16 Answers

What is the latest situation regarding cashing £ Sterling traveller’s cheques in Costa Teguise?

Asked by: 14th August 2013


16 Answers

  1. karen hill on Aug 16, 2013

    Hi Mike, we were in CT. June 2012 and none of the banks would change travellers cheques. so this year when we went we took a mixture of cash and a preloaded cash card which can be used just like a debit card . it is more secure than cash as if its lost or stolen it can be replaced. we were able to use it in all the shops and restaurants we went to.

  2. david charles hind on Aug 16, 2013

    hi karen,what is a preloaded cash card,where to get and the cost regards pensioner dave lol

  3. jim dolan on Aug 16, 2013

    Hi David, A preloaded cashcard is just like a credit/debit card only you load it with money prior to using it, you may want to convert say £400.00 into Euros, so you apply for one of these cards (most are supplied free) there are many companies out there check on line I use a company called Caxton fx they supply their card free, you load it and when it starts running low you can top it up via telephone, text, or online as Karen says all shops bars and restaurants accept them.
    Just check onloine for companies, its much easier than carrying cash.
    Hopes this helps.

  4. MikeT on Aug 16, 2013

    Hi Karen – many thanks for that. I asked the question as my son is going to the Be Live Grand Teguise Playa in September. My wife and I were there in February and were amazed when none of the banks would cash our T/C’s. (As we are going to Turkey in September I found out that they do still cash T/C’s over there). Fortunately, we also had taken a pre-loaded cash card, but it was nevertheless a bit of a shock to find out that half of our ‘spending money’ wasn’t usable. Someone told us that there was a money changer near Maretas Commercial Centre who would cash cheques but we didn’t need to check it out. Ref. Jim’s answer – I obtained my cash card from Sainsbury’s in UK but interested that you can also obtain them in Lanzarote. Thanks to you both for info.

  5. jude on Aug 17, 2013

    the indian ‘exchange’ /tobacco shops will still cash travellers cheques for you, there are plenty in costa teguise, ask for the rate before changing as lots of them claim the outside advertised rate is for cheques, as they assume most folk have cash,then offer you i cent less for cash, so you can shock them by saying oo but i have cheques!! lol

  6. MikeT on Aug 17, 2013

    Thanks Jude – now you mention it – I think the chap who told me about the ‘Maretas’ money changer said that they were Indian. Good advice regarding getting the rate BEFORE you agree an exchange. We’ve been caught out a few times in various countries – it’s easy to forget to confirm the rate offered in the heat of the moment! Wondered if anyone has any experience of trouble changing T/C’s in any other countries. With the exception of the States, where we were viewed with suspicion even by our own bank (Natwest at the time), it was a new one on us – hence the hope that the situation in CT might have changed since our previous visit in February.

  7. David myers on Aug 18, 2013

    Unless you have some TC left over why bother they are being phased out soon anyway.

  8. MikeT on Aug 18, 2013

    Precisely – that’s why I want to use them up!

  9. David myers on Aug 18, 2013

    I could use them up for you I am off on Tuesday ha ha

  10. dave love on Aug 18, 2013

    Mike T, why don,t you just take them back to the bank that you acquired them from, i am sure as they are Sterling cheques you will get the full amount for them, In the past when we used to use them, we allways changed our left over t.c. back at our bank without any problems at all, they are the ones that issued them to you. you will then be able to purchase a preloaded card as the others on here have mentioned

  11. MikeT on Aug 18, 2013

    Dave Myers – lucky you – enjoy your holiday!
    Dave Love – I expect that is probably what I’ll end up doing. I actually have a mix of £ Sterling & US $ cheques so I’ll cash the dollars in Turkey first and any left over £’s can go back to the bank as you suggest. I have also used pre-loaded cards for a few years now but, as usual when travelling abroad, I have kept my options open by also having a mix of T/C’s and cash. As someone in Landrover’s sales department once told me – “in a tricky situation abroad – you try bribing your way out of somewhere nasty with an American Express card”. Point taken!
    Many thanks,

  12. david charles hind on Aug 18, 2013

    hi,If i have a cash card in £ s,can i exchange for € s in the asian shops in CT for the same rate as offered for cash regards dave

  13. david charles hind on Aug 18, 2013

    And what exchange rate do you get when using £ cash cards when spending in bars and cafes in CT ?

  14. MikeT on Aug 18, 2013

    David – on the cash cards I have used you ‘buy’ them at Banks, Post Office or Exchange shops in say Sainsbury or Thomas Cook in UK. I usually have £500 worth of whatever currency is appropriate in the country I’m travelling to. They charge you the relevant rate of exchange on the day you purchase them and ‘load’ the card up with that amount of, say, Euros ie. say the rate of exchange of euros to £’s is 1.2. Then your card will be worth 500 x 1.2 = 600 euros. You then use the card exactly like a debit card at shops, hotels, restaurants etc in Lanzarote until it runs out. As Dave explains (above) you can top them up but I’ve personally never done that. They give you a Pin No., just like your bank card, and you use them in the shop’s card machine to buy ‘stuff’. You can also use cash machines to either draw cash or find out how much money is still available on the card. Any money left over can be reclaimed when you get home but, of course, you will get a worse rate of exchange than when you bought the Euro’s. I think you can get cards which convert to other currencies (I used a $ card when I got back to UK and that paid out in £’s OK), but I’m sure you could ask at the place where you purchase them to explain them to you. They may sound complicated but they are really quite easy to use and much safer and less bulky, than cash to carry around. Give them a try.

  15. david charles hind on Aug 24, 2013

    thanks mike,will check out the exchange rate for cash in ct before i travel,if the cash cards rate is okay will try it,would save me having to rent a safe.

  16. MikeT on Aug 24, 2013

    Dave – true, but being a belt and braces man myself, I’d still get a safe for my Tickets and Passport. If the exchange rate is higher in CT you could do as Jim Dolan suggests (above) and buy your cash card in CT.