New Travellers Cheque Card

[wilma-bride]

Thought some of you might be interested to hear about this. I got the info from Thomson (Lunn Poly) so not sure if other TAs do it as well.

Basically, you apply for a Travellers Cheque card and credit anything from £200 to £3000 to it. You can then use it just like a debit card (anywhere that takes American Express) and you can also use it to withdraw cash from cash ATMs.

They give you a phone number so you can check your balance at any time (you can also check your balance online). Any amount left on the card never expires and you can just top it up whenever you like.

Sounds pretty good to me - think we'll give it a go for our trip in September.

Joh

PS According to the rep in Thomson, TCs are being phased out during the next 2 years and will be replaced with these cards.

 

[tyke]

For anyone that is interested this is the link to the American Express Travellers Cheque Card.

It does seem ok , however they do charge a £20 insurance fee for the issue of each card !!!

I also have a couple of queries if anyone can answer them -

* They are currently offering an exchange rate of 1.738 - how does this rate compare with others !

* Are there any fees charged on the currency conversion !

* Does the merchant provide a receipt as they would with a credit/debit card transaction !

* Is AMEX accepted at most locations throughout the states !

thanks

tyke

ps - they are currently offering a "free" return flight to europe if you order a card before 30th September.

 

[wilma-bride]

For anyone that is interested this is the link to the American Express Travellers Cheque Card.

It does seem ok , however they do charge a £20 insurance fee for the issue of each card !!!

I also have a couple of queries if anyone can answer them -

* They are currently offering an exchange rate of 1.738 - how does this rate compare with others !

* Are there any fees charged on the currency conversion !

* Does the merchant provide a receipt as they would with a credit/debit card transaction !

* Is AMEX accepted at most locations throughout the states !

thanks

tyke

ps - they are currently offering a "free" return flight to europe if you order a card before 30th September.

I got some dollars at Thomson on Tuesday and the rate I got was 1.735 so that rate is fairly competitive, I would say.

Didn't realise about the £20 insurance fee - thanks for pointing that out.

 

[rob@rar.org.uk]

For anyone that is interested this is the link to the American Express Travellers Cheque Card.

It does seem ok , however they do charge a £20 insurance fee for the issue of each card !!!

I also have a couple of queries if anyone can answer them -

* They are currently offering an exchange rate of 1.738 - how does this rate compare with others !

* Are there any fees charged on the currency conversion !

* Does the merchant provide a receipt as they would with a credit/debit card transaction !

* Is AMEX accepted at most locations throughout the states !

thanks

tyke

ps - they are currently offering a "free" return flight to europe if you order a card before 30th September.

Amex is widely accepted throughout the US - almost as much as Visa/Mastercard.

Yes, the merchant provides a standard receipt when you use the TCC. It is just like using any credit card.

Amex use the same loading on foreign currency transactions as they do for their other credit cards if you opt for the Sterling denonminated version. You can opt for a version denominated in US Dollars, but then you would pay an F/X charge if you used the TCC anywhere else n the world. (NB: if you want to avoid this F/X loading your only option is the Nationwide Visa credit card).

Amex use the interbank F/X rate when calculating foreign transactions. The interbank rate varies daily, but will always be a bit better than the rate used for purchasing traditional travellers cheques and buying $$$ cash.

Regards

Rob

 

[rosiejo]

I have a question about this card:

If i get a US$ card do I just have to pay the currency conversion once? Ie to convert my sterling into $ onto the card - as I will then spend in $ in the US.

Also when does teh exchnage rate occur - do they put it on at $1.738 and therefore all my spending is at that rate (like a travellers cheque) or do they convert on each transaction - like a credit card?

We're going in November and although I'm taking my nationwide I'm expecting rates to fall so want to capture the current rate - I usually get cheques but like the idea of the card...

please help!

 

[wilma-bride]

As far as I'm aware, when you load the card (if you do it in US $) then you get the conversion rate at that time. So, if you put £500 sterling on, they will convert it to dollars there and then and you will have that many dollars to play with.

However, that said, I'm not 100% sure. It's very difficult to establish how it workd, without wading through the small print on the website. I spent a significant amount of time trying to read through and understand it yesterday and we have pretty much decided it's not for us.

I think the £20 issuance charge (it's not an insurance fee, btw, but an issuance fee which you pay if you get the card in dollars or euros) was enough to put us off. That £20 could be better spent on a meal, IMO.

