cashing us dollar travellers cheques in uk

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Found yourself stuck with travellers cheques? Here's how you can exchange your travellers cheques to cash.

JANUARY 2021

Before we start talking about exchanging your travellers cheques into cash, let's start at the beginning.

What exactly is a travellers cheque? According to the Oxford dictionary, it is defined as "a cheque for a fixed amount that may be cashed or used for payments abroad after endorsement by the holder's signature". Traveller's cheques used to be available in several currencies such as US dollars, Canadian dollars, pounds sterling, Japanese yen, Chinese yuan and Euros.

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They were seen as a safer alternative to carrying physical cash around and at one point in time, very popular amongst tourists. Restaurants, bars, shops and most businesses would happily accept them as a travellers cheque could never "bounce". The issuer will unconditionally guarantee payment of the face amount. For reference only, the organization that produces a traveller's cheque is known as the issuer. The bank or financial institution that sells the travellers cheques is the agent of the issuer and the traveller who buys the cheque is the purchaser. The shop or restaurant you go into and use the cheque is known as the merchant.

The most well known issuers of travellers cheques were Thomas Cook, Bank of America and American Express. However, since the 1990s there has been a great decline in their use as cash, pre paid cards, ATMs, multi currency cards and credit cards have taken over when spending money abroad.

Now it is very difficult to use travellers cheques abroad. In fact most businesses will not accept them and they have indeed become an obsolete.

How can I exchange my travellers cheques?

Even though these cheques can no longer be used in shops when you go on your next holiday, they have no expiry date and there are still some ways that you can cash them in but just expect a poor exchange rate when you do exchange them for cash.

1) Your local Post Office

Luckily, you can still walk down your high street and into your local Post office to exchange your travellers cheques into cash. The exchange rate you do this at will probably be poor and there may even be associated fees but this is at least a quick and simple solution. Remember to take your proof of ID with you, this could be your photographic driver's licence or passport.

2) Visit your local bank

A few banks still allow account holders to deposit Travellers Cheques to their personal bank account and so it may be worth checking with your bank first to see if you can exchange your travellers cheques with them directly and they deposit the GBP equivalent directly into your current account. Once again, if you go in person to your local bank branch will be asked to present photographic ID that includes your signature for sign off of these cheques.

3) Go online

It is also worth visiting the issuer's website directly to get guidance on redeeming your travellers cheques.

For example, if your travellers cheque has American Express logo on them, you can click on this link American Express Travelers Cheques. The page provides you with your nearest location to exchange your Travellers cheques in person and also provides an option to redeem them online.

Alternatively, if your travellers cheques are issued by Travelex, Thomas Cook, Mastercard or Interpayment Visa you can use their encashment form found here encashment-form-newv5.pdf (travelex.co.uk)

Generally speaking, exchanging your travellers cheques into cash requires you to print out and complete a form from the issuer. You will be asked to complete the details of the currency denominations of your travellers cheques and also to keep a record of their respective serial numbers. Additionally, since this process is done online and not over the counter in front of a clerk, they will request a copy of your proof of identification which also includes your signature. This can be a photograph drivers license or a passport. For larger amounts they may even request a proof of address - so a recent utility bill or bank statement.

Make sure you have the above at hand when filling these forms out to make things quicker for you

What are the alternatives to taking travellers cheques?

Travel money is a very easy and cheap way to spend money abroad. To find the best exchange rate, simply go online and compare exchange rates and any associated fees that foreign exchange providers are offering.

Some foreign exchange companies may say no commission and no fees on top but may in fact hide their fees within the exchange rate. So, instead of purchasing your travel money at the real exchange rate, you may be offered something away from that rate and this is the spread which incorporates their fees.

Other companies are easier to buy travel money online from as they are transparent. The Currency Club for example, offers their best exchange rates on any currency and additionally gives you access to review the live interbank exchange rate before you confirm your transaction giving you complete transparency. You can then easily compare how much you can save. The company will deliver the travel money directly to your home, fully insured by 1pm using with you selecting the day that suits you best.

Credit cards (pre paid and others)

There has been a significant increase in travellers using their cards abroad. Of course a pre paid currency card helps travellers to budget, as you top up only the amount you wish to spend. Additionally, like travellers cheques they can be a safer option in the event that your card is stolen.

However, the problem arises when you visit a place that does not accept cards. In which case you are at the mercy of taking cash out of ATMs when abroad and this can work out to be very expensive.

Not only may you get charged withdrawal fees each time, but the exchange rate may also be very poor since ATMs are also charging you for the convenience of having cash on tap!

