debit card- if it is stolen you have very little protection, whereas if your CC is stolen you are protected once you notify the cc company.

We haven't used travellers cheques in many years. We have found that they are increasingly difficult to cash, although it is generally not a problem at the WDW resorts. Whereas credit cards are almost universally accepted.

We have a US $ bank account and usually withdraw around $1,000 cash for the entire trip. It is carried split between us in money belts while we travel to WDW (by car) and is kept in the resort room safe once on site. Unless we are robbed at gunpoint, the money is safe. We only carry a one day supply of cash in our wallets. Cash is really handy for paying gas, since a lot of American gas station pumps won't accept a Canadian card (you have to enter your zip code). We also use cash for small purchases, snacks,etc. By bringing our cash with us we don't have to pay the bank fees for withdrawing foreign cash from foreign cash machines.

Everything else goes on our credit card. We always call the cc company before departure to inform them of our travel plans and make sure we either have a $0 balance or a credit. And of course everything is paid off as soon as we return home.

 

[bankr63]

Personally, I'd take about half your budgeted $1000 in cash, divided between your two wallets, then visit an ATM once or possibly twice during your stay to get more $$. Expect to pay a reasonable fee at an ATM, like a few dollars. Be sure to check with RBC what your daily ATM withdrawal limit is.

One more thing to check with your bank - are they affiliated with any local Florida banks? I found out from the TD website that they are affiliated with the line of ATM's at the local Publix grocery stores. No fees. We shop at Publix and I didn't know this, instead going to a local bank to use the ATM there (most store ATMs have higher fees). Live and learn!

RBC may offer something similar.

Personally we only take a small amount of cash for incidentals and put everything else on an empty Credit Card. We then pay the card off when we get home. The fee charged for conversion on my TD Visa and my PC MC is the same as the bank charges for conversions at the branch counter.

For gas stations needing zip codes, DW will hold onto the credit card at the cashier inside the station until I am done pumping. That seems to satisfy most station operators.

As for tracking spending - we do this pretty religiously anyway by always getting receipts. You're going to need it for customs on the way home anyway, so it is easier to track and organize as you go.

 

[SaraMc]

We live close to the border, so ive been heading over to target every now and then and I have been purchasing disney gift cards. We have those, a mix of cash and credit.
Let RBC know before you go that your travelling, from my own experience i took out some cash in the states at a ATM and when I went to take some more later my card was frozen. They didnt know I was travelling and saw it as suspiousous that I was taking out $$ in florida when I had been in Burlington, earlier in the day...

 

[ottawamom]

Most of our trip is already paid for I just need cash for gas and food while traveling. We have never had any issues using travelers cheques in the States. I know when I went to get my latest batch (for our August) trip the woman at the bank tried to discourage me and was pushing a US$ credit card instead (after all that's how the banks make their money). I remained firm and got my no fee AMEX travelers cheques anyway.

I plan on using most of ours when we do some shopping on the way home. The outlet malls are used to cashing them so long as you are making purchases. If not they can call AMEX and have them talk them through the process. I wouldn't dream of having a little mom and pop shop cash a cheque for me but most national retailers are only to happy to take our money.

If you are planning on using them to pay off the incidentals at Disney you will have no problems.

 

[MedicGoofy]

I've always carried cash on my when going to Disney. I don't worry about losing it or having it stolen as I ALWAYS have my purse on me. Having said this, when I get to Disney, I take the money and put it on a gift card. Then use that for food purchases, souvenirs and whatever else. I find it really great to use. On each receipt, it tells you how much you have left on your card.

Also, if your banking with RBC, they have a credit card that does NOT charge for using it in the US. You simply pay the difference in AM-CAN. I would never of known there was a fee for purchasing in the states if it wasn't for reading this board. We have 3 VISA cards with RBC, and none of them charge this 2.5% fee, or any other fee.

jenn

 

[Skjhjb]

We plan to take about $500 in cash to split between DH & I, and then use our Visa for everything. The girls are taking their notebooks with them, so we can check online banking every so often and transfer $$ to the Visa to pay what we've spent.

 

[Sue M]

I just got a US dollar credit card, I also have a USD acct so I plan on taking some cash. And buying Disney Gift cards, 1 for dining and 1 for suvies, when I arrive. Then I can keep my Credit cards in the room safe, and just use GCs. Don't have to worry about loosing credit or bank cards. I save GC receipt incase they get lost. Knock on wood it's never happened.

