What is travellers cheque from thomas cook?

[ramzy2277]

Hi all,

I would appreciate if someone can explain in simple terms the travellers cheque from thomas cook?. We are a family of three persons making landing for the first time in canada,i dont want to loose much money in the exchange rate since we will be back to UAE after landing so we just need to show the immigration officer the travellers cheque as proof of fund without actually encash it in canada instead i want to encash it in my local bank after returning, so is the best and economical way to carry such funds to?

Is it allowed to make the cheque in US dollars instead canadian dollars.

 

[wilson]

The benefit of traveller's cheque (TC) is that you can encash it in most of the countries at banks, shops, hotels and many more places . It is more safe while travelling because if lost you can get the cash from the issuer. You can take TC in US dollar to Canada and the conversion is almost very near.

 

[ramzy2277]

Thanks wilson for ur reply,

I heard that TC can carry max if 500$ per cheque, so if u want to carry 20,000 $ u have to get 40 cheques,v,is that correct.

 

[wilson]

Yes. You can get available denominations at the bank or Thomas Cook. That would be better as you need to cash the TCs only for your needs.

 

[coolguy2010]

Which is preferable DD or TC ?

Many of them carry DD also. The rate will be different for both.

 

[wilson]

Which is preferable DD or TC ?

Many of them carry DD also. The rate will be different for both.

If some one need to take back portion to their country of residence ( home country/working country) it is always better to buy TC. DD has a validity date, issued to a particular bank, and payable in Canada.

 

[coolguy2010]

Thanks wilson

If some one need to take a portion as it back to their country of residence ( home country/working country) it is always better to buy TC. DD need to be transferred to your account in Canada within its validity date.