Visitor wants to use travellers cheques
I am from the UK and holiday with my family in Grand Cayman every year. We have always brought American Express US dollar travellers cheques with us for spending money and we could cash them at (a local bank). But that bank recently changed its policy regarding cashing these to non-customers.
Ask Auntie sponsor
Here in the UK it isn’t so easy to obtain credit cards, and there isn’t a UK bank on the island. Travellers cheques may sound old school, but for a traveller who is 4,000 miles away from home relying on a card is bad practice. There is a 24/48 hour replacement service for lost or stolen American Express cheques which is why we favour them. Cards offer no such guarantees.
I wondered if you could find out for us any bank on the island who will exchange American Express US dollar travellers cheques.
Auntie’s answer: I must say your question took me completely off guard. In my youth, and before I had a credit card, I would always buy travellers cheques when going abroad. I haven’t done so in more years than I care to remember, and was not aware anyone still used them.
But I did look into this for you and I failed to find a bank in Cayman – including the one that you asked about – that either offers or accepts travellers cheques.
If any reader has other information on travellers cheques, please share it.
Category: Ask Auntie, Misc Questions
Thanks for the replies, maybe travellers cheques are getting a little old but they are still available from American Express, and there are supposedly 10 or so encashment facilities on the island so some fellow travellers must be using them.
We do bring cards but there is a slight issue with those namely Hiring a car for 2 weeks puts circa $1500+ hold on your debit card, your hotel do the same with deposits so the money you have on your debit card is ring fenced. We like to take an alternative means of getting cash for our daily spending money. Ol Blighty is very keen on giving out credit cards, but obtaining one at a reasonable interest rate is increasingly difficult. There are plently of stories of customers eating at a cafe & ending up with a very different figure charged to their card than they agreed at point of sale.Nothing “fishy” we just want to go to a bank, change the cheques and spend our hard earned cash on the island, is that so wrong ?
I cant understand why the CIG or tourist board or a bank with amex facilities have not responded.
http://www.aetclocator.com/TCLocator/maps.do?scountry=KY&scity=georgetown
Must go, minor maintenance to flux capacitor this weekend.
You can buy pre paid credit card and use anywhere in Cayman.
That makes it a debit card, not a credit card.
Over a million tourists a year somehow get by without travelers cheques. If you can’t be bothered to qualify to get a bank debit card, then maybe international travel isn’t for you. Get back in your Delorean and return to 1985.
They were dropped due to money laundering and fraud issues. A UK debit card used in a local ATM will get you USD or KYD cash, they will also work for charging items. That is if you can’t get a credit card (which is unlikely unless you have an awful credit history). Some banks offer cards with no overseas fees and Visa (or MC) will likely charge about 3% in exchange fees. That would be competitive with travellers cheques. That’s assuming you don’t want to go down the prepaid card route.
Pre paid cards do not offer 24hr replacement if lost or stolen.
In any case the replacement card is sent to the owners home address which isnt any use when you are 5000 miles from home.
Antiques they may be but travellers cheques trump pre paid cards on this as replacements are ready to collect next day on location.
Not anymore, there were so many scams of TC’s being sold and then reported stolen that getting replacements TC’s is much more difficult, and I would bet the next day thing is a myth now. You have to ask how they would get you a replacement TC next day when a courier takes longer, that’s assuming you’ve sent in a fax, provided the serial numbers, satisfied their fraud department etc. Mix of credit/debit cards and cash.
Then buy two and keep them separate. If you lose both then western union can send funds instantly. For goodness sake let the travellers cheques die in peace. You can even use a foreign debit card in almost any ATM
I believe Paypal issues a debit card?
Or what about cash? Most hotels have a safe you can store valuables in, either in your room or at reception.
I find it almost impossible to believe you cant get a credit card in Ole Blighty
This smells fishy!
Travellers cheques are now antiques, they were also a rip off. Buy a prepaid credit card instead, if you don’t have a regular card.