where can i cash visa travellers cheques in uk

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Found yourself stuck with travellers cheques? Here's how you can exchange your travellers cheques to cash.

JANUARY 2021

Before we start talking about exchanging your travellers cheques into cash, let's start at the beginning.

What exactly is a travellers cheque? According to the Oxford dictionary, it is defined as "a cheque for a fixed amount that may be cashed or used for payments abroad after endorsement by the holder's signature". Traveller's cheques used to be available in several currencies such as US dollars, Canadian dollars, pounds sterling, Japanese yen, Chinese yuan and Euros.

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They were seen as a safer alternative to carrying physical cash around and at one point in time, very popular amongst tourists. Restaurants, bars, shops and most businesses would happily accept them as a travellers cheque could never "bounce". The issuer will unconditionally guarantee payment of the face amount. For reference only, the organization that produces a traveller's cheque is known as the issuer. The bank or financial institution that sells the travellers cheques is the agent of the issuer and the traveller who buys the cheque is the purchaser. The shop or restaurant you go into and use the cheque is known as the merchant.

The most well known issuers of travellers cheques were Thomas Cook, Bank of America and American Express. However, since the 1990s there has been a great decline in their use as cash, pre paid cards, ATMs, multi currency cards and credit cards have taken over when spending money abroad.

Now it is very difficult to use travellers cheques abroad. In fact most businesses will not accept them and they have indeed become an obsolete.

How can I exchange my travellers cheques?

Even though these cheques can no longer be used in shops when you go on your next holiday, they have no expiry date and there are still some ways that you can cash them in but just expect a poor exchange rate when you do exchange them for cash.

1) Your local Post Office

Luckily, you can still walk down your high street and into your local Post office to exchange your travellers cheques into cash. The exchange rate you do this at will probably be poor and there may even be associated fees but this is at least a quick and simple solution. Remember to take your proof of ID with you, this could be your photographic driver's licence or passport.

2) Visit your local bank

A few banks still allow account holders to deposit Travellers Cheques to their personal bank account and so it may be worth checking with your bank first to see if you can exchange your travellers cheques with them directly and they deposit the GBP equivalent directly into your current account. Once again, if you go in person to your local bank branch will be asked to present photographic ID that includes your signature for sign off of these cheques.

3) Go online

It is also worth visiting the issuer's website directly to get guidance on redeeming your travellers cheques.

For example, if your travellers cheque has American Express logo on them, you can click on this link American Express Travelers Cheques. The page provides you with your nearest location to exchange your Travellers cheques in person and also provides an option to redeem them online.

Alternatively, if your travellers cheques are issued by Travelex, Thomas Cook, Mastercard or Interpayment Visa you can use their encashment form found here encashment-form-newv5.pdf (travelex.co.uk)

Generally speaking, exchanging your travellers cheques into cash requires you to print out and complete a form from the issuer. You will be asked to complete the details of the currency denominations of your travellers cheques and also to keep a record of their respective serial numbers. Additionally, since this process is done online and not over the counter in front of a clerk, they will request a copy of your proof of identification which also includes your signature. This can be a photograph drivers license or a passport. For larger amounts they may even request a proof of address - so a recent utility bill or bank statement.

Make sure you have the above at hand when filling these forms out to make things quicker for you

What are the alternatives to taking travellers cheques?

Travel money is a very easy and cheap way to spend money abroad. To find the best exchange rate, simply go online and compare exchange rates and any associated fees that foreign exchange providers are offering.

Some foreign exchange companies may say no commission and no fees on top but may in fact hide their fees within the exchange rate. So, instead of purchasing your travel money at the real exchange rate, you may be offered something away from that rate and this is the spread which incorporates their fees.

Other companies are easier to buy travel money online from as they are transparent. The Currency Club for example, offers their best exchange rates on any currency and additionally gives you access to review the live interbank exchange rate before you confirm your transaction giving you complete transparency. You can then easily compare how much you can save. The company will deliver the travel money directly to your home, fully insured by 1pm using with you selecting the day that suits you best.

Credit cards (pre paid and others)

There has been a significant increase in travellers using their cards abroad. Of course a pre paid currency card helps travellers to budget, as you top up only the amount you wish to spend. Additionally, like travellers cheques they can be a safer option in the event that your card is stolen.

However, the problem arises when you visit a place that does not accept cards. In which case you are at the mercy of taking cash out of ATMs when abroad and this can work out to be very expensive.

Not only may you get charged withdrawal fees each time, but the exchange rate may also be very poor since ATMs are also charging you for the convenience of having cash on tap!

The safest and most sensible solution is to always have some travel money and perhaps one other alternative. This way, it's easier to stick to a budget and it means you will not need to waste your time or money visiting ATMs when abroad.

Buy Traveller Cheques

As an alternative to cash, we offer the best currency exchange rates on travellers cheques. They are safest ways to carry money around. In the event that the travellers cheques are lost or stolen you can report this and receive a replacement immediately.

Make sure you sign each travellers cheque when you receive them from us and keep the serial numbers in a safe place before you travel so you are protected in the event that your cheques are lost or stolen. When you want to make a purchase or exchange them for cash, just sign the travellers cheque in the designated area in the presence of the acceptor, along with your passport (you may be required to show your passport when you decide to use them).

Then you're good to go!

We can buy back your leftover euros so you can always transact at the best GBP to EUR exchange rate with no hidden fees.

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Travellers Cheques FAQ

Travellers cheques frequently asked questions, passport and credit/debit card replacement assistance, quick links, about travelex, useful information, customer support, travelex foreign coin services limited.

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What to Do With Old Travelers Cheques (Don’t trash them)

Since smartphones and credit cards became ubiquitous, the humble traveler’s cheque (or check, depending on where you’re asking the question) has fallen out of favor. However, not that long ago they played an immensely important role in the lives of travelers across the United States.

Back when there wasn’t an ATM on every corner and cash was king, they minimized the risk globetrotters faced when traveling far from home. Cash could be lost or stolen. While traveler’s cheques could be too, they could also be reported as such and subsequently replaced!

