Travellers Cheques Or Tellers Cheques?

[eggomaniac]

2 part question

http://bankexchangerates.daytodaydata.net/default.aspx

Somebody asked this in a related Topic, but I can't find the answer.

Are they referring travellers cheques or Tellers cheques, which I think are also called drafts?

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2nd question,>> they list many Banks that exchange notes, but only 4 that exchange cheques. Why is that? [One would think every bank would exchange travellers cheques?]

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We were going to bring new Notes and deposit them, at the earliest, in HER Thai bank account. Then we found out, for unknown pleasant reason, our Credit Union, here, does not charge for travellers cheques. While cash would be safe on our persons until we reach the Bank at Swampy, the cheques would be 'safer'.

On the Site above the exchange rate for Notes and Cheques is about the same, but I don't know if that is the rate for travellers cheques???

I guess the simplest question is > Are Travellers cheques and Cash, in most cases, convertable for about the same Rate???

[flying]

Like you I enjoy free travelers cheques through a credit union.

On trips to our home in TL I never had a problem with depositing.

I deposit in three banks

Bangkok Bank

Siam Commercial Bank

Bank of Ayudhya

[eggomaniac]

Another site, Trip Advisor, says that TC's will fetch a very slight better rate than cash and they charge 33 Bhat per check. Is this up to date info?

[IMA_FARANG]

Travellers checks and cash rates

Travellers checks take longer to "clear" than cash.

So if the dollar/pound/whatever rate is dropping against the Baht..i.e. the Baht is getting stronger...then Banks/moneychangers will give a different rate than for cash. This is because the time it takes to "clear" the T/C to Baht might make them take a loss if the rate changes while the T/C clears. (If they pay you a rate of 33 to a dollar, and get get compensated at 32.5 to a dollar....they lose money)

If the rate is going the other way...if the Baht is getting weaker against the foriegn currency...the Bank/moneychanger will prefer T/C to cash. Because if the rate changes...they could make a profit. (i.e. if they paid you at 32.5 Baht to a dollar, and they were compenstaed at 33 to a dollar).

Most banks will charge a "fee" for cashing T/C....which they use as a hedge against rate changes while the T/C clears.

Different T/C issuers may have a relationship with certain banks. Take American Express T/C. Let's say American Express has a business relationship wit Bangkok Bank. Therefore Bangkok Bank may get a slightly preferable rate for an American Express T/C than another T/C. If you learn these relationships, you might be able to get a fractionally better rate for exchanging the "correct" T/C in the "correct" bank than another type.

But there isn't much you can do about exchange rates youeself.

Edited December 5, 2009 by IMA_FARANG

[PhilHarries]

Another site, Trip Advisor, says that TC's will fetch a very slight better rate than cash and they charge 33 Bhat per check. Is this up to date info?

Yes that is the case, or was in early October so you're better off with large denomination T/C's.

Carrying large amounts of cash is dodgy as some countries, if it is discovered, ask a lot of questions and require documentary proof regarding it's origins.

[Tinkelbell]

Having been a credid card fraud victim and few years later an identity theft victim.

Now I carry only travel chegues and two credid cards ( for extreme emergency).

It works very well with me, it's safe and convenient while I'm traveling, especially in LOS (where my cc fraud occured).

I paid no fee for my travel cheques from Bank of America.

Best to get large denomination T/C since some bank ( like Bank of Asia) charges 2%-3.50% commision.

Now I only do my business with the Bangkok Bank only ever since I found out they don't charge commision on the $100 bills and the rates are very competitive.