I am new to the forum and i have a small doubt on TC's
I am going to US next month for higher studies, and i have got TC's worth 3000 USD from a bank
But currently i need some amount for booking my flight tickets
Can i use some of the TC's in India and withdraw some amount? or these TC's can be used only in US to withdraw the amount ??
Please clear this doubt , this is very urgent and important to me
Many thanks and Regards
You will have a very difficult time using India TCs in the US. Most merchants will not accept them, and any bank here will ask that you allow them a period of time for the TCs to clear the Indian bank (usually 7 to 10 days). During this period, you will not be allowed to receive any money.
If, however, you purchase TC from a well-known international company (for example, from American Express or from Barclays Bank), then you should be able to use your TCs immediately--both at merchants or at a bank (as long as you show your passport).
Enjoy your trip to the US.
Thank you so much for the Info Calcruzer
However my question is slightly different
I want to know if these Indian TC's taken from HDFC bank for my trip to US can be withdrawn in India??
I am in need of some money for making my travel arrangements, so want to use some of the TC's
can i use these TC's in India to withdraw some amount?
Please let me know this kindly
Back in 1980, a friend who had British TC's based on a large British bank had trouble changing them in Manhattan, NYC.
TC's are a bit old fashioned nowadays. A credit or debit card, even a card you have previously put money on specifically for travellers is a lot better.
Are you not able to return to the bank in India where the TCs were issued? The bank which issued them should allow you to cash them with no questions. You have already paid any fees associated with receiving them. It should work the same as 'cashing in' any checks you did not use during your travels.
I also agree with Calcruzer, TCs are difficult when used outside your country, and even then, within your own country they can be denied. I have had American Express TCs denied at banks outside the US. (Visa TCs aren't accepted even at banks that offer Visa credit cards. Found that out the hard way too.)
I agree with Cyberia too. A credit or debit card would definitely be a better option. Check with your bank about fees for these items but a debit card would work well as you can add money from your India bank account as needed.
[ Edit: Edited on 16-Jul-2012, at 08:16 by Isadora ]