WHET Traveller's cheques?
Andrew Hansen 
When I was a kid and would go on holidays my mom always gave me some traveller's cheques. Even when I was university aged and went to Europe I brought them with me.
They were convenient and safe and in this day and age of scams and frauds you'd think they'd make a comeback.
| by Anonymous | reply 30 | July 13, 2022 1:07 AM |
TRAVELER’S CHECKS
Traveler’s checks are very impressive pieces of paper that are backed by the full faith and credit of actor Karl Malden. They are accepted at thousands of shopping locations around the world, although almost never the location that you personally are shopping in.
Nevertheless, traveler’s checks are very popular with those travelers who have the brains of frozen vegetables. You’ve seen these people in those American Express traveler’s check commercials:
FIRST TRAVELER: Oh no!
SECOND TRAVELER: What’s wrong!
FIRST TRAVELER: I left my wallet unguarded on a café table here in the middle of this squalid, poverty-ridden, crime-infested foreign city, and now it’s GONE!
SECOND TRAVELER: But that’s impossible!
KARL MALDEN (to camera): Hi, I’m Karl Malden.
FIRST TRAVELER: Look! It’s Raymond Burr!
KARL MALDEN: If you lose your American Express traveler’s checks, you can call for an immediate refund.
FIRST TRAVELER: But we don’t even know how to operate a telephone!
SECOND TRAVELER: I don’t even remember which Traveler I am! I think I’m the Second Traveler!
FIRST TRAVELER: No! I’m the Second Traveler!
KARL MALDEN (to camera): American Express traveler’s checks. A lot of people never even figure out how to cash them.
| by Anonymous | reply 1 | July 12, 2022 12:53 AM |
Um, what, R1? Who are those people?
| by Anonymous | reply 2 | July 12, 2022 12:55 AM |
People are leaning home without them now.
| by Anonymous | reply 3 | July 12, 2022 12:57 AM |
So glad that credit cards have completely replaced traveler’s checks. They were always a pain to carry and cash in when you wanted to use them.
| by Anonymous | reply 6 | July 12, 2022 2:46 AM |
It was quite funny, R1. I enjoyed it.
| by Anonymous | reply 7 | July 12, 2022 2:50 AM |
I think the last time I saw them was circa 2005, and even then they seemed to be in decline/almost obsolete.
| by Anonymous | reply 8 | July 12, 2022 3:15 AM |
My mom bought me a traveler's debit card, more convenient!
| by Anonymous | reply 9 | July 12, 2022 9:27 AM |
They have gone the way of cheques in general- cheques are long obsolete and dead around most of the world now
| by Anonymous | reply 10 | July 12, 2022 10:27 AM |
Electronic banking and the internet killed off exchange money services, need to cash personal and travelers cheques. In fact AMEX offices of old such as one located near Garnier Opera in Paris long have since closed IIRC.
In days of snail mail one could have things sent to nearest AMEX office, that's gone. Booking tours and other travel arrangements can now be done online.
Many Western European countries along with good number of Asian are far ahead of United States when it comes to "cashless" society. One can use either credit/charge cards or one's phone to pay for many if not most goods and services. As such need for cash in any form is far less than it was late as say 1990's.
When going overseas nowadays will convert some money into local currency to have on hand for things like tips or other odd situations. Otherwise it's tap or swipe all the way.
| by Anonymous | reply 11 | July 12, 2022 11:40 AM |
R11 is right. We're pretty near cashless right now down under. Cheques were officially discontinued by all the banks here a few years back, and I use my credit card for everything except a couple of small businesses I pay using net banking
| by Anonymous | reply 12 | July 12, 2022 9:28 PM |
It's both simpler and cheaper to use an ATM in whatever country you're in.
One benefit of using a bank like Citibank is that it's much cheaper to use one of their branches in other countries if you have deposits in your home country.
| by Anonymous | reply 14 | July 12, 2022 10:02 PM |
Only use the ATM at a bank when you travel and bring a back up card because if yours gets skimmed, the replacement card gets sent to your home address.
Travelers Checks were being forged back in the 90s.
| by Anonymous | reply 15 | July 12, 2022 10:50 PM |
Are AMEX TCs good forever? I have some from the mid-'80s. Take them to my bank to cash out?
| by Anonymous | reply 16 | July 12, 2022 10:54 PM |
Thank you, r17! Ur a mensch.
| by Anonymous | reply 18 | July 12, 2022 10:58 PM |
I know they're gone forever and that new and better things have taken their place, but I'll always fondly look back on how excited I'd be when my mom would come home with some traveller's cheques for me - I brought them with me on all my school and band trips in the 80s, family holidays, backpacking through Europe and a cross Canada road trip with my friends. Fond memories.
| by Anonymous | reply 19 | July 12, 2022 11:06 PM |
"Travelers Checks were being forged back in the 90s."
