AMEX Travellers Cheques-what rate and what encashment fees?
Replies: 4 - Last Post: Nov 18, 2012 6:49 PM Last Post By: TassieBoy
Nov 17, 2012 7:03 PM
AMEX Travellers Cheques-what rate and what encashment fees?If I use my AMEX T/Cs what is the daily rate at the moment and what are the encashment fees please?
Responses from autheticT/C users will be appreciated.
I have asked this before but no informed answers so far.
For example in KL at the moment I get 320 MYR for cashing a $100 cheque (rate 3.22)
The bank charges me 15 sen stamp duty for each cheque and a handling fee of 10 MYR.
So what is the situation in India (Kerala)
$100 USD Travellers cheque = ? rupees.
And what fees- encashment, stamp duty do I have to pay?
I have checked the bank sites and they don't have this info
Nov 17, 2012 7:52 PM
1Check the rate here: http://au.finance.yahoo.com/currencies/converter/#from=USD;to=INR;amt=1
Don't go to a bank, use a money changer and look for the best deal (some offer better rates than others).
They don't charge fees or stamp duty in India...
Nov 18, 2012 4:06 AM
2Rates on xe , yahoo, forex, etc etc etc are usually not the same as those on the street(banks or money dealers).
They are usually the wholesale rate on these sites.The wholesale rate is not available to the public
To give you an example. Using your yahoo calculator the rate from USD to MYR is 3.0715. I am in Malaysia at present.
But when I went looking at rates in KL today the best rate at banks and moneydealers was 3.000 to 3.0200. This is the retail rate.
A difference of -07 to - 05
When I followed your link USD to INR=55.175.
Using the same logic I am assuming that is the wholesale rate and the street rate will be probably 51 or 52.
Also I am talking about T/Cs and the cash rate and the T/C rate are not necessarily the same.
Money changers dont usually accept T/Cs. Might be different in India.
Nov 18, 2012 2:32 PM
Nov 18, 2012 6:49 PM
Maybe I will spend both AUD cash and TCs in India whatever gives me the better comparative deal at each individual encashment.
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