Travelers cheques vs cash

Hi Tena,

Rick Steves has said "I have cashed my last Travelers Cheque," and with good reason. You have no real advantage taking a travelers cheque when you can just pay with a credit card in a store, and use any atm to withdraw cash when you want it at a reasonable rate.

If you take the cheques in American funds, you can have a hard time getting a good exchange rate. If you take the cheques in pounds, you may over-buy and then you will lose on the exchange rate when you buy the pounds, and then again when you sell the excess at the end of your trip.

Just make sure you call your bank and your credit card company to let them know when you will be in Northern Ireland so that they will know the charges are legitimate. If you want to know how much it will cost you in fees to withdraw, you should contact your bank as it may vary depending on your account. Finally, make sure that your debit PIN is 4-digits as European ATMs will not work with 5-digit PINs.

If you wish, take some travelers cheques to use in an emergency, but plan to bring them home unspent. Most businesses in Europe won't accept them. Even banks can be reluctant to cash them--and you won't be happy with the fee you will have to pay.

You're better off getting some pounds in cash before you leave and carry that in your moneybelt, or just bring extra U.S. Cash.

ATM is the way to go for cash. Credit cards for everything else. Just make sure you alert your banks to your trips overseas. If they aren't informed, and see activity in Ireland, they might freeze the card.

Think of it this way. Travelers Checks are now in the same category as Instamatic cameras: once revered but now limited to those still living in the 70's.

I agree with Rick. I have taken my last travelers check. They cost too much and it is too hard to find a place to cash one.

I use ATMs everywhere without problem. I carry $50 in one dollar bills to negotiate with, but seldom use them.

The only reason I could imagine taking travelers checks is if I had a lodging option that would only accept cash or travelers checks. Rather than preorder a large amount of Euros through my bank, I would get travelers checks.

For everything else, a debit card for cash at an ATM works fine.

I know I've purchased travelers checks in the past but it has probably been more than 20 years since I bought my last one.

My mom still insists on taking travelers checks and has to find an open bank so she can cash them to get Euros (very few businesses still accept them). She also packs her Diners Club card (which very few places accept). I suspect it's her technique to get other people to pay for her meals (Let me get the check. Do you take Diner's Club? No? Do you take travelers checks? No? Oh dear, that's all I have.) If pressed, she probably has more than enough Euros (and another credit card) stashed away to cover the tab. LOL

Travellers checks,, what are travellers checks,, ok, just teasing.
Tena, just take 100 pounds or so to get you started and then visit ATMs and use your debit card. I use my CC just for hotel bills and fancy smancey dinners ( at least once a trip I spend alot on dinner). The rest of the time I deal with cash..

If you can get the travelers checks for free (my credit union lets me do this) then take some along. You can always cash them in when you get home. In 2003, we had a problem with our debit card and had to use a travelers check. It was not "cost efficient" (debit cards are a lot cheaper to use) but on a week end with no access to a bank, it was better than begging on the street for money (our only other option). I think having 2 debit cards with 2 different banks is a GREAT idea...and that is what I do now. I actually have not taken travelers checks since I set up a second account with a different bank and use 2 debit cards for traveling. (I divide the money between the 2 banks and use both cards)

Good advice. I always take two debit cards and also a couple of my credit cards, as you never know when there might be a problem with one of them being accepted.

You can, remember, also withdraw money from an ATM with a credit card -- as long as you know your PIN for that card. Money withdrawn with a credit card is a cash advance, and subject to interest charges, but if for some reason your debit cards don't work and you urgently need cash, it can be an option.

Your might also be able to get "cash back" if you pay for a purchase with a debit card at a business. For example, Walgreen's here will give you up to $100 cash back when you make a debit card purchase. I've never tried that in Europe, but it should work if the merchant doesn't have a policy against it.

I also dont take travelers checks but do take 300.00 US in my moneybelt just in case.US dollars are good almost anywhere although the rate wont be good.Ive done this for many trips and only used it once at all places on the Ireland tollroad outside of Dublin.

last few trips we had them for security.....it was a nightmare to cash them....

use atm and CC and have cash on hand to start the trip with.

travelers cheques are becoming extinct.