Has anyone used traveler's checks?

[ilovedolphins]

When I go to the Virgin Islands in June, I plan on taking some cash. Someone suggested taking traveler's checks.

It has been forever since I bought a traveler's check. Can someone update me on them?

[TheOtherMe]

It's been forever since I used them. The last time I went to AAA, they don't even sell them any more. They now sell a travelers card, which you load with cash and use it at ATMs and at stores, etc. to make purchases.

[Deleted]

TC's are a PITA, IMO. Just use credit cards... But make sure you notify them before leaving of your plans so they don't freeze your account due to suspicious charges.

[blackcard]

That seems like such an old school way to carry money. DH carries his cash and spare CC in a money belt. It looks just like a regular belt.

[NastyWoman]

I used to but last time I went to visit my family in Europe I could not find a place to cash them in, so I returned them to my bank. Fortunately I got them for free, or I would really have been ticked.

If you decide to take a credit card check out first what the transaction fees are. Would the CC company treat them as foreign transactions? that would get expensive fast too.

Also, in Europe at least there are quite a few places that don't accept American credit cards because they don't have a "chip" some security measure that the European cards have. They are used with a pin code and much more secure than our cards. American companies don't want to go that route because entering a pin code could cause consumers to thik before they buy and that is bad for their bottom line. What a big PITA.

You may want to check whether your bank has affiliates at your destination where you can use the ATM for free.

[woodwand]

When I went to both England and Mexico, I just used the ATM's for cash. Last time I bought TCs was in '93 & even back then you didn't need them.

[ilovedolphins]

I might just go with cash and a credit card and try not to use the credit card. That way I won't overspend hopefully.

[The J]

When I went to the Cayman islands a couple of years ago I brought TCs. I got them at my bank. I checked with the hotel ahead of time to make sure they would cash them -- it wasn't a problem.

[jsjjkelly]

Hi!
I guess I'm just old school, but when we went on a cruise to Mexico last June I bought travellers checks. I made sure the cruise line cashed them and I was good to go.

The fees at a foreign ATM, or when using your credit card are much higher than the cost of the travellers checks. My bank gave me them for free, so my costs were nothing.

My husband travels out of country a lot. The last place he went, the charge in the country was $7, and the charge our bank charged us was $6. $13 to get 25 American dollars worth of foreign currency. I didn't think it was worth it.

Also one thing to remember that if you're travelling and using your credit card, let them know. Twice while travelling in the US, my card was frozen by the fraud department because it was used out of my local area. The last time we travelled, I called them and they marked my account. I'd hate to be out of country and stuck on the phone (imagine the charges) because you can't use your card.

Just passing on some suggestions!
Shawn in FL

[ilovedolphins]

Thank you for the info. I remember my parents buying traveler's checks when I was small and we went on vacation. I had forgotten all about them until my future son-in-law said that he usually takes some when he goes on vacation. I will check at my bank and see how much they cost to get them and maybe take a few along.

[The J]

When you call about the credit card, make sure to insist they only authorize for your travel dates. I called Chase while I was in Guatemala last summer to let them know. I told them the exact day I was leaving. They told me they would leave it open for a couple weeks after that, in case I decided to extend my trip. I told them that I didn't want it extended, and that if I needed more time I would call again.

[steph08]

I haven't used traveler's checks in ages and I think they are more trouble than they are worth. I would take cash, ATM, and a CC (both of which call ahead of time and tell them). When I studied abroad in London, I just went to the ATM once in a while and took out the max (like 400 pounds) and the charge from my bank was like $2.

[TheOtherMe]

If you don't have one, get a Capitol One credit card as their foreign transaction fee is 0%. My credit union's credit card is 1%.

I always take out the max at the ATMs also. I was able to find no transaction ATMs in the UK and only paid at my end. No fee at the UK end.

[Apple]

Feb 3, 2011 20:32:40 GMT -5 TheOtherMe said:

If you don't have one, get a Capitol One credit card as their foreign transaction fee is 0%. My credit union's credit card is 1%.

I always take out the max at the ATMs also. I was able to find no transaction ATMs in the UK and only paid at my end. No fee at the UK end.

I'm not positive, but you may not be able to get those low rates anymore. One of my credit cards had a rate of 1% but because of the new credit card laws they had to raise it (to 3% I think)--I'm not so sure those laws were designed to help the consumer...

[montanatransplant]

We used to use them and did so for our first trip to Cancun. After being there found that we could get along with a couple hundred in cash and our credit cards which were joyfully accepted everywhere.
I think our Capital One cc still has no foreign transaction fees. Maybe I should call them tomorrow before we leave on Saturday.
By the way, Apple, your dream house looks, well, mighty dreamy. When did you say you are having an open house for all your on-line buddies? Red or white wine?

[The Walk of the Penguin Mich]

Personally, I'd bypass using traveller's checks. When we went to Turkey a couple years ago, TD and I both bought about $500 in TC as 'plan C'. We also had ATM cards and credit cards and a bit of cash. FWIW, you can get free TC if you're a AAA member. Turned out, the money wound up getting redeposited back into my account, no need to be used.

