myTobago – your questions, review and comment about Tobago

With a trip booked in the summer, would now be a good time to buy US dollar travellers cheques with the pound seemingly at a good rate? What does the panel think?

Hi

I work for a Bank & have been keeping a check on rates over the last few mths. As you are probably aware, the pound is at an 11 yr high v the US $. Whilst I note Steve's comments on the info page, re the T & T $ still, more or less remain at 6.2 to the US $. Therefore, buying high on £/US$ will pay.

Whether you buy now now or later is anyone's guess. However rates are v.good, especially for T/C's which you get a better buying rate in the UK & also in T & T - 11.50 v 10.92 @ First Citizens bank today.

I have bought some already, on the basis that I am happy at the rate now.

Dear Richard, Thanks for taking the trouble to reply. I shall be following your lead; but will of course sue if anything goes awry! Kind regards, Neil.

This may sound entirely dumb... but should I be getting US $ travellers cheques or T&T $?

Sorry if that's wildy ignorant!

For what my opinion's worth, I couldn't see a downside to buying US$ travellers cheques while the dollar is seemingly so cheap against the pound, and then buying T&T$ with them when I'm out there. However my experience in financial matters is not good. Marconi shares anyone!!!

You can buy TT ahead, but the rate at my Bank is only 10.68, against the rate I mention above.

Therefore, aside from a little cash for contingency purposes, & with the US $ rate being so strong, I will take some US $ T/C's - not cash, as you get a better arte both at the point of purchase & in Bank's in Tobago, and also use the ATM's.

Of course, no one can be sure if the £/$ will improve further, but at an 11 year high, I am happy with the rate now. I went to the US only 3 yrs ago, with a rate of c1.45 against c1.84 now, which is a hike of c25% !!

Take GBP travellers cheques and a few hundred TT's for immediate use.The exchange rate stirling to TT is better in the banks in Tobago than UK and there is a fixed charge of only 10TT regardless of value.The GBP is alot stabler than the US$ and anyhow why pay the banks for changing your currency £-$-TT and back?
David

But surely things like car hire are quoted in US$ and can be paid for in US$, so a saving must be on the cards.