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Hole in the wall versus traveller's cheques

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posts: 126
reviews: 2
Hole in the wall versus traveller's cheques

I'm taking some cash but can't make up my mind whether to get traveller's cheques (and if so what currency) or rely on ATMs.

What does everyone recommend?

Derby, United...
posts: 123
reviews: 2
1. Re: Hole in the wall versus traveller's cheques

I take enough cash in CYP to cover my first few days including initial expenses i.e if you’re self catering the first shop & if you’re hiring a car, petrol. The rest I take in travelers cheques. I take my credit & debit cards but if anything goes wrong with them as it very often does, you’re stuck I let my credit card company know I’m going abroad so they know of a change in my spending pattern. Remember if you draw cash on your credit card you start paying interest straight away, if you bring foreign currency back they charge you heavily to change it back

Glenmorange

posts: 126
reviews: 2
2. Re: Hole in the wall versus traveller's cheques

Thanks Glenmorange.

I usually take sterling traveller's cheques abroad but as I know ATMs are common in Cyprus, thought about using debit cards this time. I do use my credit card but never for cash, just car hire etc.

Do you reckon sterling is best?

Derby, United...
posts: 123
reviews: 2
3. Re: Hole in the wall versus traveller's cheques

Hello Plodder ;

To be honest I just leave it to the people who are changing the money, I've never had any trouble. I must agree with you the debit card seems to be the favoured way now, cheques are a good insurance if anything goes wrong.

Glenmorange

Derby, England
posts: 373
reviews: 10
4. Re: Hole in the wall versus traveller's cheques

Can I recomend you open a nationwinde Flexi account as it is the only account that doesn't charge for with drawing cash and you get your cash at bussiness exchange rates so you get more for your money.

Derby, England
posts: 373
reviews: 10
5. Re: Hole in the wall versus traveller's cheques

Sorry that should say they don't charge for withdrawing cash in other counrtys

Lancashire
posts: 3,429
reviews: 27
6. Re: Hole in the wall versus traveller's cheques

If you do decide to use the ATMs (of which there are plenty) then just be extra vigilant. The year before last we were cloned twice at an ATM on the sea front at Paphos and withdrawals were made from two of our accounts to the tune of £1200. We got it all back but the hassle factor was such a pain.

We exercised extra caution last year (hand over the keypad whilst inputting PIN, quick hand sweep of the ATM for any unusual protrusions etc.) and had a trouble free holiday as far as using the ATMs was concerned.

Greenock, Scotland
posts: 79
reviews: 4
7. Re: Hole in the wall versus traveller's cheques

I always stick with travellers cheques. Given the previous post (re cloning) happy I do.

There are numerous banks (who generally offer best rates) around to allow cashing them, just remember that the banks close around 1 p.m. on a Friday and don't open again until Monday, make sure you have sufficient funds for the weekend.

Although to be fair there are plenty of shops/kiosk where you can change cheques over the weekend.

Esma kiosk (in the small plaza just east of the harbour) offer good rates and don't charge a commission.

Derby, United...
posts: 123
reviews: 2
8. Re: Hole in the wall versus traveller's cheques

Does anyone know of a good place other than banks (i.e no commission) in Coral Bay to change cheques.

Glenmorange

9. Re: Hole in the wall versus traveller's cheques

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