 

[dontthrowsand]

I am taking some cash for food, buying a gift card for my souvineers and anything extra or emergencies will have to go on my credit card which will not be connected to my KTTW.

Most people don't understand what to do with travelers cheques anymore. I personally don't even know where to buy them.

I am leaving my main debit card at home and bringing my secondary account's with $500 in the account as a back up if I want more cash.

 

[pigletto]

We've done it a few ways. Carried the cash and kept it in the safe, used our credit card (no conversion fee on ours) and we've put down cash or credit at the resort and used the KTTW card. I prefer to use the KTTW card myself and my credit card.

 

[Ted in Halifax]

used our credit card (no conversion fee on ours)

What type of card is that ... I need one!

 

[chimo2u]

I think AMA has a new travel visa that you pre-load....I think I may look into that, it works like travellers cheques (the lost guarantee) but you use it like a credit/ bank card. Anyone heard of or used this?

 

[lizabu]

I only carry a couple hundred on me when travelling. I use my credit card and debit card anywhere in the world. The last time I used travellers cheques was 10 or more years go and they were such a pain to cash. A lot of places won't take them.

 

[MedicGoofy]

What type of card is that ... I need one!

Try looking with RBC. Within my family, we have 3 different VISA cards with them and none of them have the conversion rate. You just pay the american exchange rate for the day you purchased.

If my memory is right, my parents card is the VISA GOLD card. The others might be an Avalon card. And the other, maybe just the plain VISA card. But I do know, with them all, we do NOT pay the conversion. I had no idea they even did this, except for reading here.

Jenn

 

[pigletto]

What type of card is that ... I need one!

Capital One.
I have a new Presidents Choice Mastercard that gives me points so I decided to put the remaining payment on it for our trip to get the points. Because I've had the Capital One card so long I didn't even think about the conversion fee and they charged me an extra $60 for the conversion fee plus exchange

Such a stupid waste of 60 dollars because I could have easily put it on the other card and not paid that. I was so mad at myself!!

 

[peanutgirl]

I thought that every canadian credit card put a 2 to 2.5 percent transaction fee on US purchases. I think they just hide it in the bank rate/ conversion to canadian dollars. The financial papers made a big deal 3 months ago that the new visa Amazon was the only one in Canada that did not do this and they were hoping more cards would follow soon. I am going to Europe next year and would love more cards not to charge this hidden fee.

 

[Northstar]

Try looking with RBC. Within my family, we have 3 different VISA cards with them and none of them have the conversion rate. You just pay the american exchange rate for the day you purchased.

If my memory is right, my parents card is the VISA GOLD card. The others might be an Avalon card. And the other, maybe just the plain VISA card. But I do know, with them all, we do NOT pay the conversion. I had no idea they even did this, except for reading here.

Jenn

I've got RBC. The way they charge it is not as a "fee," but by jacking up the conversion rate.
Look for this in the fine print of your agreement: U$ purchases will be converted at a rate that is 2.5% above the bank rate for the day

Back in the day, about 10 years ago I think, the very best, most convenient way you could convert your money was by paying with a credit card because they gave you the same rate you'd have gotten by walking in the bank and changing money. Then suddenly, all the banks slipped in some kind of fee or surcharge or not-the-best rate like this on their Canadian dollar cards. I miss those days!

 

[bankr63]

I've got RBC. The way they charge it is not as a "fee," but by jacking up the conversion rate.
Look for this in the fine print of your agreement: U$ purchases will be converted at a rate that is 2.5% above the bank rate for the day

Back in the day, about 10 years ago I think, the very best, most convenient way you could convert your money was by paying with a credit card because they gave you the same rate you'd have gotten by walking in the bank and changing money. Then suddenly, all the banks slipped in some kind of fee or surcharge or not-the-best rate like this on their Canadian dollar cards. I miss those days!

Check with your bank. They do exactly the same thing when you exchange at the counter. You do not get the current Bank of Canada exchange rate. You get that rate plus 2.5%. Easiest way to tell; ask them what you would get if you exchanged C$100, and then what you would get if you converted the US$ back. There will be about a 5% spread (you'll end up with C$95.00). I did a quick scan of the major banks on the web. For those who post their current exchange rate, they were all doing it!

(Ex: TD exchange calculator 7/26/12 C$100.00 = US$96.53 then US$96.53 = C$95.00 that's 2.5% fee on each exchange for a total of 5%)
(BMO is a bit better, their posted exchange rates yield a total of $4% spread, although they charge more for sell than buy, so TD is a better deal today if you are buying US) (RBC Spread is at 5.25% today on cash).