The safest and most sensible solution is to always have some travel money and perhaps one other alternative. This way, it's easier to stick to a budget and it means you will not need to waste your time or money visiting ATMs when abroad.

Buy Traveller Cheques

As an alternative to cash, we offer the best currency exchange rates on travellers cheques. They are safest ways to carry money around. In the event that the travellers cheques are lost or stolen you can report this and receive a replacement immediately.

Make sure you sign each travellers cheque when you receive them from us and keep the serial numbers in a safe place before you travel so you are protected in the event that your cheques are lost or stolen. When you want to make a purchase or exchange them for cash, just sign the travellers cheque in the designated area in the presence of the acceptor, along with your passport (you may be required to show your passport when you decide to use them).

Then you're good to go!

We can buy back your leftover euros so you can always transact at the best GBP to EUR exchange rate with no hidden fees.

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Using travellers cheques abroad: the pros and cons

In this article

What are travellers cheques?

Why do people choose travellers cheques, are there any disadvantages to using travellers cheques, getting a good deal on travellers cheques.

Travellers cheques are preprinted cheques for fixed amounts. They can be used when you’re on holiday in place of cash, or can be exchanged for cash while you’re away.

Travellers cheques can be issued in sterling or in foreign currencies and, depending on the country you are visiting, you may be able to spend them at your hotel, or in shops and restaurants. Alternatively, you’ll be able to swap your travellers cheques for local money at banks and bureaux de change.

When you purchase travellers cheques, you’ll need to sign each one (usually in the top left-hand corner) and take a note of the serial number of every cheque you are issued. This is in case your travellers cheques need to be replaced at a later date.

When you spend or cash in your travellers cheques, you’ll be required to countersign each one a second time in the presence of the person accepting it. This is so the two signatures on the travellers cheque can be compared and your identity verified.

Although many people have now moved to using foreign currency prepaid cards and credit cards for overseas spending, travellers cheques still remain popular.

The key advantage of travellers cheques is that they are safer to carry around than cash. Provided you have noted down the serial number of each cheque you were originally issued, you will be able to get them replaced should they be stolen or lost.

Remember to keep your note of the serial numbers separate from the cheques themselves. If you lose this along with your wallet, for example, you are likely to have difficulty claiming replacement cheques.

Another thing some holidaymakers like about travellers cheques is that they do not carry expiry dates. In other words, should you fail to spend all your travellers cheques on one holiday to a particular destination, there is no reason why you can’t simply use them the next time you visit.

Some people see travellers cheques as an outdated way to spend money abroad, especially now prepaid cards , which work in a similar way to travellers cheques, are so readily available.

The only notable disadvantage to using travellers cheques, however, is the potential for them to be an inconvenient – and in some cases unexpectedly costly – payment method.

While in some countries, such as the United States, you may find it easy to spend your travellers cheques, in others you may have to queue up at a local bank or bureau de change to have them exchanged.

It’s also important to be aware that if you are planning to exchange travellers cheques in one currency for cash in a different local currency – for example by swapping a US dollars travellers cheque for money in a South American destination – you may be charged a foreign-exchange rate and commission on these transactions.

Travellers cheques are offered at slightly different exchange rates to cash, and it’s worth shopping around to compare a variety of deals before you buy.

When you buy travellers cheques in a foreign currency, such as euros or US dollars, you’re unlikely to be charged commission.

However, if you buy sterling travellers cheques for use abroad it’s likely you’ll have to pay commission of around 1%. You should take this into consideration if you’re flying to a destination that might accept travellers cheques in a currency other than sterling.

Finally, if you know you’ll need to exchange your travellers cheques for local cash upon arrival at your holiday destination, think about the impact that paying the necessary money-exchange rates and commission might have on your budget overall.

If it looks as though this could be significant, you may want to consider other options such as using a debit or credit card for overseas spending.

More on this

• Best debit and credit cards for spending abroad
• Using prepaid cards for spending abroad
• Buying travel money on the high street
• Buying travel money online

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Online Travelers Cheques Redemption: Frequently Asked Questions

Is there a fee to redeem my Travelers Cheques online?

No, we do not charge a fee for this service.

How long will it take to redeem my Travelers Cheques online?

We will usually process your claim and initiate the payment within 5 business days from the date all required documentation and information needed to verify the redemption claim is received. We may have to contact you with questions regarding your claim or to request additional information.

What exchange rate will I get for “cross-currency” payments, e.g. my Travelers Cheques are in USD, but I live in Australia?

