Has anyone seen the New Travellers Cheque Card?

[mrs-mac]

American Express has brought out a Travellers Cheque card, you load your foreign currency onto the card save carrying round loads of travellers cheques or foreign currency.

You apply for your card in the currency you require and you can have up to 3 cards in other names and then you load your money onto the card. There is a one off charge of £20. You can use the card in shops, restaurants, hotels & cash machines worldwide.

I thought that it was a good idea as its not a credit card that you could over spend and its a bit more secure than carrying lots of money on you

The dollar rate they were offering yesterday was $1.75 which is quite competitive.

 

[kristieuk]

I have seen something about this - I think I may have had a flyer with my Amex statement. It's a really good idea. We tend to take quite a bit of cash because Tc's annoy me no end. Don't really know why, but I just don't like them. Like you say, at least this way you don't end up with loads of cash, and although we do take Nationwide CC, there is always a temptation to overspend!

 

[brer rabbit 28]

whats the £20 charge for?excuse me for sounding dim .Is it simply because of the convenience?i think it sounds like a great idea,much better than carrying around tc or loads of cash.

 

[DisCharmed]

my husband has just said that our local first choice are offering $50 credit to the american express card if you apply for it in the branch. I'm going to check it out after work tomorrow!

 

[brer rabbit 28]

thanks for the tip!will check it out too

 

[paulh]

for the extra $50.00 do you have to load up card with a minimum amount
Paulh

 

[DisCharmed]

I rang tonight (too late home from work to go ) and they said minimum of £300 and you can either have 50 euros or 50 dollars credited. I am going to go to the shop tomorrow (with ID) to apply for one - so I should have more details then.

 

[Lisa1976]

I had a look on their webiste last night and the minimum you have to upload it with on the internet is £200, £100 less than the travel agent but you don't get the free $50.

 

[Obi Wan Kenobi]

All American Express Cards incur the 2.73% fee when using it outside the native billing currency.

From the T&C's:
'5. Foreign currency charges

If you make a Charge in a currency other than in Pound Sterling, that Charge will be converted into Pound Sterling. The conversion will take place on the date the Charge is processed by American Express, which may not be the same date on which you made your Charge as it depends on when the Charge was submitted to American Express. If the Charge is not in U.S. dollars, the conversion will be made through U.S. dollars, by converting the Charge amount into U.S. dollars and then by converting the U.S. dollar amount into Pound Sterling. If the Charge is in U.S. dollars, it will be converted directly into Pound Sterling.

Unless a specific rate is required by applicable law, you understand and agree that the American Express treasury system will use conversion rates based on interbank rates that it selects from customary industry sources on the business day prior to the processing date, increased by a single conversion commission of 2.73%. If Charges are converted by third parties prior to being submitted to us, any conversions made by those third parties will be at rates selected by them.'

 

[melybabymely]

Are they available to get in Ireland, I rang my bank Bank of Ireland and they said they have never heard about them. They do offer American Express Travellers Cheques. But It would be handy if i was able to get the card.

 

[Lisa1976]

Surely the percentage fee charge applies to their credit cards only. It would be silly if they charged you to use travellers cheques (so to speak) on a card rather than in paper form

 

[Obi Wan Kenobi]

Its how they make their money

 

[mrs-mac]

Unless i'm not reading the information properly, there's is no percentage charge as it is not a credit card. Its the same as a travellers cheque but just loaded onto a plastic card.

When you purchase travellers cheque they don't charge a percentage for using them so i believe its the same with the card.

 

[Obi Wan Kenobi]

Its when they convert the sterling you put on into Dollars that they charge the percentage transaction.

 

[rosiejo]

All American Express Cards incur the 2.73% fee when using it outside the native billing currency.

From the T&C's:
'5. Foreign currency charges

If you make a Charge in a currency other than in Pound Sterling, that Charge will be converted into Pound Sterling. The conversion will take place on the date the Charge is processed by American Express, which may not be the same date on which you made your Charge as it depends on when the Charge was submitted to American Express. If the Charge is not in U.S. dollars, the conversion will be made through U.S. dollars, by converting the Charge amount into U.S. dollars and then by converting the U.S. dollar amount into Pound Sterling. If the Charge is in U.S. dollars, it will be converted directly into Pound Sterling.

Unless a specific rate is required by applicable law, you understand and agree that the American Express treasury system will use conversion rates based on interbank rates that it selects from customary industry sources on the business day prior to the processing date, increased by a single conversion commission of 2.73%. If Charges are converted by third parties prior to being submitted to us, any conversions made by those third parties will be at rates selected by them.'

The load / reload conversion small print is this:
"In addition to any Issuance Fee, when you purchase a Travellers Cheque Card in a currency other than Sterling (for example, if you purchase a Travellers Cheque Card loaded with Euro), the Initial Load Amount, and any Reloads (as defined in the section below entitled "Reloading the Card"), will be converted from Sterling to the currency of the Travellers Cheque Card. Currently, the conversion rate we use for initial loads and Reloads is 4% above the Amex Foreign Exchange ("FX") rate for those two currencies at the time of such conversion. For Cards loaded or reloaded at Sellers other than Amex, each Seller may set its own FX conversion rates, which may differ from those used by Amex or by other Sellers."

So it looks like they charge you 4% of the currency you buy... that's a lot of commission - I think I'm gonna stick to the paper cheques and take my Nationwide CC!