Money: Travellers Cheques vs Debit

[sleep deprived]

I would appreciate any information or advice you may have.

I'm travelling to France, Italy and Spain in sept (we just started planning a couple of days ago..so very last minute!!) and I need advice as to how i should deal with money. Is it better if i get travellers cheques or just take a debit card along with a couple of credit cards???? I bank with TD (debit card) and i have many credit cards (visa (CIBC), MC (presidents choice, mbna, options). What do you recommend??? Any help will be greatly appreciated!!

[charliebrown]

Travellers cheques offer peace of mind in case of theft

Good luck finding places to accept them besides mainstream hotels.

Been to the countries you mentioned and carried euros in cash for each. Didnt want to wait until trip time to find out how much FX will cost (credit cards will slap on another 1-2% transaction fee)

Shop around different banks/currency exchanges to find out how much they'll charge u for euros. With our strong dollar, i think we managed to get maybe 1.40-1.42 earlier this yr.

Be weary of pickpockets/gypsies/roaming groups (read up on tripadvisor on travellers' experiences). We had money pouches underneath our clothes then maybe 20-50 euro in our pockets in case someone wanted to rob us.

Make a copy of your passport and carry it in your pocket in case hotels ask for ID (we even encountered an internet cafe that wanted ID...just gave them a copy in case they do a quick switcheroo). I've heard stories where ppl in uniform claim to check for ID to find illegal immigrants.

HAVE FUN!

[gsrrr]

I was able to get AMEX TC in USD without commission (I have a USD acct at TD).

In the major cities in the tourist areas, they usually have an AMEX store. I was able to exchange my AMEX TC for Euros commision free. But sometimes the AMEX store may be hard to find or may not necessarily be open when you get there. So don't depend solely on them.

If you try to exchange the AMEX TC anywhere else, they will usually charge you some kind of commision.

So if you can get AMEX TC without commission and don't mind hunting down an AMEX store when you need some Euros, consider bringing some AMEX TC.

[Narci]

I took travellers cheques to Taiwan...had a rough time trying to find a bank that would cash it. Luckily I stumbled upon a Thomas Cook and got them cashed.

[Mulder and Scully]

The past summer I was around Western Europe and used Interact debit and Visa. Actually, we brought a lot of cash to cover meals and small gifts but then the problem was how much do you keep on you and how much with your luggage. Exchanging Canadian to British pounds and Euros also costs money at the bank. The best way is to bring a small amount of cash and use the machines to withdraw more as you need it. You'll be charged $5 each time but that's certainly better than carrying around 500 Euros in cash.

Also, keeping your eyes open and being aware of your environment will do a lot more than any hidden money belt.

[JulieH]

The past summer I was around Western Europe and used Interact debit and Visa. Actually, we brought a lot of cash to cover meals and small gifts but then the problem was how much do you keep on you and how much with your luggage. Exchanging Canadian to British pounds and Euros also costs money at the bank. The best way is to bring a small amount of cash and use the machines to withdraw more as you need it. You'll be charged $5 each time but that's certainly better than carrying around 500 Euros in cash.

Also, keeping your eyes open and being aware of your environment will do a lot more than any hidden money belt.

^^ That's what I always do and have yet to have a problem.

[mlc2000]

use credit cards. If u buy travellers cheques, u feel like u need to use them up, or you get jacked when u sell them back.
also, you pay the exchange rate on the day u buy something.

[CoolEddie]

I would stay away from traveller's cheques. They are very hard to use. Go for debit and credit card. When you are taking out cash, take out around 300 Euros at a time and never keep all your eggs in one basket.

[overboost]

I bank with TD and do a lot of traveling in Europe. There is a $24.95 montly plan that will waive all ATM fees and allows for unlimited ATM usage. If you keep a minimum balance of $5k in your checking account, the $24.95 monthly fee is waived.

In typical RFD fashion, one could set up the plan for that month that you will be traveling, ensure that you have at least $5k in the account, go on your trip, use the ATM as much as you need, and then shortly after you return, change your monthly plan to your regular one. And voila, no hassles with those stupid travellers checks that aren't easily cashed in Europe.

Or you can just go the easy route and withdraw cash everytime you need it and pay the $5 fee.



I would appreciate any information or advice you may have.

I'm travelling to France, Italy and Spain in sept (we just started planning a couple of days ago..so very last minute!!) and I need advice as to how i should deal with money. Is it better if i get travellers cheques or just take a debit card along with a couple of credit cards???? I bank with TD (debit card) and i have many credit cards (visa (CIBC), MC (presidents choice, mbna, options). What do you recommend??? Any help will be greatly appreciated!!

[stars78]

I'm just wondering if all debit cards work, I have PC Financial and Royal Bank, but they don't guarantee that you can withdraw money from these accounts. Anyone have experience with this is Italy.

[mlc2000]

Put $5000 to sleep while they use your money, or pay them $300/yr in fees is a deal?
Do you need access to that much cash (via ATM?)
Why not credit?


Whats the alternative?



I bank with TD and do a lot of traveling in Europe. There is a $24.95 montly plan that will waive all ATM fees and allows for unlimited ATM usage. If you keep a minimum balance of $5k in your checking account, the $24.95 monthly fee is waived.

In typical RFD fashion, one could set up the plan for that month that you will be traveling, ensure that you have at least $5k in the account, go on your trip, use the ATM as much as you need, and then shortly after you return, change your monthly plan to your regular one. And voila, no hassles with those stupid travellers checks that aren't easily cashed in Europe.

Or you can just go the easy route and withdraw cash everytime you need it and pay the $5 fee.

[CoolEddie]

I'm just wondering if all debit cards work, I have PC Financial and Royal Bank, but they don't guarantee that you can withdraw money from these accounts. Anyone have experience with this is Italy.

I've used my TD Canada Trust debit card all over Europe from Ireland to Romania, from Norway to Italy. It's never failed. I've used it from Turkey down to Egypt and in Morocco. I wouldn't worry too much about it.

[sleep deprived]

Thank you for all of your posts. I'm going to head to TD and open up a new account!!