traveler's checks vs. money conversion

I don't think anybody uses travelers' checks these days.
The amount of money budgeted for your trip depends on what all is included in the tour and what is not; also how many gifts and remembrances you want to buy.

Alnicia - I always use my ATM card and just get money out of one of the many many Bancomat machines. I'm retired and also "limited funds", but I consider the transaction fees just part of the trip. I haven't used travelers checks in many many years. Depending on who you bank with the ATM fess will vary a little bit. I NEVER get cash with a credit card (cash advance) the rates are huge for cash advance. Be sure to tell you bank or credit union or ??? that you are going to be using your card in another country. I also carry a credit card just for emergencies, but haven't had to use it overseas for many years.
Happy Travels. PS - I carry my ATM card, my credit card, passport, and my money in my money belt at all times (as recommended by "Uncle Rick".)

Thank you ladies! This is my very first time traveling out of the U.S. Now I will get a money belt!

Alicia, I use a "neck wallet" and find it easier (being a woman) it's a flat pocket on a slim rope around my neck and it goes under my blouse. You can get this at your local luggage shop. Make sure you buy a "granny" coin purse, as any amount under 5euro will be in coin form, and you will have lots of coins. I put my coins, and enough euro
to get me through the day in the coin purse, and carry my larger amounts of money and credit cards in the neck wallet. Make sure you call your bank associated with your debit card to tell the (and credit card co's) that you are going to be using the cards in Italy so they don't shut them off on you while you're traveling! Better do this first thing Monday. No one takes Travelers Checks any more, and only hotels and large businesses take Am Ex either -- so hope you have a Visa or MC.

Alnicia, be sure to check out the Travel Tips on this page (upper left, under Rick Steves' photo). It's loaded with helpful information including a link on money. It will tell you that traveler's checks are dinosaurs and have been for many years.

Just as a point of interest, when in Italy in May I saw signs posted on bank doors/windows in Florence and another city saying NO Travelers Checks. How much money you take or have available also depends on how much your tour covers. Take a look to see how many meals are covered and how many you will need to pay for yourself. Also look to see if tips are covered (they are in Rick Steves' tours, but are expected with other tour companies) and if there are any side or optional trips you will need to pay for.

Donna was spot on.I also make copies of my passport and of my TWO credit cards. Keep the two cards seperate. One as a back up in case one gets lost or stolen. Keep the backup with your copies. Therefore the Card phone numbers can be called if the one gets stolen. You probably should contact your credit card company as soon as you make any type of tranasction even here from the US such as hotel or tour as they may not let it go through.

On a trip last year I escorted an older group member to a bank so she could cash some Travelers Checks (she was uncomfortable going alone). She stood in line for 40 minutes inside the bank at the one open teller's window. I waited - more or less patiently. That's 40 minutes of my holiday travel time I'll never get back. On the walk back to the hotel I extolled the virtues of bringing and using an ATM card. I think the message was heard; she apologized profusely for wasting both our time and said a cup of tea and a scone with jam would have been much more enjoyable.

Thanks everyone for your replies!

Forget the Traveler's Cheques and don't take US Dollars to exhange. Use your ATM card. If you use a credit union chances are your CU will not even charge you to use a foreign atm.

I was in Italy almost 10 years ago. I had American Express travel checks in Euro, not dollars, and NO ONE would take them. I had to find a currency exchange and pay a fee to have them cashed or find an open AmeX office to cash them without fees. I have not touched another travel check since. I use ATMs for local currency.

I opened an account at Bank of America just for the trip (bare bones with no monthly fees, believe it or not! Just opt for paperless and never use a teller) They offered a better transaction fee and had more ATMs in Italy than my main bank. That will save you fees as well. Like others recommend, contact your bank to let them know you're traveling, ask them about their fees, don't use your credit card to borrow cash, and shop around if your bank turns out to not be traveler friendly.

Go with ATMs in Italy and look into a Schwab Bank Account. They are the best, no fees, refund any atm transaction fees you incur and they had lower conversion rates compared to bank of America and citi when I called each.

If you use a money belt, remember you cannot wear it through airport security if the whole body scanners are used. I made that mistake once.

If you use a money belt, remember you cannot wear it through airport security if the whole body scanners are used. I made that mistake once.

You all are truly the best. I'm so glad my travel agent recommended this website!

But why doesn't your travel agent know that traveler's checks are useless? The problem with TC is fraud. No one knows what a TC is suppose to look like. The same problem exists with the US $50 bills which is also heavily counterfeited. They are not worthless but suspects.

Hi Frank,
I booked my trip online and the person I dealt who after answering most of my questions, referred me to this great website. I think this was a question that I simply forgot to ask.

You all are truly the best. I'm so glad my travel agent recommended this website! Alnica, What a wise travel agent you have. We spend much time here discussing how out of touch some travel agents are but it looks like you got a wise one. It takes a humble person to know their limits. I'm glad you found us. There's almost always a contributor here who has direct experience with most questions. If nobody had said that travelers cheques are s dinosaur nobody would know. You might mention the dinosaurness the next time you see her/him.