However, now it’s 2021. Credit and debit cards are as common as dental floss and the once novel utility of traveler’s cheques has worn off. So, with that said, what do you do when you find old ones laying around?

Do not throw away your old traveler’s cheques — you may still be able to redeem them for hard currency. They never expire, so if you have ownership and the cheque’s serial number has not already been redeemed, you’ll be able to cash them at participating financial institutions.

Go dig them out of the garbage if you’ve already tossed them out! Then come back here and stick around, as we’re going to explore the state of using traveler’s cheques in the modern era.

One thing — we’re not financial or legal experts. If you doubt your ability to cash the traveler’s cheques you found, consider calling American Express at 1-800-525-7641. If American Express is not your traveler cheque issuer, simply call the company that issued them.

What About for the Deceased?

There’s a chance that if you’ve found old traveler’s cheques, they were a part of a deceased person’s estate. While it’s possible to cash the traveler’s cheques of a dead person, you have to make sure that you have the right to do so — this usually means being the executor of that person’s estate.

This is more complicated than simply proving you’re related to someone — other heirs may have equal or greater rights to the estate.

If you’re not sure if you have the ability to do this, I recommend talking to a probate lawyer or calling the company that issued the cheques.

Where To Cash Travelers Cheques in 2021

While they’re certainly not as in favor as they used to be, there are still many places that someone can redeem their traveler’s cheques for cash. While we won’t go into every location that will cash your traveler’s cheques here, we will give you a rough strategy for getting them redeemed.

via Purchases as Participating Stores

Many stores, including some Walmarts, offer the ability to cash traveler’s cheques in their store. This often takes the form of buying something with the cheque and getting the change back in U.S. currency.

Be warned — some stores will limit traveler’s cheque redemption to a certain amount of money. Consider a situation where a store only allows $20 cash back. If you paid with a $50 traveler’s cheque, you’d need to spend $30 at the store to get your total amount of money back!

Bank Deposits

Nearly all banks will allow customers to deposit their traveler’s cheques into checking or savings accounts. The same usually can’t be said if a person doesn’t have an account at that institution (with some exceptions, listed below).

However, not all banks offer this service. To know for sure, simply call your bank.

Check-cashing stores

Many people don’t know this, but check cashing places will usually cash traveler’s cheques. Like all of their other services, this will cost money. How much they’ll charge depends on the individual store policy. As with the other sections, if you’re in doubt give them a call.

Bank of America

Unlike other banks, the vast majority of Bank of America locations allow you to cash traveler’s cheques. Bank of America will often charge a fee, although some locations offer this service for free.

U.S. Post Offices

According to the USPS , you can use travelers cheques to buy postage services as long as at least 50% of the value goes toward the postage service. This means that if you have a $50 travelers cheque, you would need to buy $25 in postage services to get $25 back in change.

American Express actually offers the ability to redeem your traveler’s cheques online . In order to take advantage of this method, you’ll need the following:

• A government issued ID (social security card, passport, or U.S. driver’s license)
• The traveler’s cheques
• Your bank details

Following their online instructions will allow you to redeem the cheques, depositing the money into your bank account.

Will They Ever Expire?

I touched on this in the introduction, but one of the major benefits of buying traveler’s cheques is that they will never expire . You can keep them for 50 years and they’ll be worth the same amount of issuing currency.

However, there is one major caveat to this.

If the issuing company ever goes out of business, it’s questionable whether or not you would get your money back. This makes intuitive sense — who would give it to you if the company was gone? Luckily, American Express is over 170 years old and is unlikely to go out of business anytime soon.

If they aren’t the company that issued your traveler’s cheques, this may be a concern though.

Can You Still Buy Travelers Cheques?

According to American Express, you can still purchase travelers cheques . However, according to the University of Hawai’i Federal Credit Union, American Express travelers cheques were discontinued as of December 31, 2020. As of this writing, this is the only source I can find about the planned discontinuance.

Travelers Cheques Alternatives

If travelers do go the way of the dodo, there are still other ways to accomplish their purpose. Prepaid travel cards are the 21st century replacement for them. They offer the same advantages while also letting you use them like you would a debit or credit card.

Simply fill them with the amount of currency you want to take with you and use it like a debit card until the funds are exhausted.

Final Thoughts

You should definitely try to hang on to any old travelers cheques you find. If they haven’t already been redeemed, you might have just lucked your way into a small windfall. Even if they have been redeemed, consider holding on to them.

If American Express does discontinue them, you’ll have in your hands a piece of American history!

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How to cash old euro travelers cheques

How do we cash old euro travellers cheques for euros in cash? They are Visa Travellers cheques issued by AAA (which had no suggestions about what to do). When we were in Spain 2 years ago, Spanish banks wouldn't cash them. We are going to Italy later this year and really want to spend the travelers cheques -- 300 euros worth.

I'd call AAA's national headquarters. It should (in the sense of moral obligation) have an answer for you.

It's extremely unlikely you will be able to find anyplace in Italy (or anywhere else) to cash travelers checks. Contact Triple A (go up the chain in their organization until you find someone who can help you).

You might want to examine them very carefully to be sure there's no teeeny tiny print that shows an expiration date...

Try Travelex - the UK website indicates they will cash them https://www.travelex.co.uk/services/travellers-cheques/visa-mastercard

The US website is still down but you can contact a branch or phone https://www.travelex.com/currency

You are not going to like the answer.

Since these checks are in Euros, they will most likely be drawn against some European bank. Most likely the only way you can get money for these checks is to go to your bank and deposit them through their foreign exchange service. Since they are in Euros, you cannot just deposit them like you would a check in US$ (if you are in the US) for immediate availability. There will be a fee associated with this, only your bank can tell you what it will be, and it may take several weeks to get the money credited to your account. Most larger banks (Chase, Wells, Bank of America, etc.) will do this for you if you have an account with them.

