Travelers Checks

[spudsmck]

What kind of Traveler checks are best to bring for an American?

 

 

I never used to bring them, but last trip I had an occasional problem exchanging American money. Some booths wouldn't like years 1996 or 2001, then the next night it wouldn't be a problem at the same booth.

 

This trip I want to bring some Traveler checks - just in case

 

 

Thanks for any and all input.

[mongatu]

Don't know which is the best travelers checks these days but I usually only bring a couple of hundred in travelers checks for emergencies and end up never using them because it seems one can usually get a better exchange rate by using a US bank atm debit card at almost any Thai ATM. Most US bank debit cards are affilitated with Visa or Mastercard and you can use the cards to withdraw from your home account at Thai ATMs. Just make sure you keep enough money in your account and use a bank that does not impose additional fees for using a foreign ATM (beyond the 1% visa charges for converting foreign currency, but you are getting a wholesale exchange rate which more than makes up for that). Some banks add a percentage fee beyond the Visa 1% (bad) and some just add a flat ATM fee (usually not more than $5) regardless of the amount withdrawn (better, but not great). Some even charge zero additional fees, but usually require you keep a pretty high minimum balance.

 

My US bank requires no minimum balance to be maintained and charges a $3 flat fee for taking out up to 20,000 Thai Baht at a time. If you don't want to be holding that much cash at once, you can deposit the 20,000 baht in a Thai bank and use a Thai ATM card for making free smaller atm withdrawals as needed from your local Thai account.

[gomez]

Amex used to be No 1, maybe still is, but like mongatu said, a credit card is much easier. Bring a couple hundreds in t-cheques, the printer doesn't matter so much.

[Saiphon]

I've used both Amex and Thomas Cook with no problems at all. I don't think it matters though it might be advisable to choose one that has a Bangkok office for faster action if you lose them. Otherwise use the ones that charge you the smallest % commission when you buy them, and/or do a refund for free service. (Over here in the UK Amex used to charge 1% and Thomas Cook 2% but I bargained Thomas Cook down to 1% by telling them I was going to take my business to Amex.)These days I get them commission free from my bank.

 

And incidentally I always get a better exchange rate than a straight cash transaction for baht.

 

If you are going to do most of your money via tc's then choose larger denominations - there is a small service charge per cheque cashed.

[shygye]

I use Amex as a backup to my ATM card. My bank does not charge me any fee for the checks. Remember to bring your passport to the exchange booth. ::

[JaiGuruDev]

I use almost exclusivly Travelers Checks, and I use AmEx.

[Guest]

I would never dream of using TC's ever again in LOS. The ATM machine carries every single advantage. For TC's, you have to find a money changer where as ATM's are absolutely everywhere; for every one money changer, there's probably 50 ATM's. Money changers have limited hours, ATM's are 24/7/365. Money changers tend to have lines of people waiting, you have to fill out a form, and require a passport where as I typically have my money in 20 seconds flat from an ATM. Debit cards give you a better exchange rate so your money goes further. You don't have to worry over stashing a stack of TC's. ATM let's you get 20,000 baht at a time. I see no point in travelers cheques at all. For backup, I just have a few green backs. For big ticket items, I use my debit card directly.

[think_too_mut]

I'm surprised that relicts from the typewriter era are still around. Don't know how quick they are replaceable when stollen, that might be the only advantage over ATM cards.

 

In '92 I set up a system to process them at Barclays Bank in Sydney. They had 6K checks a day for entire Oz. In year 2001 I met one of their staff and he told me the machine had been mostly idling as the number of checks dropped tenfolds.

 

The only reason they kept it was that it had a direct transmission from it's database to their mainframe for further processing.

[Alfmaz]

Traveler checks too much trouble just take Visa Card and Cash more for your dollar

[Guest]

I bring some cash, credit cards(amex & visa) and travelers checks. I purchase Amex TC's, you get the highest return for TC's. I purchase Amex TC's because they have an office in Bangkok, if anything happens replacements are made that day. The other posters are correct, you will need your passport to cash-in. I rarely use my credit cards, all payments are made in cash.

chok dee,

HOKS