The Lowdown On Travellers Cheques for Your Currency Needs

The Lowdown On Travellers Cheques for Your Currency Needs

Traveller’s Cheques are still on the market and provide one of the most traditional mode of local currency for trips to almost anywhere in the world. Some people rely on traveller’s cheques for their security, lose one or all of your cheques and the issuer can replace them easily. Lose cash, and it’s gone forever!

How do Traveller’s Cheques work?

Traveller’s cheques look like large bank cheques. The customer orders the desired amount. They are then issued their special booklet, and must sign each cheque then and there. Then, when they need to either use a cheque to make a payment or wish to exchange one (or a few) cheques for cash, they provide ID and provide a signature to prove that they are the owner of them.

Where can you Use them?

You can use traveller’s cheques at many banks, hotels, foreign exchange bureaus and even some shops in countries all over the world. The majority of people take their cheques in GBP (pounds sterling), euros or USD (US dollars). They save you sending money or carrying currency, for instance if you were looking for the best way to transfer money to Germany, you may not have to actually transfer cash by simply taking the amount you need in traveller cheques.

Note that some countries refuse traveller’s cheques or have a very limited acceptance level for them – meaning that some banks can exchange them but at a poor rate, and might charge extra fees. Please check this in advance to save yourself money and time.

Can I order Traveller’s Cheques on the Internet?

Gone are the days when you would have to visit your nearest high street travel agent or bureau de change to get traveller’s cheques. You can now order your cheques online and either delivered to your door – or you can arrange to pick them up at a designated branch.

What are the Fees?

Today, online travel money companies rarely charge commission, so when you buy your traveller’s cheques you are only buying the currency itself no extras. Depending on what time you order next day delivery, you might incur a small delivery charge (check this when you order).

Are there any Drawbacks to Traveller’s Cheques?

Traveller’s cheques are great for their security factor lose them or have them stolen and, no matter where you are in the world, you can have them reissued. However, local exchange offices or banks might charge a poor exchange rate and might even add fees and/or commission on top. This is one major disadvantage. Another setback to traveller’s cheques is that they may have very low acceptance in your destination check this in advance.