You may also try and use them at a hotel while in Europe. Some of the larger ones will still accept them. But don't be surprised if they don't or if they too charge a fee to cash them. A third option is to try and use them to purchase Euros at a foreign exchange booth at the airport. You will get an even crappier exchange rate than with cash there, but at least it will not be a complete loss.

Just curious, how long ago did you purchase these checks? They have not really been useful since about 2000 and even then were difficult to use. And AAA should really stand behind the products they sell and allow you to get a refund on them (but that is why I never bought the checks from them even when I did use checks).

...and this probably shouldn't be posted under "Best Walking Shoes" (unless the only thing you can use old travelers checks for is to make shoes out of them...lets hope that's not the case).

They are printed on fairly sturdy paper. Maybe as cushion supports in your shoes?

That link Ramblin' on posted ( https://www.travelex.co.uk/services/travellers-cheques/visa-mastercard ) says:

Travelex stopped selling Travellers Cheques in 2008 and therefore some banks and agencies will no longer encash them. There are however a number of other options available to encash travellers cheques. By Post: Complete an encashment form and send it to our Peterborough office. Encashment form

That to me reads like cashing in Travelex's own Travellers Cheques, not those of other companies.

I would go back to the company that sold them to you (AAA). Since they sold you a useless product, you should demand a refund. Let us know how you get on, for the benefit of others.

Hello I recently had a somewhat similar situation as you; however it was an AMEX 20 British Pounds cheque, which I would have purchased back in 1994 and found in some really old papers. I asked my bank, but they were of no help. I decided to call American Express. They took down the details of the cheque and then sent me a cheque in Canadian funds. I had nothing to lose by calling. So, try AAA or even VISA. Worth a try.

hey hey @david and mark LOL aloha GO NINERS!!

Here is a link to Visa Travelers checks. Although it focuses on how to replace lost checks, perhaps they can help you: https://usa.visa.com/support/consumer/travelers-cheques.html

A few years ago I got stuck with a 100 euro AAA Travelers Check that I thought I was going to use to pay an advance deposit in France. When I stopped at the first French bank, they said they could only cash it if I was their customer. When I asked for a suggestion, they said to try La Poste (the post office). I did, and they did cash it. So maybe that's an option for the OP, although I don't know if Italian post offices deal with financial transactions.

If you do business with a national bank, go to your local branch and have them send the traveler's check to their international currency department. They should cash it and put the $ into your account. But don't expect to get a top exchange rate.

The travelers checks were not useless when they were sold so why should AAA offer a refund when AAA has not sold travelers checks for years.

@cel520, by chance do you bank at Citibank, Chase Manhattan, or Bank of America? If you do, you should be able to deposit the check into your account at a branch and get a USD credit at their awful exchange rate. As mentioned above, a deposit to your bank account is a way to go. Another thought: as mentioned above, you could also contact your hotel and ask them if you can use travelers checks to pay your bill. That is probably the only type of business in Italy that will accept a travelers check at this point in time.

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Where can i cash travelers cheques.

To find out locations where you can cash Travelers Cheques and how to redeem your Travelers Cheques directly with American Express please click here

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Cash, card or traveller's cheques? Travel money options

We all know that pitching up at the airport to buy our foreign currency is generally the worst travel money option, but what's the best? It all depends…

On the high street: The Post Office and M&S foreign exchange bureaus are competitive but don't assume they always offer the best rates. You may be able to find better deals from smaller, independent foreign exchange services.

For security: Pre-paid currency cards offer competitive exchange rates and are a safe way to carry large sums of money. Go for one of the online FX services or mytravelcash.com .

In the US and big resorts: Traveller's cheques can still be exchanged for currency and they are easy to change back on your return.

Making big payments: The Halifax Clarity Credit Card is undoubtedly the best credit card to take away, with absolutely no exchange fees – even the cost of withdrawing money from an ATM is low compared with other credit cards.

Read our guide to prepaid cards here

How to get the best deal on your travel money

How to book the best flights

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• Passports, travel and living abroad
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Take cash in and out of the UK

Taking cash in and out of great britain.

You must declare cash of £10,000 or more to UK customs if you’re carrying it between Great Britain (England, Scotland and Wales) and a country outside the UK.

If you’re travelling as a family or group with more than £10,000 in total (even if individuals are carrying less than that) you still need to make a declaration.

If you’re travelling to Northern Ireland and carrying more than €10,000 (or equivalent) you must follow the rules for taking cash into Northern Ireland.

The earliest you can make a declaration is 72 hours before you plan to travel.

Taking cash in and out of Northern Ireland

You must declare cash of €10,000 or more if you carry it between Northern Ireland and any non-EU country.

You must also declare cash of €10,000 or more if you’re arriving in Northern Ireland from Great Britain. You do not need to declare any amount of cash when travelling the other way, from Northern Ireland to Great Britain.

If you’re travelling as a family or group with more than €10,000 in total (even if individuals are carrying less than that) you still need to make a declaration.

Customs authorities may ask you to fill in a cash disclosure form if you send cash by freight, post or parcel between Northern Ireland and any non-EU country. This includes if you send cash from Great Britain to Northern Ireland.

Types of cash you must declare

You must declare:

• notes and coins
• bearer bonds
• travellers’ cheques
• cheques (including travellers’ cheques) that are signed but not made out to a person or organisation

If you are carrying cash in or out of Northern Ireland, you must also declare:

• money orders
• gold coins, bullion or nuggets
• prepaid cards

What you’ll need to make a declaration

You’ll need to give details of:

• who’s carrying the cash, the owner of it and the recipient of it - including passport or ID document number, and address
• your journey - with any countries you pass through in transit, including flight numbers or ferry routes
• the amount and type of cash being carried
• the source of the cash - the country it came from and how it was generated (for example, through earnings or selling something)
• what the cash will be used for

How to declare cash

If you’re leaving the UK, you must declare cash before you leave the country.

If you’re coming to the UK you can declare cash before you travel or as soon as you arrive in the UK.

Declare cash before you travel

Declare online for:

• cash you’re carrying between Great Britain and any other country
• cash you’re carrying between Northern Ireland and a non-EU country
• cash you’re carrying from Great Britain to Northern Ireland

If you cannot use the online service you can make your declaration over the phone.

