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Q. Which is better to use when travelling to the U.S - U.S. traveller's cheques or MasterCard?
A. There are three means of paying for purchases and acquiring cash when traveling. Which method you choose, may simply be a personal preference, or you may choose to have a back up plan and use a combination of the methods.
Traveller’s cheques. Traveller’s cheques are easy to use, safer than cash, can be easily replaced if lost), and are accepted a many locations when traveling. By using travellers cheques, you know in advance what they cost you in regards to the exchange rates and commissions.
MasterCard credit card. The great benefit of this option is that you don’t have to figure out in advance what amount you need (although your card limit may be a consideration), and this method of payment is accepted by most merchants around the world. This option makes it easy to keep track of your purchases. Something you may want to consider when you plan to travel, is to let your credit card company know your plans ahead of time. If you are not in the habit of being out-of-country, they may suspend your card for your protection if they believe there are suspicious foreign transactions. When you use your credit card, the costs are unknown ahead of time since the exchange rate will be calculated based on the date of purchase. However, you do not pay any commissions, just the exchange rate.
MemberCard debit card. You can make purchases if, and only if, the merchant’s point of sale terminal displays the ‘Maestro’ symbol which is pictured on the back of your card. You can use your debit card to make cash withdrawals from foreign ATMs. You will receive the foreign cash and pay exchange rates on the day of withdrawal. There are no commissions associated with this method, although when using international ATMs there is a cost of $3 per transaction. Before you travel, talk with your branch as they can provide a list of ATMs for your destination and verify what your daily ATM cash withdrawal limits are. This is good information to know ahead of time.
Happy traveling!
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