Leftover EUR AMEX Checks
Dec 24, 2012, 8:56 pm
#1
Original Poster
Join Date: Jan 2005
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Leftover EUR AMEX Checks
OK, I consider myself pretty financially savvy but haven't found a way around this:
So, I have some left EUR Amex traveler's checks <cheques>, roughly about 5k worth. Got them a few years back for another purpose, and I don't foresee using them or going back to Europe until mid/late-2013.
Living in the US, I'm looking at a way to preserve the value of the currency by avoiding going through the USD. Ideally, and in this preference, I'd like to do the following:
1. Wire the 5k Euro to a EUR-denominated bank account I currently have at a major UK (London-based) bank; OR
2. Exchange for EUR cash.
In neither case would I like to go through the bid/sell + arbitrage through the US Dollar. If I went to my local B of A and had them buy my EUR checks and sell me EUR cash to wire out, I lose almost 15% of overall value. Ouch.
I can pay for nominal wire fees, transaction fees, etc. for option #1. But is there a way you can do this? YES, I know I can hang onto the checks for future use, etc. (ie, do nothing), but I want to see if anyone's ever went from EUR checks to EUR wire-outbound or EUR cash within the US ... or Canada, as I have access to Canadian banking.
I do NOT have a EUR account in either the US (obviously as they aren't offered), or in Canada.
Any ideas?
So, I have some left EUR Amex traveler's checks <cheques>, roughly about 5k worth. Got them a few years back for another purpose, and I don't foresee using them or going back to Europe until mid/late-2013.
Living in the US, I'm looking at a way to preserve the value of the currency by avoiding going through the USD. Ideally, and in this preference, I'd like to do the following:
1. Wire the 5k Euro to a EUR-denominated bank account I currently have at a major UK (London-based) bank; OR
2. Exchange for EUR cash.
In neither case would I like to go through the bid/sell + arbitrage through the US Dollar. If I went to my local B of A and had them buy my EUR checks and sell me EUR cash to wire out, I lose almost 15% of overall value. Ouch.
I can pay for nominal wire fees, transaction fees, etc. for option #1. But is there a way you can do this? YES, I know I can hang onto the checks for future use, etc. (ie, do nothing), but I want to see if anyone's ever went from EUR checks to EUR wire-outbound or EUR cash within the US ... or Canada, as I have access to Canadian banking.
I do NOT have a EUR account in either the US (obviously as they aren't offered), or in Canada.
Any ideas?
Dec 25, 2012, 1:52 am
#4
Join Date: Feb 2003
Location: NCL
Programs: UA 1MM/*G. DL Gold for one more year.
Posts: 5,305
OK, I consider myself pretty financially savvy but haven't found a way around this:
So, I have some left EUR Amex traveler's checks <cheques>, roughly about 5k worth. Got them a few years back for another purpose, and I don't foresee using them or going back to Europe until mid/late-2013.
Living in the US, I'm looking at a way to preserve the value of the currency by avoiding going through the USD. Ideally, and in this preference, I'd like to do the following:
1. Wire the 5k Euro to a EUR-denominated bank account I currently have at a major UK (London-based) bank; OR
2. Exchange for EUR cash.
In neither case would I like to go through the bid/sell + arbitrage through the US Dollar. If I went to my local B of A and had them buy my EUR checks and sell me EUR cash to wire out, I lose almost 15% of overall value. Ouch.
I can pay for nominal wire fees, transaction fees, etc. for option #1. But is there a way you can do this? YES, I know I can hang onto the checks for future use, etc. (ie, do nothing), but I want to see if anyone's ever went from EUR checks to EUR wire-outbound or EUR cash within the US ... or Canada, as I have access to Canadian banking.
I do NOT have a EUR account in either the US (obviously as they aren't offered), or in Canada.
Any ideas?
So, I have some left EUR Amex traveler's checks <cheques>, roughly about 5k worth. Got them a few years back for another purpose, and I don't foresee using them or going back to Europe until mid/late-2013.
Living in the US, I'm looking at a way to preserve the value of the currency by avoiding going through the USD. Ideally, and in this preference, I'd like to do the following:
1. Wire the 5k Euro to a EUR-denominated bank account I currently have at a major UK (London-based) bank; OR
2. Exchange for EUR cash.
In neither case would I like to go through the bid/sell + arbitrage through the US Dollar. If I went to my local B of A and had them buy my EUR checks and sell me EUR cash to wire out, I lose almost 15% of overall value. Ouch.
I can pay for nominal wire fees, transaction fees, etc. for option #1. But is there a way you can do this? YES, I know I can hang onto the checks for future use, etc. (ie, do nothing), but I want to see if anyone's ever went from EUR checks to EUR wire-outbound or EUR cash within the US ... or Canada, as I have access to Canadian banking.
I do NOT have a EUR account in either the US (obviously as they aren't offered), or in Canada.
Any ideas?
Dec 25, 2012, 2:04 am
#5
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The UK Bank won't take the deposit remotely, as I offered to mail the cheques to my bank. The responders are on the right track though, I just need to get it there. My bank rep in the UK says that the only way (aside from me being present personally presenting and countersigning the travelers cheques) to deposit it is for them to receive a EUR wire, from wherever in the world. I just happen to be in the US -- is there any way to send a EUR wire from EUR cheques?
Dec 25, 2012, 9:12 am
#6
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Wirelessly posted (BlackBerry: BlackBerry8530/5.0.0.1030 Profile/MIDP-2.1 Configuration/CLDC-1.1 VendorID/417)
Would an Amex Financial Services office in the U.S. cash Euro-denominated travelers cheques in Euros without charge? It might be worth a call to Amex to inquire about this possibility.
Would an Amex Financial Services office in the U.S. cash Euro-denominated travelers cheques in Euros without charge? It might be worth a call to Amex to inquire about this possibility.
Dec 25, 2012, 11:30 pm
#7
Join Date: Apr 2010
Location: MCO/FRA
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Does your London bank have a US affiliate? eg is it Barclay's or ING or HSBC?
Might be able to work a deal that way?
To be honest I'd sit on them, you are going to take a ride with any type of conversion not done between friends.
Might be able to work a deal that way?
To be honest I'd sit on them, you are going to take a ride with any type of conversion not done between friends.
Dec 26, 2012, 1:55 am
#8
Moderator: Manufactured Spending
Join Date: Jul 2011
Posts: 6,578
If you are planning to go to Europe this year, I would just keep them. It doesn't make sense to do these fancy maneuvers unless you are desperate to have the cash right now. Unless the euro depreciates significantly against the dollar, you won't lose anything. In fact, my guess is that the dollar is going to depreciate against the euro due to this "fiscal cliff", so you may be better off buying euros sooner rather than later if you will need them this year.
