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travellers cheques
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i need help im going to the dominican republic and i really dont want to take a lot of cash so someone mentioned travellers cheques to me. can anyone tel me what they are? do they act like normal cheques? and how do i use them im really confused. can someone help me please?
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(2-part post):
Travellers cheques are available in various currencies but for most destinations, including the Dominican Republic, the preferred currency is US Dollars.
Let's say that you might want US$1000 in travellers cheques. You go to a bank, traveller agent or bureau de change and hand over the equivalent of US$1000, plus a commission fee. (Of course, you don't have to pay in cash. You can use a debit or credit card). You choose the denominations of the cheques, so you might ask for ten $100 cheques. When you're handed the cheques, you should immediately sign them. You should also make a note of the serial numbers. (This might be provided on a print-out at the time of purchase).
From now on, it's important that you should never keep your record of the serial numbers in the same place as the cheques.
When you need some cash, while on holiday, you simply take your cheques to a bank or bureau de change. When you hand over your cheques, you sign them again to prove that you're the rightful owner. The bank or bureau de change then hands you your money in the local currency (or in US dollars if you prefer).
Travellers cheques are available in various currencies but for most destinations, including the Dominican Republic, the preferred currency is US Dollars.
Let's say that you might want US$1000 in travellers cheques. You go to a bank, traveller agent or bureau de change and hand over the equivalent of US$1000, plus a commission fee. (Of course, you don't have to pay in cash. You can use a debit or credit card). You choose the denominations of the cheques, so you might ask for ten $100 cheques. When you're handed the cheques, you should immediately sign them. You should also make a note of the serial numbers. (This might be provided on a print-out at the time of purchase).
From now on, it's important that you should never keep your record of the serial numbers in the same place as the cheques.
When you need some cash, while on holiday, you simply take your cheques to a bank or bureau de change. When you hand over your cheques, you sign them again to prove that you're the rightful owner. The bank or bureau de change then hands you your money in the local currency (or in US dollars if you prefer).
In some countries, hotels and shops may accept payment directly with travellers cheques. (Once again, you sign them a second time as you hand them over). In most parts of the world, however, you need to find a bank or bureau de change to convert your cheques to cash first.
If you lose your cheques, or if they're stolen, you simply report the loss to the cheque company, quoting the serial numbers, and they'll issue replacements. (If your cheques are issued by one of the 'major players', such as American Express, they can normally arrange for you to receive replacement cheques, almost anywhere in the world, within 24 hours).
Before the invention of such things as cash machines, credit cards and debit cards, almost everyone who travelled abroad would take travellers cheques. They're far less popular nowadays because it's usually simpler and less expensive to use a debit or credit card in a cash machine. However, there are still a few destination where you can't guarantee to find easy access to a cash machine; the Dominican Republic might well be one of them.
http://www.americanexpress.com/uk/tc/index.sht ml
Chris
You can change travellers cheques into cash at almost any bank in the world. Some banks might charge a fee for this service.
However, if you buy American Express travellers cheques, they have a massive network of 'fee-free' locations where you can get your money without further charge. I've just taken a look at the information on that link I gave above and it shows that any branch of the Banco Popular Dominicano or of the Banco Dominicano del Progresso offers this service. (I sought locations around the main city of Santo Domingo and there were around 150 branches of these banks listed).
American Express travellers cheques are available from their own offices (which are found in most large towns and cities in the UK), from many travel agents and from about 1700 Post Office branches. (You need to take your passport with you when purchasing them).
There are other companies which supply travellers cheques but American Express is by far the most popular choice. This is because other firms don't have such a major network of 'fee free' locations so, if you you buy their cheques, you risk having to pay fees both when buying and when selling your cheques.
As long as you keep your record of the serial numbers separate from your cheques, you don't need to worry about fraud. If your cheques are stolen and you report the loss to American Express, they'll refund the cheques (usually within 24 hours) even the thief has forged your signature and cashed the original cheques. (You should be given a leaflet which explains how to contact American Express in an emergency. Keep it with the serial numbers. Otherwise, any branch of the banks mentioned above should be able to help you contact American Express).
Chris
However, if you buy American Express travellers cheques, they have a massive network of 'fee-free' locations where you can get your money without further charge. I've just taken a look at the information on that link I gave above and it shows that any branch of the Banco Popular Dominicano or of the Banco Dominicano del Progresso offers this service. (I sought locations around the main city of Santo Domingo and there were around 150 branches of these banks listed).
American Express travellers cheques are available from their own offices (which are found in most large towns and cities in the UK), from many travel agents and from about 1700 Post Office branches. (You need to take your passport with you when purchasing them).
There are other companies which supply travellers cheques but American Express is by far the most popular choice. This is because other firms don't have such a major network of 'fee free' locations so, if you you buy their cheques, you risk having to pay fees both when buying and when selling your cheques.
As long as you keep your record of the serial numbers separate from your cheques, you don't need to worry about fraud. If your cheques are stolen and you report the loss to American Express, they'll refund the cheques (usually within 24 hours) even the thief has forged your signature and cashed the original cheques. (You should be given a leaflet which explains how to contact American Express in an emergency. Keep it with the serial numbers. Otherwise, any branch of the banks mentioned above should be able to help you contact American Express).
Chris
Travellers Cheques???what are these then?? No seriuosly use your visa debit card, you get almost full exchange rate & don't pay commission to anyone, they work the same as over here just go to any hole in the wall & take the same precutions as you do here hide you hand over the key pad as you tap in the pin number, also when menu shows take it out of savings account, NO Charge.
Hope this helps.
Hope this helps.
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