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Travellers cheques, cash, credit card or AMEX Travellers Cheque card

I'm off to the US in August for my honeymoon and was wondering what our best option is regarding money?

Our travel agents have offered us an American Express Travellers Cheque Card, which seems like a good idea, but i'm not sure of any hidden costs, etc. It'd be nice to prepay dollars into the AMEX card which we can then use at shops, restaurants and to withdraw cash from ATM machines, but i'm not entirely sure if it's possible to do this with it, and if you get charged each time.

And can't we just do that with our existing VISA credit cards anyway? But, then again, i assume we'd get charged for this each time aswell?

Are the old fashion travellers cheques and a bit of cash still the best way to go or do the yanks prefer the old flexible friend? Are there also hidden costs when cashing in travellers cheques?

Thanks in advance for any suggestions

Dan

Reply to
dan_williams
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dan snipped-for-privacy@newcross-nursing.com wrote

I used my CC for presents etc, and used my Nationwide debit card tom withdraw cash from my account (no charges).

Reply to
Gordon

Open a Nationwide flex account and get their credit card. Withdraw cash at ATMs using the flex account card, use the credit card for spending.

I guess the main charge will be the exchange rate markup when you pay dollars into it.

Probably. Most will mark up the exchange rate by 2.75%. Nationwide don't, hence the recommendation.

Most credit cards charge a fee plus immediate interest for cash withdrawals, including Nationwide, but Nationwide don't charge for flex account cash withdrawals.

In the US you don't usually need to cash travellers cheques, you spend them. Most places accept them as payment, and give change in cash. Although I've heard some places have stopped taking them as use has declined.

Something else to watch out for is Dynamic Currency Conversion - where when you pay for something the POS terminal detects your card is British and converts the currency into GBP. Sounds useful - but the rate they use includes a big markup so it is in fact a rip-off. No retailer is supposed to do this without asking you first, but because they get a cut of the exchange rate markup many don't bother asking. You have the right to insist on paying in the local currency and letting your bank do the conversion in the usual way.

Not sure if DCC has reached the US yet - it'll probably only be used at places where they expect a lot of foreigners.

Reply to
Andy Pandy

Andy Pandy wrote

I go along with that - see my other post!

Reply to
Gordon

As others have suggested, a nationwide flex account is best for cash withdrawals, and either that or a nationwide visa for purchases.

Some cash is always a good idea.

Reply to
Jonathan Bryce

Bridge/Freeway tolls spring to mind. :-)

Reply to
Gordon

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