Interesting New Travelers Cheques

[C4Racer]

I am not sure if this is the right forum, but as Delta Sky miles member, I have an American Express SkyMiles Card.

 

The new announcement this month is that American Express now offers Chinese Yuan Travelers Cheques.

It says they are exchanged for local currency at Bank of China.

Not sure what the exchange rate is, but they say it is better than Chinese Yuan cash.

 

Another option in taking money to China. The nice thing has always been if stolen they are replaceable.

Might be a nice option for us occasional travelers to China.

Edited August 21, 2010 by C4Racer (see edit history)

[dnoblett]

http://i949.photobucket.com/albums/ad334/dnoblett/Misc%20Junk%20for%20posting/AMXTravelCheckRMB.png

 

https://www.americanexpress.com/CNY

 

More: http://www.aetclocator.com/resources/-001/6662/7732/RMBTC_encashment_booklet_FINAL_UK_June_29.pdf

Edited August 21, 2010 by dnoblett (see edit history)

[Randy W]

Now, wait a second! The difference between those and the American dollar Traveler's Cheques is that you get the exchange rate HERE, instead of in China. AND that apparently you can only go to the BofC to redeem them. Is that actually any advantage at all?

[RivaRich]

I looked at the cost of these on the American Express website very recently and ¥1000 costs $165.93 which equals an exchange rate of 6.03

 

That looks lousy to me.

 

I've always taken U.S. dollar travelers cheques and exchanged them for yuan in China. I seem to remember the rate was good and the fees were quite small.

 

I bank with Bank of America and they said they don't offer Travelers Cheques anymore when I called the other day. You can buy the Yuan version online from their website at $170.30 for ¥1000 which equals an exchange rate of 5.87

 

The current yuan rate is here -> ¥ Rate Link

[Beachey]

 

 

I bank with Bank of America and they said they don't offer Travelers Cheques anymore when I called the other day. You can buy the Yuan version online from their website at $170.30 for £¤1000 which equals an exchange rate of 5.87

 

 

 

 

If you have a Bank of America card, you can take money out at any China Construction Bank ATM with no fee, I wouldn't bother with a traveler's cheque.

[RivaRich]

I wonder if the rate is good if you use the Bank of America/China Construction Bank ATM method?

Edited July 5, 2011 by RivaRich (see edit history)

[Randy W]

I wonder if the rate is good if you use the Bank of America/China Construction Bank ATM method?

 

 

 

I withdrew 1000 RMB from a CCB ATM on Saturday - my BOA account in the US was charged $155.06, for an effective exchange rate of 6.449..

 

By Oanda (http://www.oanda.com/) the official exchange rates are:

 

Selling 1.00000 USD you get 6.45262 CNY

Buying 1.00000 USD you pay 6.47262 CNY

 

Bid Ask

Sell 1 USD Buy 1 USD

MIN 6.45090 6.47090

AVG 6.45262 6.47262

MAX 6.45530 6.47530

 

 

or about 0.05% off of the average rates

Edited July 5, 2011 by Randy W (see edit history)

[dnoblett]

We opened a B of A account last year specifically for my wife's trip home, the exchange at thhe ATM was fair.

 

Keep in mind you need to inform the bank that will be using the card overseas or their fraud prevention department may shut the card off.

[TLB]

I might be dim, but I don't see the point of traveler's checks anymore at all, unless you are going somewhere that doesn't have ATMs. Just take out what you need when you need it; the rates aren't horrible and it's much more convenient.

 

It's a past millennium thing...

Edited July 6, 2011 by TLB (see edit history)