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Does anyone still use traveler''s cheques?

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rierie26

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Calling all savy travelers! Do you use traveler''s cheques when you go abroad?

I''m going on a trip to Europe in a few weeks. Specifically, I''m going to Bavaria and Austria. I''ve been told that a lot of the smaller stores/restaurants there don''t take credit cards and I''ve noticed that a lot of the tourist attractions only accept cash unless it''s over a certain amount.

I wanted to know if I needed to get traveler''s cheques or if I should just rely on credit cards and atms?
What are the advantages/drawbacks on both?

Thanks for the help!
 

iheartscience

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I would just use credit cards and ATMs. The exchange rates for traveler''s checks are terrible and most places seem to not take them anymore. Plus it''s a hassle trying to find a place to cash them if you''re in a small town or village.

The drawback to using credit cards and ATMs are the fees. Depending on your bank and credit card there are often additional transaction fees (usually a percentage of the amount spent) for every transaction you make, on top of the fees for using an ATM that isn''t your particular bank''s. However, some banks have sister banks in other countries and there are less fees for using their ATMs.
 

TravelingGal

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Date: 3/16/2010 2:30:28 PM
Author: thing2of2
I would just use credit cards and ATMs. The exchange rates for traveler''s checks are terrible and most places seem to not take them anymore. Plus it''s a hassle trying to find a place to cash them if you''re in a small town or village.

The drawback to using credit cards and ATMs are the fees. Depending on your bank and credit card there are often additional transaction fees (usually a percentage of the amount spent) for every transaction you make, on top of the fees for using an ATM that isn''t your particular bank''s. However, some banks have sister banks in other countries and there are less fees for using their ATMs.
Ditto. Travelers cheques are a thing of the past.

Your credit card company will usually give you the best rate. There are very few companies that don''t charge transaction fees anymore (used to be Capital One and MBNA did not, but that was ages ago and I think MBNA is now BofA anyway). If the establishment offers to charge you in US dollars (doing the conversion for you), insist on paying in in the local currency (in this case, Euros) as it rarely works in your favor to do that. Since you''re going to Bavaria and Austria, I doubt you''ll have an issue with that.

Also agree with the sister bank thing. Whenever we go to Australia (not Austria), we find a Westpac ATM and never get charged any fees. If you do get charged fees (atm fee, conversion fee, etc), take out as much money as you can to make it worth your while. A $2 fee on 20 is 10%, while only 1% if you take out $200.

Also, I don''t know how much this is an issue anymore, but if your ATM pin is more than 4 digits, change it. Many European ATMs will only accept 4 digits. And if you do your pin by letters, memorize the number sequence as the letters will not be on the European ATMs.
 

megumic

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I always bring them along. I''ve had instances of notifying my institutions that I''ll be traveling, but they end up suspending my accounts due to unusual (i.e. international) activity! I don''t blame them, even when I put them on notice, but at least I have back-up in the event anything goes awry. Also, I keep them separate from my credit cards, ATM cards, and cash so I have something else if my wallet gets stolen or lsot. It''s a fail-safe really.
 

swimmer

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About 10 years ago I got a few hundred in travelers cheques just in case of emergency...what a terrible investment! Not only are they no longer accepted anywhere but a money changing place, the rates are terrible. I finally cashed them out in the Chicago airport. Avoid this ancient technique. Now I just carry a few crisp $100 USD (stashed away secretly) which can be changed in banks, most hotel lobbies, or even on the street if you watch the black market exchange guy go in and withdraw legal tender from an atm. You should have no issues with network friendly ATMs where you are headed and Visa/MC will be accepted most anywhere but the fruit stands in town centers. I don't like to use my CC much, but have never had an issue with ATMs, a student recently had an issue in Europe with a too long pin, so I think TG's info is still current. 4 digit pins are the way to go. You can even do a prepaid Amex ATM for total safety if you want to ensure that your atm works and then transfer funds to it from your bank if your ATM is a small local bank not on a big network or something.

There really is no need in 2010 to have a travelers cheque, if a place won't take Visa, they won't deal with that paperwork either. Have a wonderful trip!
 

