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mystikal (m)
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what are traveller's cheques?
Travelling to UK for studies by Jan and I was advised to have some Travellers Cheques
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londoner
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They are cheques which are converted from your cash. They are more secure, as you add your signiture and can usually only cash them with ID. if they are lost or stolen, they are usually insured for the amount. You can often cash them at banks too.
Its an added security. You can get them from American Express or any bureau de change.
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Tats (m)
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in addition to the earlier response, it is somewhat like paper money and shows the value on it. I think there is a limit to the amount of Travellers cheque that you can buy in Nigeria. You will need your passport and ticket to show at the Bank when you want to buy it. You will be made to sign once on each note of the travellers cheque right in front of the person selling the cheque to you. Therafter, when you want to cash it overseas, you will also be made to sign each note in front of the person giving you cash. That is supposed to protect you in case you loose the cheques.
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mystikal (m)
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thanks Tats and londoner
So do u just walk into any bank and buy the cheques?
And in what Currency do you purchase it?
Thanks.
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Tats (m)
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Yes, you can walk into any bank and purchase it but you may need your passport and ticket.
You can purchase in major currencies. If you are coming to the UK, you will be better off buying Pounds sterling to avoid loosing money due to conversion (if it is Dollars you bought for instance).
The rate you buy the travellers cheque from the bank should be official rate. With this, you may get some little savings from that compared to if you bought cash from the open forex market.
On arrival in the UK, you can immediately exchange the travellers cheque for cash at the airport.
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