How to get best value from a US$100 travellers cheque?

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ClubMan

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I have an American Express US$100 travellers cheque. What is the best way to cash this to ensure that I get as near to the full value as possible? Bring it to American Express? Or another bank? Or get my free banking senior citizen mother to cash it (no forex charges?)? I want to avoid or minimise (a) charges for cashing the cheque and (b) excessive forex charges. Or would I be better off holding onto it until I travel to the US and use it there? Or cash it into US$ here for the full amount at American Express and use the cash on the next trip?
 
I thought travellers cheques could only be cashed by the person who has signed the first half already?

Was it purchased in Ireland? I think some banks might take them back without any additional charges if you purchased it from them in the first place.
 
Traveller's Cheques! Do people still use those???

Keep it for your next trip. The exchange rate is bad enough at the moment, but it's such a tiny amount that you will only get the tourist rate anyway, making it even less valuable.
 
dam099 said:
I thought travellers cheques could only be cashed by the person who has signed the first half already?
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It's a blank cheque given as a gift/bonus to be signed by me in the first section and then countersigned when cashing it.
Was it purchased in Ireland? I think some banks might take them back without any additional charges if you purchased it from them in the first place.
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No - it was purchased in the US.
extopia said:
Keep it for your next trip. The exchange rate is bad enough at the moment, but it's such a tiny amount that you will only get the tourist rate anyway, making it even less valuable.
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Maybe that's the best solution so? Anybody dissent?
 
I have to agree. Keep it for your next trip.
Even without charges at todays rate it's worth about €84.
With BOI if you're lodging it to your a/c there is no commission charge....only for encashment.
Travellers Cheques are becoming very outdated in this country, but for some reason the Americans still love them.
The only real use for them is if you're travelling to some remote place like parts of South America, India etc where they don't have ATM's & it's safer than carrying cash.
 
Thanks for all the feedback. I'll hang onto it so until I (or somebody else) is travelling to the US again. Unfortunately this is how my employer decided to pay us a small gift/bonus recently but I suppose it would be mealy-mouthed of me to complain... ;)
 
Perplexed said:
Travellers Cheques are becoming very outdated in this country, but for some reason the Americans still love them.
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Eh, I don't think so.

Have you ever tried to cash one of these things in the US?

Tip - if you're relying on being able to change a TC for cash, don't vist NYC. In any other city, expect to be fleeced at change booths. And don't bother walking into a bank unless you have an account.

The only good place to cash is American Express. And bring plenty of ID, obviously.
 
Oops sorry. I meant the Americans love using TC's & they seem to buy them in $20's just so they're signing them for about 20 mins !
 
Myself and a few colleagues have decided to keep the TCs and spend them in our regular [broken link removed] when we visit CA next. :D
 
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