Customer Service Group Telephone: 0300 322 9434 Monday to Friday, 8am to 6pm Find out about call charges

Declare cash when you arrive in the UK

At UK customs, follow ‘goods to declare’ or ‘red channel’ signs, and tell a Border Force officer you want to declare cash. You may have to use a courtesy phone.

They may give you a paper form to fill in or take your declaration themselves.

If there is no way to make a declaration at the port or airport when you arrive, call 0300 322 9434 and make your declaration over the phone.

If you do not declare cash that you should have, all the cash you are carrying can be seized by a Border Force officer. You may have to pay a penalty of up to £5,000 to get it back. This can be taken from the cash before the rest is returned.

Any cash can be seized if customs authorities have reasonable grounds to suspect a crime. They can keep the cash for 48 hours - after that they need a court order.

How to appeal a penalty

You can write to the Fraud Investigation Service if you disagree with a penalty. You must state why you disagree with the decision you’ve been given.

You have 30 days to appeal from the date of the penalty notice.

Fraud Investigation Service FIS POC Operations - Cash Declaration Penalty Team S0079 Newcastle NE98 1ZZ

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What's the Best Way to Bring Spending Money to the UK?

A Look at the Pros and Cons for Convenience, Value and Spending Power

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The pound Sterling (£), sometimes just called " Sterling ", is the official currency of the UK . You can change your money into pounds in different ways, but you can't actually spend your own national currency, not even Euros , without exchanging it first.

As soon as you start planning your trip, start thinking about how you'll handle your spending money in the UK. Leave yourself enough time to consider the convenience, security and value of various options and to open new bank or credit card accounts if necessary.

These are the choices:

1. credit and debit cards - the easiest and the cheapest.

These are, hands down, the cheapest and most convenient way to pay for things and to get cash in the UK as long as you use them correctly. Consider the pros and cons.

• Credit card companies apply a wholesale/interbank exchange rate in effect when your payment is processed. The rate will go up and down but it will always be a commercial rate, available to banks and large organizations—much better than the retail currency exchange rates available over the counter to consumers. So you get more for your money.
• Most card companies do not add additional transaction fees on purchases of goods (though they do when you buy cash).
• If you pay your credit card bills before interest is added on, or make sure you have enough money in your debit account to cover your spending, you won't be subject to any extra charges.
• They're widely accepted—You can pay for just about anything with a debit card in the UK, from a carton of milk and the day's newspapers or beer in a pub, to large expensive goods. In the UK, people can even pay their taxes and electricity bills with a debit card.
• Cash machines, or ATMs are everywhere. Most village high streets will have a selection of automated teller machines. They're available at petrol (gas) stations, in cinemas, at banks and in some shops. This makes getting some cash at any hour of day or night very easy.
• Some cards are not recognized or widely accepted in the UK. You may have difficulty using Diners Club and Discover cards. American Express cards are sometimes refused. Stick with the big two—VISA and MasterCharge—and you shouldn't have any problems.
• Some merchants may require a minimum purchase to accept a credit card. This is especially true in small, local Mom and Pop stores.
• Bank charges may apply. Bank, building society and post office cash machines in the UK (which is most of them) do not apply an extra charge or commission getting cash. But your own bank or card company probably will. It's worth shopping around for the lowest currency transaction charge because this varies from card to card and between issuing banks. You might be charged anywhere from $1.50 to $3.00 or more per foreign currency cash transaction.
• A small number of cash machines do charge for withdrawals and are worth avoiding. Cash machines in small convenience stores and at some motorway rest stops may be part of commercial networks that add extra fees—a minimum of about £1.50 but sometimes a percentage of your transaction. Try to avoid using these machines except in an emergency. Instead look for ATMs associated with the UK's big banks, with building societies (like savings banks) or with leading shops (Harrods,  Marks & Spencer ) and supermarkets. 
• You may need to get a new card to comply with European chip-and-pin standards (more on that below)​.
• One word to the wise —Use your credit card to buy things but use a debit or ATM card for getting cash from ATMs. When you use a credit card for shopping, interest is not charged until after the payment deadline (usually 30 days or the end of the month). But, when you use a credit card at a cash machine, interest starts accruing immediately. With a debit card, as long as you have money in the bank to cover your spending, no interest is charged.

The Chip-and-Pin Issue

The UK, along with most of the rest of the world, has been using chip-and-pin cards for more than a decade. The cards have an embedded microchip and customers are issued a unique, 4-digit PIN number they have to enter in ATMs or at point of sale machines to use their cards.

The USA has been the one holdout, relying instead on cards with magnetic stripes that usually require a signature. All that is finally beginning to change. The EMV (Europay Mastercard VISA) group, who developed the global, open chip and pin smart card technology, have been trying to persuade American merchants and card issuers to change to chip and pin for a long time. In October 2015, to force the issue, they changed their rules. Since then, if a card is used fraudulently, merchants or card issuers who do not participate in the chip and pin protocol will be held liable for the cost of the fraud.

Because of this, EMV chip-and-pin smart cards are becoming more widely available in the USA and older style cards are gradually being replaced to meet the global standard.

What This Means for You

If you already have a chip-and-pin smart card, you won't run into any difficulty using it where your brand of card is accepted. The card reading machines used in shops, banks and post offices will still have a magnetic stripe reader so you can swipe your card on the top or side of the device. 

But if your card requires a signature (either mag stripe and signature or chip and signature cards) you will have problems—especially when no human cashier is present to accept your signature. Without a chip, your card will be rejected by ticket machines (at train stations, for example) and by automated petrol (gasoline) pumps. And even with a chip, you will need a PIN number to use your card with these machines.

To avoid hassles:

• All bank cards and credit cards have a 4-digit PIN number, even if your bank or card issuer has not given it to you. Ask for one for each of your cards before traveling. Then you'll be able to use your card in an ATM or swipe it at a point-of-sale terminal and authorise the transaction with your PIN number.
• Get yourself a chip-and-pin card. Most of the bigger American banks are now offering them or replacing their customers' existing chip and signature cards with chip and pin cards. If your bank does not yet have them available, open an account at a bank that can give you one. 

