$$$ difference in travelers cheques v. cash
i just bought 600 euros worth of travelers cheques for about $914 to pay for an apartment rental as soon as we get into paris. but oddly, on this american express account through my credit union, that same 600 euros in actual cash would have cost about $60 MORE. (i did not have to pay any ordering or shipping costs.) any ideas out there why travelers cheques would be cheaper than actual euros considering it's the same amount?
ray
seattle, washington usa 2/25/08
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Ray, not only are travelers cheques more expensive, but they're totally obsolete. With ATMs being all over the continent, the best way to go is find yourself a bank that won't charge you for withdrawing cash from an ATM in Europe and then just use your ATM card to withdraw cash.
The only drawback to the ATM approach is that you may hit some daily limit issues. Work with your bank to make sure your daily limit is set high enough for what you'll need.
Oh, and there are plenty of banks that won't charge you anything extra to withdraw cash in Europe. The ATM in Europe may charge you, but your bank won't. Just do some calling around.
thanks, jarrod. but i don't think you fully read my post. can others take a stab? i think i've laid out the situation pretty clearly.
Ray, apparently you didn't read my response completely. I wasn't talking at all about American Express or a credit union. I was talking about a BANK like Wells Fargo or a local bank in Seattle (not a credit union!).
Jarrod, maybe YOU weren't talking about American Express or credit unions, but Ray was. I don't know why it worked out for you that way, Ray, but it's great that it did. I wouldn't count on finding it that way again, though. (Maybe they had a stockpile of traveler's checks that they were trying to get rid of because almost no one uses them anymore?)
I just checked xe.com and the rate posted for 600EUR is $889.70. That means you paid less than 3% extra for the exchange. Either you got a very good deal, or someone made a mistake.
Doesn't AAA still charge just one percent for travelers checks?
And do you sign them with quill pens???
It was "travelers checks combined with rental" that caught my eye from the postings- instead of going back and forth about the reason for the great deal, I would suggest double checking with the agency or whoever you will pay upon arrival in Paris as to whether they will accept them, or if you will need to go to a bank (or exchange office) to cash them.
Our hotel required the entire week's stay "up front" upon check in to qualify for a 10% discount. Not wanting to arrive with that much in euro, I bought euro travelers checks just for about the right amount. The hotel wouldn't take them and I had to go try to find a bank that was open at lunch hour(s).
Not the biggest problem we could've had, but it's worth checking to save yourself the hassle.
believe me, i'm not a fan of travelers cheques. but the owner of the apartment we're renting from said euros in cash, or cheques. since we need to pay the 700 euros upfront as soon as we get to paris, i'm going with the cheques. trying to get that much money from the atm as soon as we get in, i think, would be tough. again.. i was just wondering why there was a cost difference when i ordered. i am more than happy in the exchange i got.
I think 500 euros per person for 24 hours would not be too bad (splitting it up between you and your spouses money belt). But if they said traveler checks were ok - and you got a better deal - then great! So few places want to deal with the cheques - but it could be an issue trying to take out more than 300 euros a day at ATM, depending on your bank and the atm bank there.