Travellers Cheques

[waltekar]

We are going to Indonesia shortly, is it best to buy US Travellers cheques or Sterling and do we have to pay commission when we buy them in this country and everytime we get some changed up whilst we are abroad? Also, what happens if we have some left over when we return to the UK. I have never used them before, so I don't know anything about them. Thanks.

[dzug]

You pay commission (on sterling TCs, usually small) or suffer an exchange rate loss (with $US TCs, often around 5%) when purchasing them

You may or may not have to pay a charge when changing them overseas.

If you have them left over you can cash them (usually FOC with sterling ones) at home. With US ones you'll suffer a further exchange rate loss - more likely nearer 8% than 5.

In general I'd avoid $US ones - you pay two lots of charges - unless there are very particular reaons for having them where you are going.

[waltekar]

Thanks Dzug for your informative answer.
Is it right though that you have to sign them all where/when you purchase them?

[dzug]

You have to sign them all at the point of purchase, or on receipt if by post

You sign again when you cash one