I will be relocating to St. Thomas in late Aug and would like to know if traveler's cheques are easy to cash at the bank. I understand it can take up to 14 days for a cashiers check to clear.
I don't think you wait for traveler's checks to clear but just bring photo ID's with you.
You may have to wait if you deposit them. Not sure about the cashing. Best to put your money in an account you can access by ATM card.
jas22, you can spend traveller's cheques just like cash - I've never even been asked for I.D. although it is always a good thing to have it.
Make sure they are in U.S. $ Private individuals might be more reluctant to take them because they would have to pay them into a bank account before they could access the money.
You do have to wait (I think 2 weeks) if you deposit them at Banco Popular. I think First Bank is the same. I don't know about Scotia Bank.
Travelers Checks are cashed immediately at the bank, you must have ID and counter sign the check in front of the teller. All Restaurants, stores accept them the same way.
I had never heard that it takes two weeks before here, thats interesting. I know local business will accept it as cash although most on stx would rather not deal with them. Does it take two weeks because they are treating it like a off island check which does take 10 business days to clear?
They treat them as an off island check. At least my two banks do. Funny thing though, when I deposit them and stateside checks to make a payment on or my credit card, they give me instant credit, no wait!
Ronnie, That's probably because they can always charge back to your credit card.
Banks do put a hold on them because they can be stolen, or forged, etc. My husband used to get paid by tourists with traveler's checks occasionally. If we deposited them, there was a hold. So, we always just used them to pay at the grocery or restaurants, etc. I have no explanation for that! Never had a problem with a two-party traveler's check either. But DO have ID.