Traveler's checks vs. Cash?

[SeaJae72]

Are traveler's checks becoming obsolete? Or does anyone recommend using them over cash? Please let me know if you have any thoughts either way, pros vs. cons. THANK YOU!!

[Starlaker]

We had heard that traveler's checks were passe and AAA does not issue them anymore. We paid for our tour in SPB with cash so we did not want to be carrying that much with us until then. We got traveler's checks from our bank and then cashed them at the Purser's desk on the ship before we went to SPB. There was no charge either to get them or to cash them in. It worked out well for us.

[stunnedinva]

Are traveler's checks becoming obsolete? Or does anyone recommend using them over cash? Please let me know if you have any thoughts either way, pros vs. cons. THANK YOU!!

 

Generally yes, travelers checks are becoming obsolete. It depends on what you need them for. If you just want to get them to cash on board so you don't have to carry a big wad of cash the whole trip, they'd work well. But I haven't seen stores or vendors accept them for years. ATMs and credit cards have pretty much taken over. I also get a small amount of each country's currency so I don't have to search for an ATM immediately.

[friendship]

I also used travelers checks to get cash for our tour in Russia. I used them also to get cash for other countries. Even though it is not the top rate of exchange it makes me feel good not to have to rush off and fine an ATM. I also found ATMs frustrating as I never knew at the time what exchange rate I was getting. Some weren't that great.

[kylea_s]

In order to cut the amount of cash that we carry, We do 'casino credit gifts' to ourselves. The certifiicate is delivered to our cabin usually before we board. We need to show our cruise card to cash it. You get the cash at the cage in the casino but you can walk right our with it. No need to gamble at all if your not inclined. We cruise Princess usually but I think most cruise lines have an assortment of gifts available. This was really helpful when we were in Italy last year and didnt want to have that much cash to worry about while we toured pre cruise.

[Starlaker]

What a great idea! Thanks for sharing.

[cruisemom42]

As others have said, don't count on using Traveler's checks for anything other than getting cash on board ship or at an exchange.

 

For obtaining cash, ATMs almost always have a more favorable rate of exchange. And it's really no harder to find an ATM than it is to find an exchange desk. As most banks charge per ATM transaction, it's clearly more sensible to withdraw a larger amount rather than several smaller amounts.

 

Credit cards also provide a fairly good exchange rate. Capital One also has one that does not charge a foreign transaction fee (most credit cards have this charge).

[stunnedinva]

As others have said, don't count on using Traveler's checks for anything other than getting cash on board ship or at an exchange.

 

For obtaining cash, ATMs almost always have a more favorable rate of exchange. And it's really no harder to find an ATM than it is to find an exchange desk. As most banks charge per ATM transaction, it's clearly more sensible to withdraw a larger amount rather than several smaller amounts.

 

Credit cards also provide a fairly good exchange rate. Capital One also has one that does not charge a foreign transaction fee (most credit cards have this charge).

 

Good old Capital One! :) I used it for my foreign purchases where otherwise there'd be an exchange-rate charge, and I used another card for my on-board expenses, which are in dollars. I don't know how Capital One does this when the others don't. Probably it'll be the next financial giant we hear is going under! :( I surely hope not!

[whogo]

If $US are the currency of the cruise line, the pursers desk will cash $US travelers checks into $US at no charge. Obtaining foreign currency with the cash will involve a markup, roughly 5% on board ship, or up to 16% in exchange bureaus.

 

ATM's reliably and inexpensively provide foreign currency. For a comparison of rates offered by different issuers see: http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

 

You do not want to spend your vacation time shopping for low cost places to convert traveler's checks into foreign currency.