And the Contactless Issue

Most debit and credit cards issued to UK consumers have a contactless payment feature. If the card has it, there is a symbol that looks like sound waves printed on the card, as pictured above. These cards can be used for payments simply by tapping them on terminals similarly equipped. Very conveniently, these cards can be used just like Oyster Cards for access to London Underground, London buses. London Overground and Docklands Light Railway. Some mobile phone apps that display the contactless logo can also be used to pay small amounts. 

If you are visiting the UK from Canada, Australia or a number of European countries, you may already have one of these contactless cards and you can use them in the UK wherever the contactless symbol is displayed on the payment terminal. As of 2018, US banks began to offer contactless credit and debit cards in partnership with international card issuers. Chase, for example, has offered this form of payment to its customers since February 2018. If you can, get your hands on one of these as its the most convenient way to pay small amounts. If you are able to use a contactless card, keep in mind though, that your transaction will still be subject to whatever foreign exchange transaction fees your bank or card issuer charges.

If you have an iPhone, you may be able to use Apple Pay wherever contactless payments are accepted and for more than the £30 contactless limit. The Apple Pay UK site has a list of some of the main businesses that accept this form of payment at point of sale. 

Traveler's checks.

Traveler's checks were once the gold standard when it came to carrying travel money. And perhaps, in some parts of the world they may still be a safe option, but they are currently the most expensive and most inconvenient option for the UK.

• They are very secure—As long as you keep a record of the check numbers (separate from the checks themselves), and as long as you keep track of the emergency number to call in the country you are visiting, you can get lost or stolen checks replaced quickly, at no extra cost.
• They are available in several currencies including dollars, Euros and pounds sterling.
• They are expensive, possibly the most expensive way to take money abroad in fact. First off, you will usually be charged a fee of one percent of the total value of the checks you buy. If you buy them in a foreign currency—in other words you spend dollars to buy travelers checks in pounds sterling—the seller's retail exchange rate will apply and you may also pay a commission for the currency conversion. If you buy them in dollars, planning to exchange them for local currency when you arrive, you will still be stuck with accepting a retail exchange rate (usually much less advantageous than the interbank rate for the day) and probably a foreign currency commission too.
• They are very inconvenient. In the UK, with the exception of tourist magnets like Harrods , and very expensive hotels, almost none of the shops, restaurants and hotels accept them. In fact, very few stores in the UK accept any kind of check at all. So you will have to seek out bureaux de changes, banks and post offices—during weekday working hours, to cash them. Bureau de change outlets, the European name for commercial currency exchanges, are profit making businesses and usually offer the worst exchange rates. And banks will only cash traveler's checks if they have what is known as a correspondent relationship with the bank that issued them.

3. Prepaid Currency Cards

One way around the chip-and-pin issue is to buy yourself a prepaid currency card, such as the Travelex Cash Passport or the Virgin Money Prepaid MasterCard. These are cards you prepay in either your own currency or the currency you want to spend. Some can be charged up with several currencies at once. The cards are associated with one of the major international card organizations—usually VISA or MasterCard, are embedded with chip-and-pin technology and can be used wherever those credit cards are normally accepted.

• An easy way to chip-and-pin
• Easier to control your spending. You charge up the card with exactly what you want to spend and then use it up like cash.
• Security is assured as long as you protect your PIN number.
• Up front purchase price and higher than average ATM cash fees can add to costs
• Some can only be charged up with additional funds in person in a branch of the business that sold it to you, in your own country.
• Hidden charges—if you leave a balance on the card, planning to use it for another trip abroad or other special purchases, you may find that balance nibbled away by monthly "inactivity" charges. Read the fine print.

​ And one last warning about prepaid cards:

Whatever you do, DO NOT USE these cards to guarantee your hotel or rental car bill or to buy petrol from automated pumps. In these situations, an amount - which can be £200 or £300—will be put on hold to guarantee that you will pay your bill. The problem is, even if you don't spend that much money, it can take as long as 30 days for those funds to be released. Meanwhile, you can't use the money you've put on the card for the rest of your trip. Use your credit card for the guarantees, then settle the bills with the prepaid card.

Then, of course, there's always good old cash—or at least there used to be (see below). You'll want to have some local currency in your wallet for tips , cab fares and small purchases. How much you carry depends on your own spending habits and confidence in carrying cash. As a rule of thumb, plan on carrying about as much in pounds sterling as you might carry in your own currency when at home.

There is a catch. In the UK, espcially the big cities, a small but growing number of businesses—notably cafes and bars—are refusing to accept cash and will only accept card payments. This is still pretty rare, but we were shocked in November, 2018, to offer a £10 note to pay for a coffee and croissant only to be shown a sign that said the restaurant did not accept cash. These days, an internationally accepted credit card is still the safest kind of travel money to have.

Currency in Egypt: Everything You Need to Know

Know Before You Go: A Traveler's Guide to UK Currency

Currency Converters

A Traveler's Guide to the Yen

The Currencies of Ireland

Can You Use Euros in England and Around the UK?

Whether to Use Cash, Credit, or Debit While Traveling

Money in Germany

Your Trip to the Czech Republic: The Complete Guide

9 Tips for Using Your ATM card in Europe

Exchanging Currency in London and the UK

Tips for Changing Your Money Abroad

Tips for Using Debit and Credit Cards in Canada

Exchanging Money in Mexico

How to Exchange Money in China

Money in the Philippines

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Questions of Cash: 'I had found some old traveller's cheques and tried to cash them in. But the banks said no'

The visa dollar traveller's cheques are about 15 years old and have a face value of $500, article bookmarked.

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Q. I recently found some Visa dollar traveller's cheques issued by Citicorp. They are about 15 years old and have a face value of $500 [£345 at today's exchange rate]. I would like to cash them in.

