American Express Travellers Cheque Card

daydream · Jun 28, 2005

Hi everyone

I am thinking about getting one of the new American Express Travellers Cheque Cards to use in the DR.

Has anyone used one over there? Are they widely accepted - can you use them anywhere that accepts the normal American Express credit card?

Also - they come in GBP, EUR & USD.....obviously I would get one in USD....however would I get ripped off on the exchange rate when paying in USD instead of pesos??.....i.e. is the exchange rate set by the shop or by American Express??

Lastly - if it gets stolen they say that they will replace ot within 24hrs and reload any funds you had on the card at the time it was stolen.....where would you go to pick up a replacement card?....

Thank you!
Daydream

rellosk · Jun 28, 2005

daydream said:
Are they widely accepted - can you use them anywhere that accepts the normal American Express credit card?

Yes. Plus at ATM machines.

daydream said:
Also - they come in GBP, EUR & USD.....obviously I would get one in USD....however would I get ripped off on the exchange rate when paying in USD instead of pesos??.....i.e. is the exchange rate set by the shop or by American Express??

You may be better off having the card issued in your local currency, otherwise you may have to pay the exchange rate vig (I know this is not the proper terminology) twice. For example: When the card is issued you will be charged the vig for changing from GBP to USD and then when you use the card, you will be charged a vig on changing from USD to RD. You may want to ask Amex which is better.

daydream said:
Lastly - if it gets stolen they say that they will replace ot within 24hrs and reload any funds you had on the card at the time it was stolen.....where would you go to pick up a replacement card?....

There is a telephone number that you can call collect to report the stolen card. You should ask Amex about having office in the DR where you can pick up a replacement card.

Here is a link to the Amex site where you can find more information:

http://www10.americanexpress.com/sif/cda/page/0,1641,21298,00.asp

I'm not sure if there are any advantages to using the The Travelers Cheque Card over a regular credit card. As far as I know the only way to get cash from the card is through an ATM, which you can also do with a regular card.

daydream · Jun 28, 2005

Thanks Rellosk.....after looking into this a little deeper I think I am coming around to the fact that it may not be any more advatageous compared to using any credit card.......

Ricardo900 · Jun 28, 2005

daydream said:
Thanks Rellosk.....after looking into this a little deeper I think I am coming around to the fact that it may not be any more advatageous compared to using any credit card.......

I don't think you're credit card will reimburse your account within 24hrs, in case of a lost or stolen card.

rellosk · Jun 28, 2005

Ricardo900 said:
I don't think you're credit card will reimburse your account within 24hrs, in case of a lost or stolen card.

That's about the only benefit I can think of. There must be others, I can't come up with anything.

Ricardo900 · Jun 28, 2005

This is off their website

Lost or Stolen:
American Express will either electronically transfer the funds to the nearest affiliated money transfer facility, send a replacement Card to the address on record, or credit the payment account which you used to purchase the Card. Funds will be replaced within 24 hours or a replacement Card will arrive at your address on record within 5-8 business days. If your Card has been used, or funds debited by unauthorized persons when it was outside of your possession, you can also submit a claim to receive a refund of those lost/stolen amounts.

Personally, I like to keep an extra $500US in my money belt.

ggn420 · Jun 29, 2005

Beware

If it is the same as any other debit card, forget it.....The bank will charge you the rate at the time of their transaction, not the time of your transaction in the DR. Depending on how long your stay is and how much the peso changes.....you could get screwed BIG TIME. This does not apply if you use it to get $$ from an atm. Go down for a month, put you hotel and other expences on it, peso goes down, and you come home to a NIGHTMARE

daydream said:
Hi everyone

I am thinking about getting one of the new American Express Travellers Cheque Cards to use in the DR.

Has anyone used one over there? Are they widely accepted - can you use them anywhere that accepts the normal American Express credit card?

Also - they come in GBP, EUR & USD.....obviously I would get one in USD....however would I get ripped off on the exchange rate when paying in USD instead of pesos??.....i.e. is the exchange rate set by the shop or by American Express??

Lastly - if it gets stolen they say that they will replace ot within 24hrs and reload any funds you had on the card at the time it was stolen.....where would you go to pick up a replacement card?....

Thank you!
Daydream

ricktoronto · Jun 29, 2005

Think of it as a prepaid credit card that is accepted in 1/100,000ths of the places the cash you could get simply by cashing a traveler's cheque at the cambio would be accepted. It is a way for AMEX to get more float.

ggn420 · Jun 29, 2005

Bring Cash

Travelers checks are also trouble. I have found as many places that refused them as places to cash them. Two Banco de Popular banks did not even know what they were!!!

ricktoronto said:
Think of it as a prepaid credit card that is accepted in 1/100,000ths of the places the cash you could get simply by cashing a traveler's cheque at the cambio would be accepted. It is a way for AMEX to get more float.

carina · Jun 29, 2005

Daydream, you can take travellers cheques and cash them in Puerto Plata.
RUSA,and also the banca at Heladiera Mariposa takes cheques.
Any cheques. Open long hourse.