Miss Sparkly

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Finding Travelers Cheques is like trying to fine a cassete tape! They are RARE and you have to go searching for them. The new thing now is Travel Money Cards. The banks that I have worked at charged $4.95 to $6.95 to load up to $1,000 on a Travel Money Card.

REMEMBER

If you are traveling call your bank first and tell them your travel locations and dates. You don''t want to but stuck out of country with a debit/credit card that won''t work because your bank was afraid that it was stolen.

Try to have some walking cash with you too incase an ATM cannot be found. I would also try to use the ATMs as little as possible as the fees can quickly add up.

Have fun on your trip

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rierie26

Shiny_Rock
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Thanks! I think I''ll bring my cards and maybe take some USD just in case.
 

TravelingGal

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Date: 3/16/2010 10:05:32 PM
Author: Sparkly Blonde

Finding Travelers Cheques is like trying to fine a cassete tape! They are RARE and you have to go searching for them. The new thing now is Travel Money Cards. The banks that I have worked at charged $4.95 to $6.95 to load up to $1,000 on a Travel Money Card.

REMEMBER

If you are traveling call your bank first and tell them your travel locations and dates. You don''t want to but stuck out of country with a debit/credit card that won''t work because your bank was afraid that it was stolen.

Try to have some walking cash with you too incase an ATM cannot be found. I would also try to use the ATMs as little as possible as the fees can quickly add up.

Have fun on your trip

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Yup, this is important. I always do this before I travel.
 

perry

Ideal_Rock
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Sep 19, 2004
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Actually yes - for certain things.

I take larger denominations - then cash them at a bank - or major foreign exchange place where the exchange rates are reasonable. Then I can convert the cash into a local money card.

For a certain purchase in Canada I actually carried about $15,000 in travelers checks - and had pre-arranged to cash them at a company that deals with international shipping money exchange. The transaction rate was small.

A new warning about credit card fees. In the last 6 months many of the credit card companies have added a new fee. A foreign transaction fee; this is on top of the previous foreign exchange fee (which still exist).

Perry
 

justginger

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May 11, 2009
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3,712
I travel often and still use travelers checks as my preferred method of moving money.

I was talked into getting one of those "travel cards" once and it was AWFUL. Yes, it cost less upfront, but I ended up in the most ridiculous position because of it. Basically, I loaded $6k USD on it before leaving Australia, paid the 1% or whatever fee it was. Then when I was traveling, I would only get charged $2.20 USD for each ATM withdrawl, and none for any actual debit card usage. Sounds good - but wasn''t. Not only did I get charged $2.20 for each ATM withdrawl, but I also got hit with the "non-bank" ATM fee each time (in Vegas, this was a whopping $9 once). Many things I wanted to spend money on did not have debit card facilities, so I really did have to continue going to ATMs. I didn''t want to carry large amounts of cash, no didn''t make huge withdrawls - just kept getting slugged with fees. And, the kicker, if for some reason the money transaction isn''t completed, the amount you attempt to withdraw is frozen for 30 days. For example, I tried to take $800 out of ATM, which must have been over it''s daily limit. It was rejected. The money was instantly frozen. So my $6000 turned into $5200 in the blink of an eye. The best
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was at the end of the trip - I provided the card number at my Vegas check-in (in the event any damage was caused to the room) and specifically said not to actually enter the card info to their system at all. Was assured they didn''t. Upon checkout, that "secured" amount was LOCKED. My card was next to nil. I seriously would have been having to earn money the Vegas way, had FI and I not been able to pool together our leftover cash and pay for the room. Our taxi driver actually took us to the airport for nearly free because we simply didn''t have the money to give him!!
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RIDICULOUS CARD. I *hate* not having access to my own money!! At the end of that trip, I had over $2000 locked, and inaccessible. That''s 1/3 of my spending money!

I travel with around $1000 in USD, and the rest in travelers checks. I''ve always been able to find good exchange places (travel forum members are always happy to report the best rates they''ve secured), and I know my bank provides a rubbish exchange rate on my ATM card anyway. I
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traveler''s checks.
 
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