I took them to Lloyds bank, which has my current account. It initially accepted, countersigned and stamped them. Three days later it called me to say that its head office had refused to accept the cheques and would I please collect them? Lloyds then told me to take them to Barclays. However, Barclays refused to accept them as they had been stamped by Lloyds. Lloyds refuses to take responsibility for its mistake. I don't have the original receipts any more. HV, by email

A. We spoke to Citi, which is willing to encash them, but needs to discuss with you the most practical way to arrange this. A spokesman for Citi said: "Clients need a financial institution they can count on for the long term, so Citi is pleased to assist in covering the value of these cheques in this instance."

You tell us that in the meantime you escalated your complaint with Lloyds. "The bank has now said it will refund the cheques as well as compensate me for the inconvenience and as a goodwill gesture," you told us.

Am I paying too much VAT with TalkTalk?

Q. TalkTalk has refused to provide any information about the VAT charged on our phone and internet account.

First I was told I would need to subscribe to paper billing, but that provided no information, and then I was repeatedly promised letters that never arrived.

I want to know if I have been overcharged. My utility company charges 5 per cent VAT, but it seems that I am being charged 20 per cent by TalkTalk. GP, London

A. VAT has been charged correctly. Energy is subject to a reduced rate of VAT at 5 per cent. Telecoms, including broadband, are subject to the full VAT rate of 20 per cent. But TalkTalk apologises for not providing an adequate response when you requested VAT invoices. There is a section on its website – help2.talktalk.co.uk/how-do-i-request-vat-invoice – which explains how to arrange both paper and VAT invoices.

How should I fund a buy-to-let apartment?

Q. I am purchasing a buy-to-let apartment. I own three other properties, which I financed with cash. This latest property will cost me £51,000 and I have around £30,000 in cash. I am 62, self-employed and my taxable income is between £50,000 and £60,000 a year. What is my best mortgage option for raising the other £20,000? I can probably repay the money in full within two years. BB, Northern Ireland

A. Ray Boulger, of the mortgage broker John Charcol, questions whether a mortgage is your best option. Set-up costs can be high, most lenders will require a minimum loan of £25,000, and you need to find a mortgage that comes without early-repayment charges. As you are buying in Northern Ireland, you are further restricted as several lenders will not provide mortgages there.

"I think you would find it cheaper to borrow on an unsecured basis – either an unsecured loan or a 0 per cent money-transfer credit card deal, or perhaps a combination of the two," he said. "With several lenders offering unsecured loans from £7,500 up to as much as £25,000 in some cases, I think this would probably be a better option than a mortgage. Of the credit cards that offer a money transfer, Virgin Money currently has the best deal for new customers – 0 per cent for 32 months for a 1.69 per cent fee. Once the fee has been paid, there are no costs for two years and eight months.

• Questions of Cash: British Gas debt collectors came back
• Questions of Cash: Western Union wouldn't pass on my cash
• Questions of Cash: My Mitsubishi Outlander was going nowhere fast
• Questions of Cash: B&Q needed two attempts to get our kitchen right
• Questions of Cash: Where were Extra Energy's 'high standards'?
• Questions of Cash: Natwest scheme, expenses claim and turning a credit

"For disciplined borrowers, the best way to maximise the benefit of this card is to set up a direct debit to pay the minimum each month – and then put any additional savings in an account that pays interest; the intention would be to save enough to pay off the credit card after 32 months. The cost of the money on this basis, in effect, is less than 0.7 per cent a year.

"MBNA also provides this facility, but is less competitive. Both Barclaycard and MBNA offer money transfers to some customers. The best rate currently available on personal loans is 3.3 per cent, from HSBC, M&S and Zopa. M&S provides loans between £7,500 and £15,000 for up to seven years; HSBC has loans between £7,000 and £15,000 for up to five years; Zopa offers loans between £7,500 and £15,000 for two to five years.

"Zopa also has loans of between £15,001 and £20,000 for four or five years at 3.6 per cent, and between £20,001 and £25,000 for one to five years at 3.9 per cent. There are no early-repayment charges with Zopa.

"As a comparison, for a small remortgage on a buy-to-let basis meeting the key requirements, the cheapest deal is from Leeds building society at 2.4 per cent, which is a 3.59 per cent discount on its standard variable rate for two years. This is available up to 60 per cent loan to value and has a fee of only £199, a free valuation and, on remortgages, no legal fees. There are no early- repayment charges."

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What to do with Thomas Cook traveller’s cheques

I have had some Thomas Cook traveller’s cheques in sterling for many years that I kept for emergency use abroad. Are they of any value?

I also have some other American Express traveller’s cheques. Is there any advantage in keeping them or should I cash them in? Martin Bellman, London

Martin is not the only person who has contacted The Times since the collapse of Thomas Cook to ask if their traveller’s cheques are still worth the paper they are printed on. It seems that the demise of the world’s oldest tour operator jogged quite a few readers’ minds that stuffed in the back of the sock drawer they still have a clutch of these old travel essentials.

I must admit I was slightly surprised

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Italy is allowing Britons who can work remotely to apply for a year-long "digital nomad" visa. Read this and the rest of today's consumer and personal finance news in the Money blog, and leave a comment or home gym hack in the form below.

Wednesday 10 April 2024 20:17, UK

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Athletics will become the first sport to introduce prize money at the Olympics this summer.

World Athletics, the international athletics federation, says it will pay Olympic gold medal winners $50,000 at the Paris games.

The athletics governing body said it is setting aside $2.4m (£1.89m) to pay the gold medallists across 48 events at Paris' track and field programme.

Read the full story here ...

The tweet below on the price of olive oil has gone viral - so we thought it was a good opportunity to resurface our feature from March that explains what's going on.

At the time, our  spending calculator  revealed the average price of a 500ml bottle of olive oil had risen from £3.54 in January 2021 to £7.45 now - an eyebrow-raising jump of 110.5%.

We spoke to experts about why - and here's what we learned...

