Anybody exchange traveler's checks in Paris?

11 Rue Scribe
Paris 75009

That's the address of the AMEX office in Paris where you can definitely get them cashed. If you're going to other cities, I'd suggest bringing a list.

Many major banks now limit the amount you can cash in any one day to $200 because they are afraid of fraud.

My suggestion...get yourself some travelers checks if you'll feel better, put them in your moneybelt and keep them there unless needed.

Then take a couple of debit cards, a couple of credit cards, and use them. If lost of stolen, you call your bank and put a stop to them. No liability to you. But you'll get a better exchange rate.

If you don't use the TC, take them home and redeposit them in your account for no loss.

No need to carry large amounts of cash.

You were going to wear a moneybelt, weren't you?

Don't take travelers checks. Use ATMs with a bank card, NOT a credit card.

cml

I am sorry Dylan you are swimming up-stream and actually you are swimming up the water fall. Anyone with a computer and a good color printer can make traveler checks. No one really knows what the traveler check is suppose to look like so fraud was wide spread. No one wants them because the risk is high and even banks are not happy when them because there is extra processing.

There is a major flaw to carrying a wad of travel's check even if they are American Express. For your sole source of funds you are dependent on finding a bank that is open, willing to accept them, and they will charge fees and given a poor exchange rate for that privilege most likely in the range of 10%. A high price for no gain in convenience and no gain in security.

I am an old engineer and I like backup and redundancy but tc doesn't solve that problem. I carry two debit cards backed by two different checking accounts, and three credit cards. Marcia and I carry duplicates of the cards so if one becomes demagnetize (has never happened) we still have three cards. Same for eating cards but we only use ATMs attached to banks during open hours. The idea is that if the card is eaten she can guard and I can go into the bank and resolve the problem. In fifteen years of travel that idea has never been tested. I generally withdraw 500E at a time and have never had any problem. And since I am using credit union debit cards, pay no fees.

This is one area where being old fashion is really out of date. Join the modern electronic world of banking. It is worth making the change.

Dylan, I agree that there is little difference in handling your money here or abroad. Even in China there was no language barrier since every large hotel had both ATMs and English speaking staff who exchanged currency. Step into the 21st century and use a Visa or Mastercard branded debit card for your cash.

Dylan

We can assume that you use traveler's checks in Orlando rather than a credit or ATM card, since
they don't demagnetize, a machine won't eat them up, there's no daily withdrawal limit, and you absolutely minimize the chance of criminals ending up with your money, correct?

Ed-
No, I don't use traveler's checks at home. Don't be silly. We all know that managing one's money at home is obviously far different than managing it in a foreign country.

Frank and Frank II-
Thanks for the info. I didn't realize TC fraud was such a big factor in their declining use. I guess I will just have to rely on my debit card, and bring at least some hard US cash (hidden, of course) for emergencies.

"We all know that managing one's money at home is obviously far different than managing it in a foreign country."
How so...when you need cash, you go to an ATM.... you purchase goods and services with a credit card....and you pay your bills and check your bank balance electronically....same overseas as at home. Honestly, if you don't need TCs to travel to, say, Washington DC, then you don't need them to travel to Europe.

When everything works as planned, then yes, banking and managing money abroad can be as easy and as stress-free as banking at home.

The differences become painfully apparent when something goes wrong: language barriers; not having local access to one's home bank (i.e. there are no Chase banks in Paris) and records; time zone differences; difficulties with postal/overnight mail service if a new card needs to be issued and sent to me; etc.

Surely, Norm, you plan for situations where things just might go wrong. Or do you NOT wear a money belt, carry only one bank card, and don't bother to call your bank before you travel to make sure it isn't frozen by the bank when you're abroad????

Yes, Dylan, I do all that and more...as I would for a trip to Orlando or Toronto. One thing I do NOT do is carry travellers' cheques.

Centennial Frank gave you some excellent advice...but it seems as though you made up your mind about bringing the travelers checks before you even posted your question about what fees are involved.

I don't understand how you'll ever relax and enjoy this trip. You seem exceedingly paranoid criminals are going to end up with your money despite the fact that you already stated in a different post you'll be taking precautions by wearing a moneybelt and carrying a Pacsafe bag with locks to keep your map, guidebook and camera.

I traveled around the world for an entire year...did not bring a single traveler's check with me and only had about $100 US Dollars in my wallet when I left home. I pretty much did exactly what Centennial Frank is telling you to do - 1) call your local bank before you leave and tell them you will be out of the U.S. so they don't flag your card for what they perceive as suspicious ATM activity, 2) bring a backup ATM card in the very rare event your card is demagnetized or a machine eats it and make sure all your ATM cards have a 4 digit pin, 3) take the maximum amount possible whenever you tap the ATM to avoid being nickel and dimed with ATM fees (or ask your bank before you leave if they can increase the amount you are allowed to withdraw - although the French ATM may have a maximum daily withdrawal regardless), 4) use a credit card for very large purchases when possible, and 5) only make withdrawals at an ATM machine that is attached to a bank during business hours so you can immediately speak to someone if there is a problem (you will not have any language barriers at a Paris bank...believe me when I tell you there is definitely someone on staff that will speak enough English to understand if your card was eaten by their ATM and that you'd like to get it back).

I followed those 5 steps and never once in that entire year I was away from home did I have to use my back-up ATM card or have a problem like those you describe.

OK. I surrender.
I'm not bringing traveler's checks.
I'll say it 9 more times and pinky swear, too.

Nah nah nah. Since you didn't instantly perceive our wisdom on this subject, the punishment is: We've notified the ATM systems in Europe and the first ATM machine you use is going to eat your ATM card. So you better have travelers checks.

Stupid question (or testament to the archaic nature of travelers' checks...or both): how do they work exactly?

You pay cash for them at a bank - they come in several denominations. At the time of purchase you sign them in one place, and when you use them you sign them again on another line. Then the merchant turns them in to get their cash. If they are lost or stolen they can be replaced, unlike cash. If the travelers check is fraudulent, the merchant is out of luck.