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What are the Advantages of Travelers Checks?

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  • Written By: Malcolm Tatum
  • Edited By: Bronwyn Harris
  • Last Modified Date: 05 November 2016
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Travelers checks are financial drafts that are issued by banks and selected other financial institutions. While debit cards and similar options are often used today by many people who travel for work or pleasure, the travelers check is very much alive and well. In fact, there are a few advantages to travelers checks that make them the best option in many situations. Here are a few examples.

One of the most important benefits of using travelers checks is that it is virtually impossible to use a stolen travelers check. This is because the checks are signed at the time of purchase, and then must be countersigned when they are redeemed with a vendor or bank. Since the likelihood that it would be possible to replicate the original signature without hesitation, thieves do not find the checks as attractive as credit or debit cards.

Travelers checks can also allow the international traveler to take advantage of attractive rates of exchange. This is because many services will issue the checks in any currency desired. By investigating the current foreign exchange rates, it is possible to purchase the checks in a relevant currency and lock in an attractive rate that will not change at any time during the trip, regardless of what shifts occur in the valued rate for the currency.

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Replacing a lost or stolen travelers check is also much easier than replacing most credit and debit cards. All that is required is contacting a local service provider or bank and report the stolen or lost check numbers. The numbers are immediately canceled and replacement checks issued. It is not unusual for the traveler to have new checks in twenty four hours or less.

One other advantage to travelers checks is that they make it possible for two people to combine their funds into one set of checks. This makes it possible for couples traveling together to simplify paying various types of travel expenses by combining their travel money in the form of the checks. While not an ideal option for everyone, this can be an excellent strategy when there is a need to control the spending of one or both of the travelers.

In most cases, travelers checks are offered by various institutions for a modest fee. Providers also usually supply the purchaser with contact information in the event there are any questions or concerns that come to mind at a later date. It is also not unusual for providers to supply travelers with information about offices and contacts in any countries included in the travel itinerary.

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summing
Post 3

Can someone tell me where to buy travelers checks? Is there only one company that offers them are are there multiple? If there are many, what is the best one?

clippers
Post 2

@nextcorrea - I could not agree more. About ten years ago I was mugged while I was on a trip to Europe. I was stupidly carrying all of the money that I had as well as all of my credit cards. I know, oldest mistake in the book but I made it. So there I was, thousands of miles from home without a cent to my name.

I was able to get some money wired to me but it was a long and tricky process. I ended up wasting about two days of my vacation all because I did not take the simple step of getting travelers checks. That was a mistake I only made once.

nextcorrea
Post 1

I always get traveler's checks when I travel. It doesn't matter if it is foreign or domestic travel. You never know when there will be an accident or you will be the victim of a crime and left with no money far from home.

I know that some people think they are inconvenient to use but that has never been my experience. They are accepted almost everywhere and if you need to get them replaced it is usually easy to find an office that will do it for you. And you really can't put too high a price on the peace of mind that they provide. It helps you stop worrying and enjoy your trip.

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