Groves becomes graveyards

We start in Italy, where, according to a  survey by the polling firm Istituto Piepoli , 45% of consumers have rediscovered seed oil in the kitchen, and the industry is facing an existential crisis.

Mike Carlucci, managing director of the Italian food importer  Tenuta Marmorelle , says production in parts of Italy is becoming impossible due to a natural disaster that has nothing to do with the climate.

"The events of the past 10 years have made olive oil production in Puglia [which produces 40% of Italy's olive oil] almost impossible," he said. "This is due to the rising bacteria disease Xylella Fastidiosa."

The disease attacks and kills century-old olive trees, severely diminishing yields.

It spreads about 20km to 25km a year, Mike says, leaving a "graveyard of withered and barren trees which were once stunning beautiful olive groves".

Many producers have been forced to replace their trees with more resilient varieties but...

"Even if the new trees manage not to succumb to Xylella, it will be at least nine to 12 years before they produce a notable amount of oil," says Mike.

While prices are up across the continent, in the UK another factor is in play: Brexit.

"The cost of customs documentation leaving Europe and entering the UK is approximately £95 per shipment," says Mike.

"Transporters have all imposed a Brexit surcharge for extra admin duties performed by them in the importation of goods from Europe."

Pallets coming into the UK from the continent are now subject to more stringent fire resistance rules - meaning the cost of pallets has "tripled, even in some cases quadrupled".

'Never had a shortage like it'

Another issue, as has been widely reported, are the wildfires and droughts in southern Europe last year.

These weather events have lead people to extreme measures, according to Sarah Vachon, olive oil sommelier and founder of  citizensofsoil.com .

"You can ask the elders in the villages in Greece and they've never had a shortage like this," she says.

"I see lots of producers selling their previous harvest's oils, since they're able to get a high price for it and might have held on to it over the year. 

"This means the consumer is not getting fresh EVOO. And when it's not fresh, it not only loses its flavour, but it also loses a lot of the health benefits (namely antioxidants like polyphenols) which drop significantly over time."

On top of climate change, there's a flood of cheap sunflower oil coming from Ukraine - so while the price of olive oil is going up, the cost of alternatives are going down.

200 trees stolen overnight

The result is an industry in crisis - and organised criminals are taking advantage.

"Around half of the farmers I work with have a story to tell about thieves stealing their liquid gold," says Sarah.

"Sometimes it's the oil itself, or the olive fruit at the groves, or even an insane story from one of our producers about thieves coming in the night and uprooting 200 freshly planted trees."

Maria Dawson, managing director of the organic food seller Clearspring, says the industry is seeing "some of the lowest levels of olive oil production for five decades and unfortunately a shortage of supply".

The company has managed to secure a stable supply for the coming year, but Maria expects the market to remain uncertain - with no price reductions in the near future, even if 2025 brings better harvests.

Olive oil sommelier Sarah isn't hopeful, either.

"Olive oil is already facing record prices, and the way the climate is changing across the Mediterranean basin (which is warming 20% faster than the rest of the world), the shortages we've seen will likely continue."

Euan Blair's apprenticeship company Multiverse will use AI to pick prospective job applicants.

The son of the former prime minister Sir Tony Blair has bought talent intelligence platform Searchlight, whose artificial intelligence technology claims to identify candidates for job vacancies four times more effectively than traditional methods, for his firm.

It does this by removing the biases and assumptions that may affect decisions by managers and then shortlisting candidates.

According to Searchlight's website it reduces "unconscious bias" with "impartial AI algorithms designed to catch what the human eye may miss".

It also provides "rigorous analysis" of work experience and hard and soft skills.

Mr Blair said what often held companies back was "the gap between the transformation they want to see, and the skills that will unlock it".

"Searchlight's AI, platform, and exceptional talent will allow us to better diagnose the skills needed within companies and deliver impactful solutions," he said.

Multiverse was founded by Mr Blair in 2016 and has since grown across the UK and US.

It works with more than 1,500 companies, including Microsoft, Citi and Just Eat, and has trained more than 16,000 apprentices.

Premier League club Crystal Palace has come under fire after a bereaved fan was told he would need to pay extra to transfer his late father's season ticket to another member of his family. 

Haris Armstrong said his sister, to whom the season ticket would be transferred, would've had to pay extra for the ticket - something the club later put down to poor communication. 

"I was told that I actually would not be able to renew my dad's seat on the early bird offer and that as it was my sister's first ST, she would be charged at a higher rate," Mr Armstrong said in a post on X.

He was also told that loyalty points accrued by his father over many years were non-transferrable when he asked that they be given to his sister. 

The Palace fan said there was "essentially no mechanism to transfer an ST upon someone's death. The surviving family get penalised and have to pay more money."

Mr Armstrong's post went viral and has been widely discussed by fellow fans online. 

He accused the club of looking to "financially capitalise on someone's death". 

Mr Armstrong labelled the handling of his request "careless, greedy and insensitive" and an "absolute disgrace".   

After we reached out to the club, Crystal Palace spoke to Mr Armstrong, who issued a subsequent clarification. 

He said he was told the "price issue was an admin/staffing error and apparently early bird tickets should always be offered when fans pass away". 

Mr Armstrong also said he and the club discussed bereavement policy "so things like this don't happen again".

Crystal Palace told Sky News: "We are very sorry for the loss of Mr Armstrong's father and we send our condolences to his family. 

"The club's policy in these circumstances is to allow the friend or family member who is part of a group to retain the seat for another friend or family member on the same terms if they want to keep it. 

"Mr Armstrong's father did not take advantage of the early bird discount but paid in monthly instalments; however, if the family member taking the seat prefers to use the early bird discount, then we are happy for them to do so. 

"We apologise if this was not communicated clearly.

"Regarding loyalty points, the policy has been [that] these do not transfer as they are linked to a named individual; however, in the light of these circumstances we will review this. In any event, supporters can buy an away season ticket to guarantee every game."

US inflation increased more than expected in March - in a blow for hopes of an imminent interest rate cut.

Americans paid more for gasoline and rental housing in the month, helping push consumer price rises to 3.5% - up from 3.2%.

