I'm backpacking across Europe after I graduate for the U of A in December 😊 Obviously I'm already starting to plan my trip...this is the ONLY thing I think I don't procrastinate on! Anyways, so I've been researching and reading different blogs on here about travelers cheques and what not.
What is the deal with them nowadays. I've had Amex TC's before in the past the last time I went to europe about 12 years ago but how are they now? Easy to use..... accepted....major fees.... etc? Any information you can give on them or advice about them would be greatly appreciated. Thank you!
Reply to this I realize my info here may not be overly useful, but since I don't see much other thought yet, I'll go ahead and post what I can in the intent of trying to be helpful...
I traveled Ecuador and Central America. Long story short is they would be all but worthless to me while in those areas. The difficulty and expense by banks/merchants to verify a travelers cheque is such they didn't take them (and perhaps didn't even recognize them as they were used that little). Europe, particularly Western, may be a little better with more updated equipment and banks. That said, I think you would do as well to just have an ATM card with your bank. As long as you talk with your bank in advance, you should be able to access cash at most ATM's in the world, other than perhaps computers will run a day behind any deposits you make into your accounts or transfers you make (in my case, I left most of my money in my savings account as the ATM/debit card couldn't be accessed through ATM's, only my checking account. This way, if the card was stolen/lost, there was a limited amount a thief could use on the card. I just went online and transferred money from savings to checking as needed, but needed the computers to update overnight before they'd show on the ATM's in South/Central America).
Be sure to talk to your bank in advance! I happened to, but they told me they had to activate the ATM card for the region I was going for protection to the account (i.e. why is this Midwestern U.S. boy having activity on his card in Quito, Ecuador?) Another idea I thought of while on the trip was to actually have two ATM cards, perhaps on different accounts that you could transfer funds between. In the unlikely event you lost or had one ATM card stolen, you could shut that one down and yet still be able to get cash while far away. I figured if I had lost my ATM card while traveling, I really would have only had the cash on me - which may have quickly become a bad situation!
Anyway, there's my thoughts on (not) using traveler's cheques and just using your ATM instead. Cash is accepted by everyone...
Reply to this I agree with Garry Bowman, I gave up using Travellers Cheques years ago. They aren't worth the bother and there is also the problem of getting the merchant or bank to accept the particular brand of cheque you've taken with you.
I've travelled extensively in recent years and have always relied on my debit and credit cards. Like Gary I keep most of the money in an on-line savings account and transfer money when I need to.
Reply to this FWIW - When I was traveling for 11 months, I primarily relied on ATMs and credit cards to pay for things. But I always kept a couple hundred of US cash and several hundred of traveler's cheques on hand just in case. I think it's good to have back-up plans. I did actually use the traveler's cheques at one point when my ATM wasn't working.
Reply to this Thank you all for the info... a great help! More is welcome 😊
Reply to this G'day Abby,
I think they are a waist of time... I have done plenty of travelling around Europe and have found cards easy to use and if something goes wrong I just had some US dollars (still have them now)
If your purse gets stolen, cancell and new cards can be sent to you where ever you are in the world (free of charge) in two days and your fine to get on with things again (this happened to me in Ireland) Visa or Mastercard was fine!
Have some US cash seperate and you will be fine!
Enjoy your trip!
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