all travelers cheques involve penalties..if you use the search facility for tc's you will find a similar question asked and answered many times through out the forums

Hi,
I meant here in England there is a commission for buying sterling cheques but not for U.S. dollars or Euro cheques. I know that most exchanges abroad charge a commission for t.c I just wondered if they accepted u.s. cheques as readily as sterling. By changing sterling commission free for dollar t.c. in England and then changing in Cyprus to CYP, at todays rates, you can score about 5p in the pound which is worthwhile if you're about to change 2 grand!!

Cheers

Glen

Glen,
You need to take into account the exchange rate you are being offered to buy your dollar travellers cheques.
We were advised last year to take sterling cash and exchange it in Cyprus.
I am sure dollar TCs are accepted (usually from Americans I assume)