I've just used my ATM to get local cash and credit cards and that's worked out well. Last year, when my sister and her family went to Mexico with us, she had a horrible time trying to get her TC cashed and I think she got raked on the fees. There have since been reports that Mexico is not dealing with TC anymore.

As other have said, you need to look at what the foreign transaction fees are on your credit cards. I think that they range in the 3% range, Capitol One is 0% and my USAA m/c is 1%. I *think* my AmEx is either 1-2% too.

Finally, notify your banking institutions that you'll be travelling out of the country or you may find your CCs cut off for unusual use.

[The Walk of the Penguin Mich]

The fees at a foreign ATM, or when using your credit card are much higher than the cost of the travellers checks. My bank gave me them for free, so my costs were nothing.

This must be your own banks. I never had any charges when I used my ATM in either Amsterdam, Turkey (in about 6 different locations) and Mexico. I don't ever remember there being a charge at the POS and the exchange rate given by my bank was competitive to what I'd have gotten elsewhere.

My bank does not charge from ATM withdrawals from out of network banks and many of the large US banks are in the network of large foreign banks, so there is some reciprocity between banks with regards to fees. It'd be worth a call to find out which foreign banks your banks are related to.

[kadee]

Guess I am old school! I use TC when I travel. I've never had a problem getting them cashed in the US or outside the country!
The only problem I had was that our bank required their purchase in $1000 bundles. I had wanted to split them w/DH but only one of us could sign them ALL!
We worked it out!
I don't use an ATM card here or any where else and the CC was reserved for emergencies & lodging/gas along the way inside the US.

Forgot to add...they are free at my bank!

[ilovedolphins]

The place where we are going is the US part of the Virgin Islands so I wouldn't be out of the country. We may go to the British side (I hope that is what it is) but if we do I can spend cash there.

I may get some to take along. I will ask my future son-in-law if he had any problems using them there since he has been there and he was the one who suggested I take some.

[Becks]

Feb 3, 2011 13:31:57 GMT -5 The J said:

When you call about the credit card, make sure to insist they only authorize for your travel dates. I called Chase while I was in Guatemala last summer to let them know. I told them the exact day I was leaving. They told me they would leave it open for a couple weeks after that, in case I decided to extend my trip. I told them that I didn't want it extended, and that if I needed more time I would call again.

Well get stuck in say France when a volcano erupts and you could have issues, lol. Luckily I did not since I think they were smart enough to realize with my travel dates that I was stranded. But that was one harrowing experience financially all the way around. I only had one card on me and it was new so the limit was not that much. My bank was not helpful at all. All I can say is make sure you're prepared all the way around should something odd occur.

[Deleted]

Feb 3, 2011 13:02:36 GMT -5 @jsjjkelly said:

Hi!
My husband travels out of country a lot. The last place he went, the charge in the country was $7, and the charge our bank charged us was $6. $13 to get 25 American dollars worth of foreign currency.

Yes, small ATM withdrawals from foreign banks are the way to ruin. DH and I never use travelers' checks and rely on a combination of cash from previous trips if we've got foreign currency around, ATM withdrawals and credit cards. B of A charges $5 on top of whatver the local bank charges, so we withdraw around $100 at a time.

Travelers checks would be a good prevention against loss- DH once had $200 of rubles stolen out of his pockets a few blocks after we left an ATM.

[The J]

Feb 6, 2011 1:26:46 GMT -5 Becks said:

Feb 3, 2011 13:31:57 GMT -5 The J said:

When you call about the credit card, make sure to insist they only authorize for your travel dates. I called Chase while I was in Guatemala last summer to let them know. I told them the exact day I was leaving. They told me they would leave it open for a couple weeks after that, in case I decided to extend my trip. I told them that I didn't want it extended, and that if I needed more time I would call again.

Well get stuck in say France when a volcano erupts and you could have issues, lol. Luckily I did not since I think they were smart enough to realize with my travel dates that I was stranded. But that was one harrowing experience financially all the way around. I only had one card on me and it was new so the limit was not that much. My bank was not helpful at all. All I can say is make sure you're prepared all the way around should something odd occur.

Right, but then you call and say you need to extend the authorization. I'd rather have to call again, than to have it left open after I leave the country.

[saveinla]

BOA charges a transaction fee everytime you use an ATM that is not theirs, so it is a given that you will get charged at least 5 -6 $ if you use a BOA ATM card. Credit unions normally do not charge a fee if you use their ATM card or if the originating bank does charge a fee, then my Credit Union account gives that back.

The banks and credit unions all charge a fee of 3% if you use their credit cards, except for Capital One.

I have not bought TCs in over 5 years, but unless you know a reputable dealer that can give you a decent exchange rate when you convert them, there is no incentive to use TCs except for the safety factor. Credit card transactions are the safest nowadays, in addition to a little cash on hand. HTH:)

[The Walk of the Penguin Mich]

BOA charges a transaction fee everytime you use an ATM that is not theirs, so it is a given that you will get charged at least 5 -6 $ if you use a BOA ATM card.

You can get around this by determining which banks are in alliance with BOA (or whatever your bank is). If you use ATMs in the alliance, it's supposed to be the same as withdrawing funds from a BOA ATM.