Travelers' Checks in Germany

Last time I used a Traveler' Check was in Germany in 2000. I had to go to a bank to cash them. One bank in a small town charged me about 3% (exch rate plus fees). In a resort town it was 6%. During the trip I saw an ATM. I wondered if the ATM card I had with me worked. It did. I haven't used a Travelers' Check since.

Use ATMs. They are abundant in Europe. Some banks have 0% interest and fees with at least some accounts. Some small banks without foreign currency ops will charge you around 1%. Most major banks, like Chase, will charge you 3%.

I usually take along some Travelers's Checks for immergencies, but cash them back in when I come home.

Be sure to notify your bank that you will be using your ATM card in Europe, or when they see a transaction from over there, they might think your card number has been stolen and block your card.

IF you find a place to cash them (a very big IF) you will pay very high fees for doing so. You may not even get face value for them. Use credit cards for large purchases and get cash from ATMs.

I was in France a couple of years ago and wanted to cash some traveler's checks...finally found one bank that would cash two fifty dollar checks but not a one hundred dollar check.

Do not waste your time with them...what was good years ago is not acceptable now....the ones I left when I returned, I cashed at my bank where I purchased them...

Debit cards or credit cards are best....be sure to notify your card issurer that you will be using them out of the country...otherwise they may be frozen...

And there may be a daily limit on cash withdrawals, as opposed to purchases.

ATM debit ito a checking acct is the way to go now. if you can find a bank that will xchg TC the fee will knock your socks off. my friend was charged 12 percent to xchg her TC about 4 yrs ago in France. ugh!

Judy,

You might suggest to your relative that she forget the idea of using Traveller's Cheques. They're an outdated relic of an earlier time, and as the others have suggested she'll likely have trouble even cashing them. Most Hotels and restaurants won't accept T.C's, and if they do they'll charge a high fee. I agree with Rick on this point - "I've cashed my last Traveller's Cheque".

Using an ATM card is by far the best method. Note that your travel funds usually must be in a chequing account with a four-number PIN. I find that it's a good idea to carry a "backup" ATM card, in case there are any "temporary issues" with the primary card (which happened to me last year). At least one credit card is a good idea also.

Happy travels!

Only banks would cash you travelers cheques and probably only for a handling charge. That's an anachronistic form of payment. Use debit cards, credit cards or get one of those pre-paid credit cards from mastercard or visa that work like a credit card but that you must charge prior to using them. In that case if lost or stolen you only lose what's on the card - if anything - just like with a travelers cheque.

As an update, good luck finding a bank that will accept Travelers Checks in Germany. Just had a friend arrive not long ago with some and we went from bank to bank to bank with no luck at all. Even the Post bank won't take them. The only place that will take them in Germany are the Money Exchange places at the airport and big train stations. This will cost a lot in fees and the exhange rate is awful.

Andreas, last time I checked on a prepaid card their exchange rates or fees were very high. Do you know if you can buy a preloaded Eurocard (with chip) in Germany using an American credit or debit card?

Some people, particularly older people, are afraid of ATMs and debit cards. If this is the case, have her open a separate travel account. This may ease her fears of losing all her money. Then, have her practice using the ATM stateside.

Thank you everyone who weighed in on my question! Problem has been solved! Judy

Glad to hear it Judy. Last time I used traveler's cheques (1999), it took 2 months before I found and Amex office open when I was near it.

Lee, you don't need a credit or debit card with chip in Germany. Neither are PINs required for credit cards (but they are for debit cards). I know that at Wirecardbank (but I'm sure there must be other like that, too) you can upload money from a checkings account to a prepaid credit card (mastercard) at a very small fee. You cannot transfer money from a credit card but you can upload from a checkings account.