money

[T.Gardiner]

I cant decide what to take,!!

should I take english money and convert over there?
or Travellers cheques?
or HSBC bank card? or half travellers half english.....................I could go on!!

decision decisions,

my other half is taking travellers cheques and a credit card because he doesnt want to carry around a lot of money...........But money is money??

help!

[Mandy]

we took a small amount of TTD`s and then used our cash point card, but with the cash point cards you will need to know if there are ATM machines near you.

[Joanne Green]

Dear T.-- If you are staying anywhere in the North, you need to be aware that there are no ATM's in Castara, Speyside, or Charlotville. The farthest north is in Plymouth (and we had trouble findingthat one!). We paid for our guesthouse & casr via credit card, paid for our tours with US Traveller's checks and generally paid for all else with cash. So you have to do some planning so that you don't run out. We knew, after 2 days in Castara, that we were going to return to tobago, so we didn't worry about having extra TT dollars -- we'll use them the next time!!

[Steve Wooler]

Hi Joanne

Is there one in Plymouth? Most interesting (and about time). Can you describe where it is so that I can add it to our listings. Thanks!

[T.Gardiner]

thanks people, were staying at toucan inn, I read there is an ATM at the airport.........
my hsbc card is a cirrus........emailed the bank to see if I could withdraw cash on this bank card and they sent me a link to there credit card!!!
apparently diwhali festival will be on while were there, will that mean the main banks will be shut?
Tracey

[Mark Hall]

Hi tracey

You have a Bank at the airport & a bureau de change (who offers the same rate as the Banks & can be a little quicker) & a bank just after Coco Reef Hotel on the way to pigeon point. All well within a 10 minute amble.

We change enough ££'s to TT$ in the UK to last a couple of days. You have then settled in & are more aware of your surroundings (beautiful I hasten to add). Cash , travellers cheques or card, whatever you feel most comfortable with. You have safes in the rooms at the Toucan, no problems there.

Our paths might cross, we are departing Uk 31 Oct & we always visit the Toucan.

Have a brilliant time

Mark

[David Watkins]

Hello Tracey,take stirling TC's,credit cards and a 1000TTD.You will get a very good exchange rate in the banks on stirling TC's,only use your credit card for paying for services.If you use it to draw cash from an ATM it will cost you dearly!Enjoy,I shan't be far behind you.
David(52 days to go)

[T Heie]

Wow! It's been since May that we were on the island. An eternity! And Geo. Bush is still our president

One word on the ATMs; they're very convenient, until you find the $5 US charge your bank levies each time you use your card (I received all the bad news upon opening my statement). This penalty might only be for Americans (see Bush reference above.) The bright side? Take out the maximum each time you use the ATM. It's something like 3,000 TT. It's worth it; plus, you can buy the table a round of Carib, no?

[David Watkins]

Is that a yard of Carib T?
David(40 days to go )

[Andy Roberts]

Details of the transaction I made on 2nd Nov. from ATM at the Airport.

Withdrawal of 1000 TT$, exchange rate 10.694 and a fee of £1.75 using a HSBC cirrus card.

A word of warning. I took Thomas Cook Travellers Cheques, which they refused to cash at RBTT (after a queue of an hour, with no signs to inform you of this). A 2 minute drive to the Republic Bank at the Airport, a 3 minute queue, and a better exchange rate

Andy

[Andy D]

Think i'll take Sterling cheques and a small amount of TT$ next time we go.

[Antony]

I can never understand what the supposed great benefits of taking travellers cheques are? It is so much easier to use a credit card in shops, restaurants, hotels and withdraw a wad of cash at the ATM in the airport with your debit card (don’t use your credit card or else you’ll be charged interest at the cash advance rate from the moment you withdraw) and not having to spend time in a bank whilst on holiday. Credit and debit cards also tend to offer the best exchange rates, even allowing for the small commissions payable; what’s more, if you have decent credit and debit card providers, if you lose you cards abroad they’ll courier a replacement to you.

[Richard M]

I usually load up my credit card with credit and use that, there is no cash advance fee when your card is in credit and no commisson on the currency exchange. I've never been charged any local bank fees etc either for a transaction so unless Tobago is an exception in this regard it's the cheapest way to get foreign currency.

[Steve Wooler]

I totally agree with you, Antony. Its difficult to get a definitive answer on which is the cheapest method because different banks and card companies charge different rates, but all I can say is that you can beat the hole-in-the-wall machines for convenience. It only takes a minute or two and can be done around the clock. Its no contest compared to having to go into a bank, waiting in a queue, having to carry all you documents, etc. etc. Who goes on holiday to spend time standing in queues?

[Dr Stefan Rustscheff]

Hi everyone-a very simple way of getting both a good exchange rate, and a guarantee against falling exchange rates, is to buy Your TT dollars through the British Airways website.(TRAVELEX is the company). You then collect the cash at Gatwick or heathrow AND get BA points for the whole deal! And ALMOST no queues...Your views on this, Steve?Am I the only Executive club groupie on the website?
best wishes, 25 days and counting.... Stefan R

[Jo B]

For UK travellers, it may be worth getting a Nationwide debit card, as this offers cash withdrawals with no fee and at a good exchange rate. I certainly got over 10.5TT/£ on transactions last month with no extra fee. They are always one of the best buys for travellers in newspaper money pages.

You do have to open a current account with them, but I transfer money into the account the week before we go away to more than cover what I expect to spend. I believe their credit card is good value too regarding fees on overseas transactions. I usually take my normal bank debit/credit card too as back-up, but so far the Nationwide, being Visa, has been accepted in ATM's, supermarkets and other places.

This may be too much hassle for some, but for regular travellers it may be worth consideration.

Jo x

[Steve Wooler]

Hi Stefan

No views, I'm afraid. I dropped my membership of the BA Exec Club in 1989 when I 'retired' so have no valid experience of their service.

Its a hugely complex situation of course. With exchange rates, commission and other charges varying between every bank/card company/exchange bureau offering an exchange service, and different rates applying whether you buy/sell at home or in T&T, I honestly don't know what the most financially attractive method is. With exchange rates changing day by day, its almost impossible to get the definitive answer and far too complex for my pea-brain.

All I can say is this (I'm not specifically replying to your suggestion of the BA service - just talking generally):

What is the total cost of currency exchange costs/charges (by whatever method) as a percentage of a total holiday to Tobago, or anywhere else? More importantly, what is the DIFFERENCE between anyone's prefered method and the cheapest? I would suggest a drop in the ocean. I consider my time of paramount importance while I am away. Therefore, I pay for everything I can by credit card and draw the max out of the machines (TT$2000 - about £175) as and when I need cash. This means that I spend neglible valuable holiday time and inconvenience in "admin time" and have no arrangements to make before I go on holiday. Apart from the convenience, it is also the most secure method. We carry 'spare' cards (but never carry both at the same time) so we've always got a fall-back if we lose a card or have it stolen. We never have large amounts of cash to worry about, or travellers cheques to misplace.

And what's the extra cost over any cheaper methods. I would put it at little more than ten quid for a 2 week holiday. No messing around, optimum security, no hassle, maximum time to enjoy my holiday. No contest!