How can I cash traveler's cheques???

I came over to the UK with a bunch of traveler's cheques. My bed & breakfast said they would take them, so I figured between that, buying a car, and renting a place, I could use up the chunk of cheques. However, now that I'm here, it's a much different story.

First, I know I can cash them at banks, but the rates have varied from 75p to 3 pounds, per cheque. So far, the best I can do is the 75p for a 50 pound cheque.

Almost NO places take traveler's cheques here. I've been lucky to find one restaurant that took it hesitantly. I don't understand the issue, it's already in 50 pound sterling.

My B&B told me that when they tried to deposit my traveler's cheques, their bank gave them issues about it (I don't understand why). So, now even my B&B doesn't want to take my traveler's cheques.

Does anyone have experience with how to cash these cheques? I figured since I bought them in pounds sterling, that it wouldn't be an issue (if they were in US dollars I would understand). The cheque even shows it is drawn from a London bank. I've already paid an exchange "tax" when buying the cheques, so I don't feel I should have to pay another tax to sell the cheques...

Any help is appreciated!!!

My sister ran into the same thing when she was here. Most places wouldnt take her Traveler's Cheques. She had to go to a currency exchange to cash them in. I can't remember however if she got a fair exchange.
Good luck!

Whenever I've bought travellers cheques to take overseas I've always cashed them at a bureau de change. Never occurred to me to try and use them as a cheque.  The resistance you're meeting might be because they are easily forged. As well as banks, try travel agents and other Bureaux de Change.

Hello
Have you a UK bank account? Or an account that is accessable from the UK!
If so, Maybe  you can just pay the £ cheques into the account free of any charge if it is a personal account in credit and then just with draw the cash.
Just an idea!
I use to take a very small amount of  cash, some travellers cheques say £300 -$400  to the US and used them no problem just like cash, the rest of the time I just charge it to my debit/credit card. I know in the UK cheques are becoming less and less used to pay for anything most just charge it to their cards as you don't then have to provide any other info or cheque guarantee card.
Cheers
Roy

also, you can find the office of who makes the cheques i.e., American Express or Thomas Cook and exchange them. I've had good luck this way and a good exchange.

Sorry to hear you're having to learn the hard way that traveller's cheques are crap, and no one uses them! 
That 75p per £50 doesnt sound too bad... that's probably the best rate you're going to get.   

Thanks for the replies. Here's some information I got:

1. The Post Office will exchange traveler's cheques, but they have to be American Express (mine are Visa).

2. Marks & Spencer stores (which are in the bigger cities) will let tourists exchange 200 pounds of traveler's cheques per day at no charge.

3. If you go to Thomas Cook or others like that, it's typically a 2% exchange fee with a minimum of a 3 pound fee.

I'm probably going to do the 1.5% redemption rate at the HSBC which is the best I've found. If I was closer to Bath I could do the exchanges.

I really don't understand why so many travel places advocate the use of these things, since they can be very difficult to cash/use as the comments above show.

Best bet is if you can find a friend or acquaintance locally with a bank account into which they can be deposited at no charge and give you the cash equivalent.   

It is true TC are being more obsolete with the advent of bank machines all over the world. However, some people find it safer than carrying wads of cash especially if they know bank machines are hard to come by or you are travelling a long distance. I had no problems exchanging my USD TCs throughout Africa the last couple of years... some places actually preferred it since many 100 notes can be forgeries. When I did get 100 notes I had to make sure they were after 2001 for some countries.

The trend now for many guide books is to omit the use of TCs, whereas 5 years ago they were all for them. I suppose it would depend on where, how long and what you plan on doing at your destination to help you decide if you should get them.

When I went to England in March I got an American Express travel card - it's the same thing as traveler's checks, but in a debit card format.  I was able to use it at various ATM machines all over England without a problem.  And it gave a pretty decent exchange rate too if I remember correctly.  Was very easy to use, and would do so again.

~Liza

liza, could you only use it at a bank machine/ATM that also accepts AMEX?

Visa and MC have their own prepaid cards too. They also make great gifts. My only concern would be if it becomes demagnetized, I lost it etc etc and I used it as the sole source of cash. Waiting for replacements while travelling isn't fun. I firmly believe in carrying a mix of things for the security of knowing I will be okay wherever I am. On my first trip to Europe, I left my bank card at home by accident. My heart skipped a major beat there. Fortunately I had enough USD and TCs to get me through until I received it. And these uncertain days of "terrorism" and natural disasters cash can really go a much longer way than plastic. My opinion on that.

cash machines generally give the international bank exchange rate for that day.

liza, could you only use it at a bank machine/ATM that also accepts AMEX?

Yes - the ATM has to have an AMEX sign on it.

~Liza