ChatterBank1 min ago
travellers cheques
3 Answers
I am going to India very soon and asked my bank for �200 worth of traveller's cheques. They gave it to me in dollars, cost me �202 or near it. My question, exchange rate is 1.85 to the pound I paid 1.77 to the pound. Have I lost out? Considering I will be using rupee's why the hassle of converting from dollars to rupee's to Pounds, to find out what I'm spending. Why didn't they just give me sterling cheques? Incidentally, I do not even know what traveller's cheques look like, or how to spend them.
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You have lost out because you effectively have to change money twice, once when you changed pounds to dollars, second when you convert dollars to rupees.
Pound travellers cheques are completely acceptable in India.
You say you do not know what they look like - but you must do if you have collected them. When you collected them you had to sign each one. When you are in India and you want to get rupees, you go to a bank or moneychanger, tell them you want to change a travellers cheque and they will watch you sign it a second time. The two signatures will match and then its as good as cash - so never do the second signature until you are cashing the cheque and while the bank teller is watching you do so.
If you haven't collected the cheques from you bank, tell them they made a mistake, you don't want dollar cheques but pound sterling.
Re the rate you paid, you lose out two ways, you pay more when you buy a dollar, and if you return any unsued ones to your bank when you come back then they will pay you back less than you paid. That difference is how they make their mprofit, its the same with any currency transaction. If you had pound cheques you should be able to return them when you're back home at face value.
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