IIRC thing about travelers cheques is while yes issuer would give replacements if original were lost or stolen (provided one followed proper procedures), but there was no way to stop payment.
So while person suffering reported loss of TCs and issued refund or replacement, if those checks were used issuer may have to eat loss.
Offsite Link| by Anonymous | reply 20 | July 12, 2022 11:57 PM |
Other downside to TCs is one is locking in an exchange rate at time of purchase.
If you converted USD into Francs, Deutschmarks, Pounds Sterling, Euros or whatever on "X" date, then by "Y" rate was more favorable, tough titties.
Also consider now in days of so many credit or charge cards offering various perks such as points or cash back, it's almost foolish to use cash when on holiday. Paying for hotel and meals alone when on holiday can generate decent amount of points or cash back awards. When you add air fare things get only better.
Expansion of credit allowed more persons to have credit or charge cards than in past. Thus the need for TCs has dropped in response. Back in day having just a Green AMEX was a big deal, but now it is rather common. Our gal who does for us once a week has a gold AMEX, you have to pretty much have a Black or Platinum AMEX nowadays if you want to impress anyone.
Offsite Link| by Anonymous | reply 21 | July 13, 2022 12:06 AM |
Expansion of credit not only killed off TCs but explains why more of the wrong sort people are travelling.
Offsite Link| by Anonymous | reply 22 | July 13, 2022 12:08 AM |
Sounds like travelers checks were basically letters of credit issued by American Express. Is that right?
| by Anonymous | reply 24 | July 13, 2022 12:16 AM |
R24,
Yes, pretty much but with some differences.
From Wiki page...
"Traveller's cheques were first issued on 1 January 1772 by the London Credit Exchange Company for use in 90 European cities,[1] and in 1874, Thomas Cook was issuing "circular notes" that operated in the manner of traveller's cheques.[2]
American Express developed a large-scale international traveller's cheque system in 1891, to supersede the traditional letters of credit.[3] It is still the largest issuer of traveller's cheques today by volume. American Express's introduction of traveller's cheques is traditionally attributed to employee Marcellus Flemming Berry, after company president J. C. Fargo had problems in smaller European cities obtaining funds with a letter of credit."
Also as stated above TCs were honored even if reported lost or stolen. Long as proper procedures were followed by purchaser person who received such a cheque was held harmless.
"They are generally used by people on vacation in foreign countries instead of cash, as many businesses used to accept traveller's cheques as currency. The incentive for merchants and other parties to accept them lies in the fact that as long as the original signature (which the buyer is supposed to place on the cheque in ink as soon as they receive the cheque) and the signature made at the time the cheque is used are the same, the cheque's issuer will unconditionally guarantee payment of the face amount even if the cheque was fraudulently issued, stolen, or lost. This means that a traveller's cheque can never 'bounce' unless the issuer goes bankrupt and out of business. If a traveller's cheque were lost or stolen, it could be replaced by the issuing financial institution."
Offsite Link| by Anonymous | reply 25 | July 13, 2022 12:24 AM |
They went the way of those pens you'd dial your phone with.
| by Anonymous | reply 26 | July 13, 2022 12:27 AM |
More or less R24.
They were money orders that would be cashed/used for payment by travel related businesses (hotels/gas stations) because no one took out of state checks back in the day (or internationally). They were backed by Amex, so no one worried about them bouncing.
Advances in forgery techniques and debit/credit cards made them obsolete. I’m too young to have used them, but I remember my parents doing so in the late 80’s.
| by Anonymous | reply 27 | July 13, 2022 12:27 AM |
For wealthy and or businesses there long was as mentioned letters of credit and other ways to get funds internationally.
In Brideshead Revisited bankers for the Flyte family arrange for Sebastian to obtain money on a regular basis via an account in Tangier where he was living at time.
Lord Marchmain certainly had access to money while living abroad in Venice, Italy, and so it went.
| by Anonymous | reply 28 | July 13, 2022 12:28 AM |
Anyone remotely considering buying traveller's cheques should seriously reconsider. They are not widely accepted today as in past. Often not even issuing bank will take them, nor any others for that matter.
In general the things are often more bother than they are worth nowadays.
Offsite Link| by Anonymous | reply 29 | July 13, 2022 12:31 AM |
R16
Reach out to AMEX's customer service. In theory their TC's do not expire, though if yours were issued in say Francs or any of the other European currencies made redundant by introduction of Euro you may have problems.
Offsite Link| by Anonymous | reply 30 | July 13, 2022 1:07 AM |