It is a stark warning to other economies that the path back to the internationally recognised 2% target is not always smooth.

Financial markets now anticipate the Federal Reserve will delay cutting interest rates until September. 

Profits at Tesco have reached £2.83bn - up more than £300m from a year earlier - as the UK's largest supermarket group said it had brought down prices.

More people are shopping at  Tesco , due to improved product value and quality, the company said.

Profits topped £2.83bn last year, up from £2.5bn a year earlier, while the amount of money Tesco took in was also up.

For the last four months, one of the biggest talking points in the betting and gaming industry has been who will become the next chief executive of Entain, the FTSE-100 combine whose businesses include Ladbrokes, Coral, Gala Bingo, Bwin and BetMGM.

The post was vacated when, 11 days before Christmas, the  former incumbent Jette Nygaard-Andersen unexpectedly resigned  with immediate effect.

Since then, the job has been done on an interim basis by Stella David, former chief executive of William Grant & Sons, the Scotch whisky group behind brands such as The Balvenie and Glenfiddich - but the hunt remains ongoing for a permanent CEO.

One of the favourites for the role has now ruled himself out.

Richard Flint, who is well regarded in the industry after his successful stint as chief executive of Sky Betting and Gaming, set tongues wagging when he recently announced he was stepping down as a non-executive director of Flutter Entertainment, the new owner of SkyBet and parent of Paddy Power and Betfair.

However, Mr Flint has told Sky News he is not seeking another executive position.

Read business presenter Ian King's full story here ...

A British diamond manufacturer has had its adverts banned for not making clear its gems are synthetic.

The ads for Skydiamond had the headline: "Say hello to the world's first and only diamond made entirely from the sky."

In small text below, the company said it made diamonds using the four natural ingredients of the "sun, wind, rain" and "atmospheric carbon".

"Now that we can mine the sky, we never need to mine the earth again," it read.

Skydiamond also responded to a question on its FAQ page about whether they were real diamonds with: "Skydiamond is a perfectly formed real diamond."

The adverts sparked a complaint from the Natural Diamond Council, which believes the gems are lab-created, but the Sky Mining Company, which trades as Skydiamond, said they made clear they were not naturally occurring or mined from the earth.

The Advertising Standards Authority sided with the Natural Diamond Council.

"We considered that while some consumers may have been aware that synthetic diamonds could be manufactured or created in a laboratory, many would not," it said.

Application fees for new passports are rising tomorrow by about 7% - so get in quick if you need to renew yours. 

It's the second year in a row that passport application prices have increased, following a 9% rise in February 2023. 

Here is a breakdown of the price increases... 

Adult - £88.50 , up from £82.50

Child - £57.50 , up from £53.50

Paper form 

Adult - £100 , up from £93

Child - £69 , up from £64

Fast track (one-week service) 

Adult - £166.50 , up from £155

Child - £135.50 , up from £126

Premium (same-day service) 

Adult - £207.50 , up from £193.50. 

It could be worth renewing now if you have less than 10 months left on your current passport. 

Some countries - such as Turkey, Thailand, Egypt and Singapore - require you to have at least six months' validity on your passport. 

If you're travelling within the EU, your passport...

• Must have been issued less than 10 years before the day you enter the EU/Schengen Zone 
• Must be valid for at least three months after the day you plan to leave.

The cheapest way to renew is through the gov.uk website, and you can expect to get your passport within three weeks for standard applications. 

Italy is allowing Britons who can work remotely to apply for a year-long "digital nomad" visa.

The scheme opened for applications for non-EU citizens at the end of last week - having been talked about for years.

Anyone wanting to take advantage needs to meet a few criteria, according to Italian law firm Studio Legale Metta - including:

• A university or college degree (minimum three years) from an accredited institution, an accredited professional licence, or accredited superior professional experience.
• At least six months in the industry in which they intend to work remotely.
• A work contract and a salary of at least €28,000 (£24,000).
• No specific immigration crimes within the past five years. 
• Evidence of a place to stay in Italy. 
• Health insurance. A private medical insurance usually costs between €350-700 a year.

The firm advises applying four to five months in advance.

Italy is trying to encourage growth amid an aging population.

A charity boss providing free haircuts for the homeless says it is helping people on the streets feel less "invisible".

Haircuts4Homeless, founded by Stewart Roberts, has 80 centres across the UK and has delivered 60,000 haircuts over the past decade.

Mr Roberts told Sky News' Breakfast with Kay Burley that some people have had "no communication with anyone" before getting their hair cut.

"Sometimes it's a quiet one, sometimes they just open up and... they tell you their stories," he said.

He said the situations charity staff hear of can be "really sad", but they also manage to have "amazing laughs" during the sessions.

Mr Roberts said he celebrated 18 years of sobriety yesterday and has struggled with drug problems in the past.

"I really relate to people and the struggles that they have," he said, though he noted it was a "misconception" that everyone on the streets was an alcoholic or a drug addict.

"But often it's the case that they will turn to that and you can't really blame them when they're in such bad positions," he said.

Asked how people can help, Mr Roberts said the charity is always looking for volunteers and sponsors as it "doesn't run itself".

"The main thing is, we're trying to humanise the face of homelessness. It's making sure that you spread our message out," he added.

The popular comedian has lamented increasing prices for performers wanting to take part in Edinburgh Festival Fringe. 

Manford said prices, especially for accommodation, were an "absolute joke" and were fuelled by "pure greed". 

"I've just priced up a week up there and even if every show sells out, I'm still operating at a loss," he wrote on social media site X. 

The comedian said this was less of a problem for him "as it's part of a much bigger tour" and because of the "stage of my career" but he feared it would shut out new performers. 

"No idea how anyone starting out is managing to get up there and showcase their talents!" he said. 

Manford said if prices stay high then "the only people who can do it are people with money or backing". 

A quick search on Booking.com puts the price of the hotel for the duration of the festival at about £4,000 upwards (looking at places with three stars or above) - although many are charging much more. 

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