However, if you get the card in sterling, you don't pay the fee but then you take the risk that the exchange rate could go down and you won't actually have as much money on the card as you think, if that makes sense.

The best thing to do, if you are considering it, is to read through the terms and conditions on the site or phone them to ask any questions.

 

[squitty]

We have just ordered one of these cards.

If you are a amex card holder, there is a offer where if you order one of the travellers cheque cards and load with a minimum of $1000 or 1000 euros, you are elligable for a one free return flight to the USA, to either Boston or New York. Or a free return flight to Europe:- Austria, Germany, Greece, Italy, Portugal, Spain or Sweden.

 

[rosiejo]

I think the £20 issuance charge (it's not an insurance fee, btw, but an issuance fee which you pay if you get the card in dollars or euros) was enough to put us off. That £20 could be better spent on a meal, IMO.

.

They were doing them free online a little while back - and I'm sure they're currently selling them in Thomas Cook pre loaded with $50 - so if that's instead of the fee fantastic - and if not you're pretty much evens.

I might have a look when I go into town to see what's going on at the travel agents with them

 

[minniemouseuk]

I was wondering how the card is used to buy things in the USA.

When you purchase something, do they swipe, and you sign/enter a pin as you would with an ordinary debit/credit card, and then that amount is deducted from your total?

Also, if you return to the UK, can you retrieve the remaining funds in £ ? By how I read it, the funds stayon the card.

I'm not 100% sure about it yet, looking at the facts! This was helpful...

http://www.americanexpress.com/uk/tcc/faqs.shtml?uk_nu=leftnav

minniemouseuk

 

[Sezza]

Hi, saw this thread and thought I'd jump on in and add my reservations.

I was considering purchasing this card on-line today until I noticed a few things that I, personally, objected to.

The rate in M&S today was 1.745 - not much of a difference at first glance until you add up all the spending that you're going to do if you're anything like me lol.

What first attracted me wasbeing able to withdraw cash at an ATM until I saw that it costs $2.50 every time you do just that.

The card expires after 3 years and you have to pay an additional $8 to renew it.

I think all these little things add up to a lot when you think how many people are going to use it.

I do use Amex all the time and did notice the free flight offer, however there are lots of terms and conditions applied that wouldn't make it a good deal for me.

Sorry if this is too negative but I know how we all like a good deal.

If you're going to the US for one or two trips and just use it as a debit card then maybe the hassle-free use of this card would be good for you. I don't think it's very economical for the frequent traveller though.

I think that's quite enough ranting for one day.

 

[tyke]

After further investigation and reading the views on this thread l have also decided that the TC Card is not for me !

Apart from the stuff mentioned above - one of the best advantages of TC's is that any change you receive from your purchases is in $$$ cash - so if you need a few bucks in your pocket simply buy somethin cheap with a TC and hey presto a wad of $$$ - beats payin the $2.50 TC Card charge at an ATM.

tyke

 

[Lisa1976]

Im sure you can use the card for smaller purchases as well.

My hubby and I are thinking about getting one for the bigger shopping, meals, petrol etc and then keeping cash on us for smaller needs. We usually have around $300 in cash and the rest in TC.

Squitty - be careful with the "free flight" offer, if you read the small print its states on a first come first served basis and also restrictions for dates etc. Hope it works out for you though.

 

[squitty]

Squitty - be careful with the "free flight" offer, if you read the small print its states on a first come first served basis and also restrictions for dates etc. Hope it works out for you though.

When we were ordering the card, DH did ask about the flight, the person said that there were plenty left. We knew about the dates etc when it can be taken. Got the card this morning, no flight voucher though, will have to see what happens. Fingers crossed we are going to NY

 

[Red-Snapper]

We have just used one (in Las Vegas) - works just like a credit card ie yiou sign the back of the card and the sales voucher. Chip & Pin doesnt seem to have reached the US yet.

We didnt use it to withdraw cash as besides the $2.50 charge there also seems to be a variable charge (we saw between $1 - $2.50) charged by the different owners of the atm's when you withdraw cash.

 

[Lisa1976]

I thought the flight vouchers were for a free europe flight!?!?!

Let me know how you get on with the card as I might get one for our January trip.

 

[squitty]

I thought the flight vouchers were for a free europe flight!?!?!

Let me know how you get on with the card as I might get one for our January trip.

Its a free flight to the USA either Boston or NY or a free flight to Europe.