Hi all,<BR><BR>perhaps this may seem silly, but I've never used traveler's checks before and I was wondering how exactly they work. I'll be in Italy and I'm taking $300 in Euro Traveler's checks so I have in case of emergency. I was told I can just hand them over in stores and they will give me change in regular euros. Is that true? Even in a bar, or does it have to be for larger or more selective stores and purchases?<BR><BR>Also where is the best place to exchange them if necessary, the bank? Will I be charged a fee?

Gabriela- I haven't used traveler's checks for many years now. Compared to ATM's and credit cards they expensive and a hassle to use. In short, don't bother with them, they are obsolete.

Gabriela,<BR><BR>This topic has been discussed many, many times on this board. <BR><BR>Do a search and just put "traveler's checks" in the heading. You will get more information than you can use.<BR><BR>Now, the consensus on this board has been not to waste your time with traveler's checks. Most places no longer take them.<BR><BR>Richard

Hi <BR>I prefer to take just a couple of emergency TC's as well, but I get them in my home currency (dollars). <BR>If I don't use them I just redeposit them into my account back at home and don't have to pay any additional fees.<BR><BR>You may find that you may incur an additional fee for cashing TC's in Europe, even though the checks are in the local currency. At least that's what I encountered years ago when I took TCs in francs and tried to cash them in local banks in France.<BR><BR>If you're only going to use them for emergencies, I wouldn't worry much, but you may not be able to cash them in small shops.<BR><BR>Perhaps someone who has used TCs in Euros can comment more specifically.

I used them in France just recently, I had no problems at all. I tend to purchase T/C in Euros because you don't have to deal with conversion rates. You can also change them at most hotels. They maybe a thing of the past but I still like to carry some with me for an emergency.

I haven't used them in Italy, but generally, you cash them at a bank or commercial exchange bureau (called bureau de change, cambio, kantor, etc). Because I haven't used them in Italy, I don't know customary practice there, but in other countries, banks do not usually give the best rate because that isn't their main business and they are not always competitive; sometimes they do, though. Exchange bureaus in airports and the top tourist sites usually give worst rates. Because you are taking them in Euros (which I think is not the best choice, but you have them, I guess), you won't have to figure out the conversion rate and can just compare the fee directly because, in my experience, you do usually have to pay a fee to exchange them when they are in Euros--at least at exchange bureaux because they are not running a charity; if you get a service, you have to pay for it. I imagine banks have a fee to exchange them also, but all of these fees you can find out if you need to, they will be posted. The fees I've seen are probably about 1-2 pct of the value, as I recall (to exchange Euro TCs for local cash), but I'm not positive. I do think the absolute best place to cash them once you have them in a foreign currency is the office of the kind of check they are (AmEx, Thomas Cook, etc)--then, I don't think you pay any fee at all. So you might want to make note of where the AmEx (or whatever) office is where you are going. Those offices are only in big cities or major tourist cities.<BR><BR>I suppose some expensive stores will just take them and give you local change, but certainly that will not happen everywhere, and I can't imagine many bars will let you use them; any place that takes them probably will have a minimum purchase. If they are just for emergency, I wouldn't use them in a store. If you do intend to use them, be sure to ask if they accept them BEFORE you sign them, including what form of ID they require, because once you sign them, if they don't take them, they are (theoretically) invalid as the recipient is supposed to witness the signing.

Thank you all very much. After reading your advice I decided to get them in USD just so that if I don't use them, I can just deposit them in my account back home.