Our exchange rates for payments made by American Express in currencies other than the Travelers cheque currency are based on interbank rates selected from customary industry sources, plus 2.5% margin on the business day the refund payment is processed. We call this conversion rate the 'American Express Travelers Cheque Settlement Rate’.

Cross-currency transactions are triangulated via U.S. Dollars: e.g., if Travelers Cheques in Euro are to be paid in Pounds Sterling, the Euro amount will be converted using the American Express Travelers Cheque Settlement Rate into U.S Dollars and the U.S Dollar amount converted into Pounds Sterling on the day the refund payment is processed.

Is there a limit to the value of Travelers Cheques that I can redeem online?

You can redeem your Travelers Cheques via this service for up to USD 1,000 or equivalent value only. For amount greater than USD 1,000 or equivalent value please call our Customer Service Centre .

Which currencies of Travelers Cheques can I redeem?

You can redeem your Travelers Cheques in the following currencies: USD, EUR, CAD, GBP, AUD, and JPY. To redeem Travelers Cheques in other currencies please call our our  Customer Service Centre . 

Which currencies can I receive payment in? Payment for your Travelers Cheques redemption claim can only be made in USD, EUR, CAD, GBP, AUD, and JPY. For payment in any other currencies please call our  Customer Service Centre .

Do I need to provide any supporting documents?

In some cases, we may need to ask for extra documentation to help us establish the validity of the request. This may include an ID proof (Driving Licence or Passport copy), copy of voided Travelers Cheques and/or Purchase receipt (proof of purchase). In some instances, we may also ask for original Travelers Cheques to be sent to us.

Will you be capturing personal information?

Yes. Your personal information will only be used in connection with this claim and for no other purpose. For more information about how we use your data please refer to our Privacy Statement .

Do I need to send my Travelers Cheques to American Express?

We will sometimes ask for proof of the Travelers Cheques. Please note that after you initiate a claim online, the Travelers Cheques are unusable. In some circumstances, we may request that you send us the original Travelers Cheques before we process your claim.

We earn a commission for products purchased through some links in this article.

Cash, card or traveller's cheques? Travel money options

We all know that pitching up at the airport to buy our foreign currency is generally the worst travel money option, but what's the best? It all depends…

On the high street: The Post Office and M&S foreign exchange bureaus are competitive but don't assume they always offer the best rates. You may be able to find better deals from smaller, independent foreign exchange services.

For security: Pre-paid currency cards offer competitive exchange rates and are a safe way to carry large sums of money. Go for one of the online FX services or mytravelcash.com .

In the US and big resorts: Traveller's cheques can still be exchanged for currency and they are easy to change back on your return.

Making big payments: The Halifax Clarity Credit Card is undoubtedly the best credit card to take away, with absolutely no exchange fees – even the cost of withdrawing money from an ATM is low compared with other credit cards.

Read our guide to prepaid cards here

How to get the best deal on your travel money

How to book the best flights

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Travellers cheques came about mainly as a more secure alternative to carrying cash around when travelling abroad. The main security feature of a traveller cheque is the signature. When you purchase your cheques here in the UK, you will be asked to sign each and every one so that when you come to trade them in, your signature can be checked with that of the one on the cheque.

Along with this, you also have some peace of mind in that if they are stolen, you can request replacements when you submit your travellers cheques numbers (that you will have noted down seperately somewhere!).

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International Money Transfers Top 10 & Guide

How to Cash a Foreign Currency Check in UK? By  Matt Di Vincere (Chief Editor) Matt Di Vincere is a writer for MoneyTransferComparison, with extensive background in the comparison space. He wrote hundreds of guides about smart consumerism and how to choose the best service for your needs. Read more about Matt Di Vincere (Chief Editor) Last Edited Aug 10, 2022 .author-bio-6647bffde57e5-wrapper{margin-bottom:1rem;}.author-bio-6647bffde57e5-updated-date{font-weight:bold;}.author-bio-6647bffde57e5-bio-link{margin-top:1em;display: block;}.author-bio-6647bffde57e5-name{display:inline;position:relative;font-weight:bold;border-bottom-width:1px;border-bottom-style:dashed;cursor:pointer;}.author-bio-6647bffde57e5-name:hover{border-bottom-style:solid;}.author-bio-6647bffde57e5-description{display:none;}.author-bio-6647bffde57e5-description{left:0px;position:absolute;cursor:auto;z-index:1000;margin-top:-1px;font-weight:normal;background-color:#fff;border-radius:5px;border:1px solid #ededed;box-shadow:5px 5px 25px rgb(0 0 0/35%);padding:10px 20px;font-size:0.8em;width:400px;}@media only screen and (max-width: 600px){.author-bio-6647bffde57e5-description {width:340px;}} Did you receive a foreign cheque from abroad? Whether you are repatriating funds or simply getting paid by someone abroad, you could be facing several difficulties. As simple and as straightforward as cashing a foreign cheque may sound, it comes with great hassles that remind us of how the banking system, and the world, operated some 100 years ago. It is unbelievable to us that this process is still as cumbersome, expensive, and borderline-impossible as it is. Our reader Jason has contacted us some time ago with an inquiry and we took on the chance to discover the best way to cash a foreign cheque in the UK . Below are our preliminary findings, in addition to the entire correspondence. Are Banks Expensive for Cashing Foreign Cheques in UK?

