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Travellers Cheques Explained
Parents may rightfully nag their young sibling travellers when taking a ‘cash stash’ on an 18-30 ‘binge’ holiday. So for our ‘hot headed’ young travellers we will set out the basics: -
Why should I take Travellers Cheques?
Safer than Cash. If you lose you cash you have no recourse; expect to spend the rest of your holiday eating humble pie and listening to rants from mother ‘I told you so’. However, if you lose your Travellers Cheques expect them to be replaced within 24 hours of providing notification. Stolen Travellers Cheques are also recoverable but you must promptly report any robbing to ensure a full recovery of funds.
Travellers Cheques are normally available from the same place as your cash. I don’t know of any bank that doesn’t offer Travellers Cheques; the Post Office, Marks and Spencers and Tescos all offer complete foreign currency service. You no longer have to rely solely on your bank or travel agent.
The cheques are normally offered in a variety of currency but the most popular are Sterling (Pound), Euro and US Dollars.
You will be charged a fee for purchasing Travellers Cheques but this can be hidden in a higher exchange rate, so be sure to ‘cost up’ the whole deal. When you are abroad you may need to change you cheque(s) into cash. On converting the cheque into cash you may be charged a further fee. It is rare to be charged a further fee unless you are making a currency conversion i.e. you are cashing in a Sterling Travellers cheque in the United States.
Other points to note include; Travellers Cheques do not expire and can be paid into another person’s bank account. On the basis its good to note that you can accept someone else’s cheques, but make sure they are paid into your bank prior to handing over anything of value.
Money troubles 'a bigger worry than global warming'
Although global warming and terrorism are rarely out of the news, it is money troubles which plague people the most, according to a new survey.
The poll of more than 1,000 adults revealed that Britons feel that the biggest threat to their quality of life is money worries, with 24 per cent of respondents naming this as the thing that most threatens their peace.
Comparatively few were most worried about the environment (four per cent), and among retired people - one of the biggest "carbon culprit" groups, spending nearly a quarter of their leisure income on travel - just three per cent said it was their biggest concern.
Meanwhile, only 11 per cent of respondents said that crime was the major threat to their quality of life and just nine per cent cited terrorism.
Where people lived also had a bearing on what they worried about, with just six per cent of Scots viewing terrorism as the biggest threat compared to 11 per cent in the Midlands.
However, the survey, commissioned by Abbey, found that 32 per cent of Britons think that they will have a better quality of life in 2007, compared to just 15 per cent who say their quality of life will deteriorate.
"People are generally positive about their quality of life in 2007 and the much-publicised issues around crime and the environment don't seem to be denting this optimism," remarked Sue Hayes of Abbey.
A survey has revealed 75% of women worry about money every day, this compares to 65% of men.
Two Hours of Worry
Around 45% of Britons spend over two hours a day worrying about money.