remdog99

Can anyone tell me if it Travellers Checks are as widely accepted in Italy as they are in USA? Our CAD dollar is strong right now and I'd like to lock in the great rate by buying Euros now, but need to know if I need to buy cash, or if Traveller's Checks will be a ok. thx

alihutch

I've never seen them used in Italy.

KayF

I wouldn't advise taking travellers cheques anywhere any more. They are not widely accepted in other countries as they are in the USA. We took travellers cheques to Italy about 10 years ago and had awful trouble cashing them. Shops and restaurants just looked at us as if we were mad, they didn't even know what they were in some places. We had to find a bank that was open, queue up with everyone else and even then, they would only exchange 2 at a time.

Get money out of the ATM when you arrive. It's the easiest way and you will get the best exchange rate. Don't get the cash now if you will have to carry it all with you - if it's lost/stolen it's gone for good.

Kay

P_M

They are hardly accepted at all, even in €'s. You will probably have to cash them at a bank and the bank will charge fees to do that. I strongly agree with the advice to use the ATM. Traveler's cheques are a thing of the past.

alihutch

In Europe travellers cheques have only ever been exchanged in banks, and no-one bothers now as they use ATMs.

janisj

"<i>I'd like to lock in the great rate by buying Euros now, but need to know if I need to buy cash, or if Traveller's Checks will be a ok. thx</i>"

Lock in a good rate? How do you propose to do that? Even IF the euro goes up, you'll have spent more on fees fees than you'd save on the exchange rate. And IF the euro goes down -- you'll have wasted even more money.

Travelers checks are a horrible choice -- and buying up a lot of currency in advance is just as bad.

StCirq

No, complete waste of time except as a dire emergency backup. Travelers' checks are a dinosaur. No one will accept them as payment, and if you can manage to find a bank to exchange them for you you'll pay ridiculous fees to do so. Take an ATM card and withdraw cash as necessary. Use a credit or debit card to pay for things you don't want to pay for in cash.

Christina

It is simply not true that in Europe all travelers checks are only exchanged at banks. This is so wrong I can't believe someone says that. I have only tried to cash them in a bank once many years ago in France. They did it, but charged more than private exchange bureaux. As a matter of fact, I hve used them as backup periodically, as recent as last year (in France), and know where to get decent rates in Paris. I hve cashed them in the UK, Czech Republic and France in exchange bureaux, they used to be very common but they certainly still exist, as I see them (and used once just a few months ago). I used to cash them in Selfridges in London, also. Not to mention the AMEX office cashes them, of course.

Having said that (it is completely false that you can only exchange them in banks in Europe, in fact banks are often the worst place and give the worst rates), I have heard that Italy is one of the worst countries in Europe in trying to use them.

glenmd

Generally speaking, the other posters are correct. However, just to play devil's advocate:

I used traveler's cheques to pay for my hotel last year (in London). I don't carry a credit card, and pulling that much cash out of an ATM seemed unwise. I paid 1% charge on buying the TC (and the exchange rate seemed fine), and paid no fee at the hotel for using them. Also, because it was my first trip overseas, I was a little nervous, particularly since I was traveling alone. So, I bought a couple of hundred pounds worth of TC beyond the cost of the hotel. In the second week, when my fears proved groundless, I went to an bank that dealt with AMEX and cashed them, again with no fee. So, they can be used as a emergency reserve with minimal cost, particular since most financial institutions do charge for overseas withdrawals from ATM's.

Having said that, using them for day-to-day activities is not going to work.

Also, the euro has been declining vs the CAN $ (and other currencies) for months (it would cost me $.20 less to buy a euro now than it would have in November), and there is no particular reason to believe that is going to change anytime soon.

Surfergirl

I'm seeing that TCs are no longer being accepted in many stores in the U.S. these days -- nor bank checks. Just credit cards and cash. Just 2 weeks ago, we were up in Sacramento in Old Town, and I saw a sign that expressly stated neither checks nor TCs were acceptable.

kybourbon

>>>and the exchange rate seemed fine<<<

While the exchange rate may have seemed fine, it's very unlikely it was the rate you would get using an ATM. TC's are marked up when you purchase and again when you exchange.

>>>I went to an bank that dealt with AMEX and cashed them, again with no fee.<<
>>>and paid no fee at the hotel for using them<<<

Hotels give especially lousy exchange rates.

You cashed them without a stated fee, but you don't state the exchange rate variance so the statement means nothing. If you go to the bank and get TC's today (actual current rate is 1.36) the bank will likely sell you those TC's at an exchange rate of about 1.46 (usual markup is 7-10%). When you cash them, the exchange will once again be in favor of the bank.

1000€ bought at the rate of 1.36 = $1360.
1000€ bought at the rate of 1.46 = $1460.

It would cost you $100 to buy and likely another $100 to cash plus the 1% you paid. It's very likely you paid as much as a 20% fee altogether even though it wasn't stated as a fee.

As for TC's in Euro, I traveled with someone that got TC's in Euro years ago. No one would take them. Even places that took TC's in USD would not take his euro TC's.

janisj

"<i> . . . pulling that much cash out of an ATM seemed unwise.</i>"

Why? Did you have a specific fear/concern? Leaving the $$$/£££ inside that ATM machine until needed makes more sense IMHO than carrying a lot of cash or TC's. Seems the safest/most convenient way all around.

glenmd

First off, why would the exchange rate have anything to do with the costs of redeeming TC's? I bought TC denominated in pounds, and cashed them into pounds. A 50 pound TC became, shockingly, 50 pounds cash. No fee, no exchange rate.

Second, after my trip to London, I looked at what the exchange rate was when I bought the TC and when I pulled money out of ATM's, compared to the rate it was trading at in currency markets at the relevant time. One option didn't seem any better than the other.

But again, this is a digression. I no idea what the situation in Italy specifically is (and am not taking TC with me this time, hotel stays are shorter since I am moving around, and none of the hotels this time mention TC as an option for paying)

janisj: I don't particularly want to carry around roughly $1300 CAN in cash, even for a short time, when the risk can be completely eliminated for about $13. Not to mention the possibility, however unlikely, of card malfunction.

janisj

"<i>First off, why would the exchange rate have anything to do with the costs of redeeming TC's? I bought TC denominated in pounds, and cashed them into pounds. A 50 pound TC became, shockingly, 50 pounds cash. No fee, no exchange rate.</i>"

But you most likely paid an inflated rate to <u>buy</u> those TC's in the first place. I know of no financial institution that eats the cost of the currency exchange.

janisj

oops . . . >>I know of no financial institution that eats the cost of the currency exchange either w/ fees or the exchange rate -- or often both.

Ann1

I agree with not taking TCs. So many places don't take them it isn't worth bothering. I can't remember the last time we had TCs Also...if anyone depends on their American Express cc, don't. A lot of places are turning them down now, too. Too expensive. I've gotten to the point of not even asking anymore. Even if they have the sticker in the window, they will still turn them down. I didn't say everywhere....I said a lot of places.