Our findings are as follows 🔍

a. UK banks will cash foreign cheques but it will be expensive – it can cost you up to 5% of the cheque’s value with a bank. The clearing process take 6-7 days and will depend on a process called negotiation against the issuer of the cheque, which may be unsuccessful. If that process is indeed unsuccessful, it will take up to 6 weeks to clear the cheque!

b. Money transfer service providers such as Currencies Direct will not be able to cash or accept cheques made to the name of their clients. If you can change the cheque’s recipient to Currencies Direct, they will happily accept it and cash it instantly for a competitive FX fee , saving up to 80% of the associated foreign cheque cashing costs.

Can I Cash a foreign cheque for cheap?

🎬We believe the best and most efficient way to cash a foreign cash in the UK, while minimising fees, would be through a designated service i.e. international money transfer service . Re-issuing the cheque in the name of the company may be a slight hassle but for a large amount it may result in saving of hundreds or thousands of pounds.

Best for Foreign Cheque Cashing (EUR Cheques and Others)

• Min Transfer: £/€/$ 100
• Currencies Supported: 39
• Offices : UK, EU, USA, India, South Africa.
• Our Rating : 97.8%
• Most Global Offices and Reach No Fees from Anywhere and Competitive Rates 96% Client Satisfaction
• Currencies Direct Review

• Min Transfer: £/€ 100
• Currencies Supported: 40
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• High Quality Bespoke Service MoneyFact's Best Provider Award Over 100 Years of FX Experience Across Its Trading Desk
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Cashing a USD Cheque in the UK

We have been contacted by one of our readers who told us that unfortunately neither of the companies above is now accepting USD cheques in the UK or able to cash them (unlike how it’s been beforehand – updated August 11 2022). Our staff is working on speaking to more providers until we find a provider who is happy to cash USD cheques.

In detail…

The story of jason’s usd cheque and his attempts of cashing it.

After some back and forth, he conducted a thorough research. Here are his findings. Please note that this e-mail is published with Jason’s consent. We are extremely gratful that he brought this to our attention.

Jason’s Email & Summary of his Findings

Cashing a u.s cheque in the uk.

September 10, 2018 – Original inquiry sent via our Contact Us form

I approached two of the largest FX dealers in London (and the world, for that matter,) World First FX Services and Caxton. Both companies will exchange any currency you have for any other you want, and/or, wire transfer funds for you with FX rates on razor-thin margins, which beat the high street bank’s rates by a ‘New York mile.’

I’ve been using these companies for years for my FX needs. Bottom line with them is simple and terse: They do NOT negotiate cheques, cash cheques or accept cheques under any circumstances. This is what they told me.I then took the USD cheque in question to 3 of Britain’s largest high street banks, namely; Barclays, HSBC and Lloyd’s . They each gave me the same information.

They send USD cheques presented to them for deposit back to the United States for collection, which all 3 banks said takes an average time of 6 weeks, after which they credit their customer in the U.K. But this is ONLY if their customer specifically states they want to “send the cheque for collection.”

The customer does, however, have a secondary option.

All three of these banks have a ‘system’ in place wherein they will do what they referred to as: ‘ negotiating the cheque ‘ on behalf of their customer. This phrase, “negotiating the cheque” may be left to one’s imagination, however, I think I get the drift. If the negotiation is successful, these 3 banks will exchange the USD cheque into Pound Sterling equivalent at the prevailing bank FX rate on the day, minus a fee and then credit their customer’s account for that amount of Pounds . . . “after about 6 or 7 banking days.”

A deposit receipt is then sent to their customer. The banks then send the cheque to America for collection. If the above-described negotiation is not successful, the customer is left with 2 other choices:

1) tell his or her bank to send the cheque to America for collection, which will take 6 weeks to accomplish if it is in fact cleared, but knowing full well that the U.S. bank on which the cheque is drawn may not clear the cheque and, if so, it does not have to give a reason for not clearing it.

