Travel Check Buying Guide For North Americans

Traveler's checks are paper documents that can be exchanged for local currency or used to buy goods and services abroad. They are typically used by people traveling to foreign countries and are purchased for set amounts. Traveler's checks have unique serial numbers, making them replaceable if lost or stolen. They are similar to regular checks and have a dual signature system to prevent anyone other than the purchaser from using them. While traveler's checks were once popular, they have now been largely replaced by credit and debit cards. However, they can still be purchased from companies like American Express and Visa, or from local AAA offices and some banks.

Where to buy travel cheques in North America

Travel cheques are no longer issued by American Express, Visa, and AAA, so they cannot be purchased. However, they can still be redeemed in several ways.

If you are in North America and looking to purchase travel cheques, you may want to consider alternatives such as credit cards, prepaid cards, and mobile wallets. These options may offer more convenience and flexibility for your trip.

Banks and Credit Unions

Some banks and credit unions in North America may still offer travel cheques to their customers. It is recommended to contact your financial institution to inquire about their specific offerings.

Online Purchase

American Express offers the option to buy travel cheques online through their website. However, you will need to register for an account before making a purchase.

Visa and Citibank Locations

Visa offers travel cheques at Citibank locations across North America, as well as at several other banks. You can visit a nearby Citibank branch or a Visa-affiliated bank to inquire about purchasing travel cheques.

EBay

You can also explore the option of purchasing travel cheques on eBay. The platform offers a range of North American cheques, including specimen cheques and vintage cheques from various historical periods.

It is important to note that the availability of travel cheques may vary, and some institutions may have transitioned to offering prepaid cards instead of paper cheques. It is always a good idea to contact the institution or visit their website to confirm the availability of travel cheques before making a special trip.

How to use travel cheques

Travel cheques are a secure way of carrying money while travelling. They are paper documents that can be exchanged for local currency or used to buy goods and services. They are available in set denominations, such as $20 or $50, and several currencies, including US dollars, Canadian dollars, pounds sterling, Japanese yen, Chinese yuan and euros.

• Purchase travel cheques: You can buy travel cheques from some banks, credit unions, travel-related service organisations, or companies like Visa and AAA. They often come with a purchase fee.
• Sign the cheques: When you buy travel cheques, you will be asked to sign each cheque. If not, sign them as soon as possible.
• Keep the cheques secure: Treat the cheques like cash and keep them tucked away and hidden.
• Record the serial numbers: Keep a record of the serial numbers of your cheques in a safe place.
• Redeem the cheques: When you want to use a travel cheque, you will need to sign it again in front of the merchant or acceptor. They will compare the signature with the original signature to ensure they match.
• Provide identification: You may be asked to show a valid photo ID, such as a passport, driver's license, or government-issued ID.
• Exchange for local currency: You can exchange your travel cheques for local currency at financial institutions, hotels, resorts, currency traders, or foreign exchange partners.
• Deposit with your bank: You may be able to deposit your travel cheques into your bank account, but confirm with your bank beforehand as fees may apply.

It is important to note that travel cheques are not as commonly accepted as they used to be, and you may encounter difficulties in finding places that accept them. Credit cards, debit cards, and prepaid cards have largely replaced travel cheques as a more convenient and flexible alternative.

What to do if your travel cheques are lost or stolen

If your travel cheques are lost or stolen, you should take immediate action to protect yourself and try to recover the funds. Here's what to do:

• Contact the issuer immediately: Report the loss or theft to the issuer of your travel cheques, such as American Express, Visa, or AAA. They will have a customer service hotline that you can call to begin the claims process. Have the serial numbers of your cheques on hand, as well as any other relevant information.
• Provide necessary documentation: The issuer will likely require you to submit various documents to support your claim. These may include a valid photo ID (such as a passport, driver's license, or government-issued ID), a copy of the voided traveller's cheque(s), and possibly other forms or documents. Gather and submit these documents as soon as possible to expedite the process.
• Upload or send documents: Depending on the issuer, you may be able to upload your documents through an online portal or mobile app. If this option is not available, you may need to send hard copies of your documents by mail to the issuer's designated address.
• Be aware of terms and conditions: Refund or replacement of lost or stolen travel cheques is typically subject to certain terms and conditions. Make sure to review these carefully, as they may include important requirements or restrictions related to identification, proof of purchase, and other factors.
• Consider additional security measures: To protect yourself from further loss or theft, review your financial accounts and update passwords and security settings as needed. Also, consider placing a fraud alert on your credit files and monitoring your credit reports for any suspicious activity.

Remember, it's important to act quickly and provide as much information as possible when reporting lost or stolen travel cheques. This will help ensure a smoother and faster resolution to your situation.

Pros and cons of using travel cheques

Pros of using travel cheques:

• They are easy to cancel or replace if they are lost or stolen.
• They are indirectly accepted everywhere, as they can be converted into local currency.
• They may carry lower fees than credit cards.
• They are easy to carry.
• They typically don't expire.
• They can be purchased at some banks, credit unions, and travel-related service organizations.

Cons of using travel cheques:

• They are not accepted everywhere, and you may need to queue at a local bank or bureau de change to exchange them.
• It can be challenging to keep track of all the serial numbers in case they need to be replaced.
• They carry less competitive exchange rates than credit cards.
• They might be harder to find.
• There may be fees to use them.

Alternatives to travel cheques

Although travel cheques were once the standard way to carry money when travelling internationally, they are now rarely used. Travel guru Rick Steves points out that they are costly and cumbersome, and cashing them can be a hassle. Here are some alternative options for travellers:

• Credit cards: These are the best choice for big purchases such as airline tickets, train tickets, or a rental car. Some cards provide valuable services such as free rental car insurance, and many card issuers give reward points or other perks for purchases made on the card. However, be sure to understand your bank's international transaction fees.
• Debit cards: These are a good option when visiting a country that generally favours cash transactions. You can use a debit card at an ATM to withdraw cash once you've reached your destination, which may be safer than bringing cash and exchanging it for local currency. Check your bank's transaction fees before travelling.
• Prepaid travel cards: These are the most direct replacement for traveller's cheques. You can load a designated amount of money onto the card and then use it as a debit or credit card. Most cards are reloadable with cash or through a link to your bank account. Some cards provide perks such as card replacement and zero liability in the event of theft, but many also have hefty fees.
• Cash: Vendors generally prefer cash, and some refuse to accept cards at all. Carrying cash allows you to haggle at street markets and request discounts at shops. However, carrying large amounts of cash can be risky, and it's best to use local currency whenever possible.
• Mobile wallets: These are a convenient way to make quick and easy payments using your phone or other mobile devices when travelling. Mobile wallets typically use advanced technology that prevents your actual account numbers from being stored in the wallet.

Frequently asked questions