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Travel Money Tips

When it comes to your holiday money, there are plenty of options. For added security and flexibility take a mix of currency, cards and cheques – that way if you lose one, you have other options.

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Traveller’s cheques

Traveller’s cheques are pre-printed cheques for particular amounts in pounds or foreign currency. You can use them to pay in hotels, shops etc. or to exchange for foreign currency at banks and bureaux de change. Traveller’s cheques don’t expire, so if you don’t use them all on one trip, you can hang on to them for your next holiday.

Traveller’s cheques are secure because you sign each one on receipt. When you use a cheque you sign it a second time, in front of the person accepting the cheque. Each cheque is also numbered; make a note of these serial numbers to keep separately. Lost travellers cheques can be replaced as long as you have a note of the serial numbers.

Remember that in some countries, travellers cheques aren’t widely accepted; you may have to cash them in. You may also find that some banks won’t exchange them, as more and more travellers use credit and debit cards instead.

Traveller’s cheques do incur commission fees if you’re changing them into currency and some banks will charge an additional fixed minimum fee per cheque. Exchange rates vary so compare before you buy. You can also buy travellers cheques in currencies including euros and US dollars, which may save you paying commission.

Posted on: Apr 29, 2014

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