2) retain the cheque and walk out. If the U.S. bank does not clear the cheque for any reason during the aforementioned average 6 week period, it will inform the U.K. bank, which will then debit their customer’s account for the amount they had previously been credited.

The entire scenario illustrated above is of course, in the 21st century, completely outrageous and ridiculous, imo. And in case you’re wondering, I did ask the U.S. state Treasury Department (the government body, which sent the cheque to me) if they would please wire transfer the funds to me, rather than sending a cheque as I clearly explained to them that it was near impossible to cash a USD cheque anywhere in the United Kingdom. Their response was cold and abrupt. ‘We don’t do bank transfers. We only send cheques. This is the policy.’

So there you have the facts. The facts on cashing USD cheques in the U.K. Plain and simple: you CAN’T. (depositing is different) And the facts directly from the U.S. government Treasury. Plain and simple: “We don’t do bank wires. Our policy.” Hope this letter will be of some assistance to any other viewers of MoneyTransferComparison.com who find themselves “stuck in London with a U.S. dollar cheque they can’t get cashed” like I was. I sincerely do wish them the best of luck and hope they don’t get hit with a migraine headache.

Kind regards, Jason ? ”

Cashing a foreign cheque with a money transfer company

We have made our inquiries to some of our partners in the money transfer field. The first to respond was probably the most agile and flexible money transfer firm out of the “big 10” – Currencies Direct . They have indicated that they cannot accept cheques made paypable to an individual but they can quickly clear cheques made payable to Currencies Direct . In other words, before you receive that cheque, you will need to know who is your FX provider and have the cheque to its name.

Currencies Direct or similar leading money transfer companies won’t charge you anything for clearing the cheque – but the standard FX margins they apply on all foreign currency transfers will apply, of course.

Alternatively you can always cash a cheque with a UK bank with the limitations stated above.

all accept foreign cheques, whether US dollar chques, Euro, or other currencies.

What did Jason do and how did it go?

“Dear ‘Sir’ or ‘Madam,’ – (sorry, I don’t know as you never put a name to your emails . . .) I just thought you would like to know that Lloyds bank took just 24 hours to ‘negotiate’ my USD cheque after which they credited my account in Pounds. The only disappointment was the 5% ‘profit’ they helped themselves to out of MY money.

FIVE PER CENT!

This is a huge hit when you’re dealing with a 5 figures cheque. Thousands of Pounds in fact. Outright theft, imo. I am very angry about this and will take it up with them first thing tomorrow morning.

This is an absolutely horrible exchange rate. They ‘bought’ the dollars at USD 1.334 to the Pound. Outrageous! Other banks’ spreads are usually between 1 – 1½ % I’ll be buying more gold and more crypto.

I am totally fed up with fiat money.Regards, Jason”

Concluding Words

Based on our findings, there is no way to cash in your foreign cheque. You have one of two alternatives – either get it on the name of the your foreign exchange provider so they can cash it instantly and for lower fees (hence “the best way to cash a foreign cheque in UK 2021” title), or use a bank to deposit it and wait 6 weeks for clearance, or use the bank’s negotiation service and pay through your nose. We are sure there are other solutions as well but knowing the financial services industry we would assume these solutions are more apt to small businesses receiving cheques from abroad on a regular basis than a one-off foreign cheque.

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We’re closing our foreign currency cheque and international draft services for Barclays UK

These changes don’t apply to Barclays Corporate or Private Banking accounts.

From 25 January 2024, you’ll no longer be able to pay foreign cheques into your personal, Premier or Business Banking accounts – or make cheque payments from your foreign currency accounts.

You also won’t be able to request international drafts in our branches or online, including barclays.net. We’ll cancel any future-dated international drafts after 24 January 2024.

We’re closing these services because most international payments are now electronic, making them quicker, more convenient and more secure than cheques and drafts.

How will this affect my Barclays UK currency account?

We won’t be sending out new currency chequebooks for the following accounts:

• Personal euro account
• Foreign currency account
• Wealth current account
• Premier world account
• Business Currency account
• Business Currency Clients Premium Account

If you have a currency chequebook for one or more of the above accounts, you’ll need to destroy it.

Any cheques that were issued before 25 January 2024 will be valid until 25 July 2024.

How can I receive money from or send money abroad?

You can use the Barclays app*, Online Banking or Telephone Banking to send money abroad.

Find out more about making an international payment.

Before you can receive an international payment, you'll need to give the sender some details.

What you need to receive money from abroad.

* Terms and conditions apply. You must have a current account with us, be aged 16 or over and have a mobile number to use the Barclays app.

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