euro travelers checks

I don't have any personal experience on this one but a family friend just returned from Italy and he was saying that travelers checks are a thing of the past. He suggested to us to open a debit account just for Europe with a credit union (lower fees). This is in case of theft (wouldn't empty out our real life account) but told us not to waste our time with travelers checks. Doubt this helps much but that is what we were told. Good luck.

"...this way one avoids using a credit card and racking up extra fees" And you think Traveler's Cheques don't have extra fees? There are fees to purchase and fees to cash them...if you can even FIND a place to cash them.

ok, thanks...I. didn't know anything about trav. checks really.

ok, thanks for the advice! I think i will try that with my credit union and do that separate account and let them know what that's for.

We use Capital One credit card and Schwab checking account for ATM withdrawals. Neither charge fees. We don't normally bank with them, but use them just for travel. Our usual bank, Wells Fargo, charges fees.

Have you done any research around this web site, like going to "Graffiti Wall - Money.. - ATMs/Min. Fees" Your question gets asked several time a week and I find that most folks who ask it do not do much research for the wealth of information available elsewhere on the RS web site. Check out that site and then come back with a question if you still need more information. Happy travels

susie, It's NOT a good idea to use Traveller's Cheques, as these are somewhat of an antiquated relic of the past. You'll probably find it difficult to cash them in many locations, and may have to pay extra fees to cash them. Using an ATM card is by far the easiest way to obtain cash, subject of course to the daily withdrawal limits. If you decide to set up a travel account, note that your funds must usually be in a chequing account with a four number PIN. If possible, I'd highly recommend packing along a "backup" card as well, in case there are problems with the primary card (I've had that happen!). Finally, be sure to notify your credit union of the dates that you'll be travelling so that they don't "freeze" the card when they see transactions occurring in Europe. Happy travels!

I was in Nice last week. The exchange rate for the traveler check in one of the exchange shop on that day was 156. The market rate per Bloomberg on that day was 143. 9% over the market rate. Also, they charge you a exchange fee of 5E. So you can pay up to 12% to 15% over the true market rate, depend on how much you exchange. Traveler check is a NO NO. I use the ATM next day, the rate was around 143. Right on.
You will be better off even you have to pay the ATM fee.

Most places don't take travelers checks in Italy. Cash is King! You get your best exchange rate by withdrawing money from an ATM. If you must use a credit card, Capital One does not charge a foreign transaction fee.