I don?t even deposit USD cheques at my bank of smaller amounts anymore, I cash them at RUSA without having to stand in a line as at the banks.
Larger amounts is another story of course, they cash those too, but I wouldnt want it is cash.

ggn420 · Jun 29, 2005

You can ALWAYS find someone to cash your checks, depending on where you are. In GENERAL they are not a good idea, most hotels have safes, cash is MUCH MORE flexible and is accepted everywhere.

carina said:
Daydream, you can take travellers cheques and cash them in Puerto Plata.
RUSA,and also the banca at Heladiera Mariposa takes cheques.
Any cheques. Open long hourse.

I don?t even deposit USD cheques at my bank of smaller amounts anymore, I cash them at RUSA without having to stand in a line as at the banks.
Larger amounts is another story of course, they cash those too, but I wouldnt want it is cash.

carina · Jun 29, 2005

ggn420 said:
You can ALWAYS find someone to cash your checks, depending on where you are. In GENERAL they are not a good idea, most hotels have safes, cash is MUCH MORE flexible and is accepted everywhere.

I don?t think Daydream will have a problem as she is going to POP and live in an apartment for a longer period, according to other threads.

ggn420 · Jun 29, 2005

[Ahhhhh, POP, she will be OK with the checks,.......I thought she was referring to Dominican parts of the country,opposed to non-Dominican. She will have plenty of people to hold her hand. My mistake.QUOTE=carina]I don?t think Daydream will have a problem as she is going to POP and live in an apartment for a longer period, according to other threads.[/QUOTE]

daydream · Jun 29, 2005

Thank you all for your advice.

Yes I will be living in Puerto Plata for three months as of next week

I have decided not to bother with the AMEX travellers cheque card because, although they will replace within 24hrs, they can only send it to the address they originally send your card to - which will not be much use to me when I am in the DR! This seems odd to me.....I thought the whole point of the card was to use when travelling - but if you lose the card then they will only send the replacement to your home address??

So, I have decided to bring some travellers cheques with me and make use of my credit/debit card together with internet banking.

Thanks again and see as many of you that can make ot on 6th Aug

Daydream

carina · Jun 29, 2005

Safe landing!

Bienvenidos!
You ll have no problems in cashing cheques here at all.
Just enjoy your stay !

ricktoronto · Jun 29, 2005

ggn420 said:
Travelers checks are also trouble. I have found as many places that refused them as places to cash them. Two Banco de Popular banks did not even know what they were!!!

Total rubbish as usual, I see. I have yet to have a problem with them anywhere. Sure the cash might be safe once you get it in a safe - of course if you get robbed or lose it en route you are SOL.

You need to practice using the quote function here too. Just quote then type after the last [/QUOTE]

ggn420 · Jun 29, 2005

Get a life rick

ricktoronto said:
Total rubbish as usual, I see. I have yet to have a problem with them anywhere. Sure the cash might be safe once you get it in a safe - of course if you get robbed or lose it en route you are SOL.

You need to practice using the quote function here too. Just quote then type after the last

[/QUOTE]How's this Rick? I can see that you've probably never been out of Boca Chica.....the slums....Do a little more traveling in the country, you will then know what I am referring to. Banco de Popular is a large bank chain in the DR. I have had trouble from PUJ to STI with cashing travel checks........no more cause I use cash. Travel checks are for paranoid people like you

carina · Jun 29, 2005

Generally, cash is not a good idea, if you don?t have a safe place to put it.
Not even us who live here, and know the do?s and don?t very well, carry cash around, other than what we absolutely need, and we divide it in different pockets etc.

Travellers cheques should not be a problem at all, in almost any city in DR, and when travelling around you must pass a city every now and then, there are not only banks, but exchangeoffices and cheque-offices as well, plus WU and other services.

ggn420 · Jun 29, 2005

carina said:
Generally, cash is not a good idea, if you don?t have a safe place to put it.
Not even us who live here, and know the do?s and don?t very well, carry cash around, other than what we absolutely need, and we divide it in different pockets etc.

Travellers cheques should not be a problem at all, in almost any city in DR, and when travelling around you must pass a city every now and then, there are not only banks, but exchangeoffices and cheque-offices as well, plus WU and other services.

We are talking about tourists that stay at GOOD hotels, and don't travel far, not much money is needed. There is NO advantage to travel checks, unless you don't trust yourself, or others and the areas you visit. As posted earlier, the girl said "they replace them if lost to your address at home(Canada or states) You also have the option of using USD or pesos.......................

carina · Jun 29, 2005

ggn420 said:
We are talking about tourists that stay at GOOD hotels, and don't travel far, not much money is needed. There is NO advantage to travel checks, unless you don't trust yourself, or others and the areas you visit. As posted earlier, the girl said "they replace them if lost to your address at home(Canada or states) You also have the option of using USD or pesos.......................

Noop, I replied to Daydream, who was the one asking a question.
So did RickToronto, I assume.
She is going to live here for several months, studying and will live in an apartment.
Daydream said the sentence you refer to as for the card she was offered, not the cheques.

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