Patrick, I always get them in US$ at AAA. I am well aware of not getting them in foreign currency as we have seen on these boards. I agree with you the airport is the worst place to exchange them. I have always exchanged them at banks which have given me better rates than exchange booths on the street. In Feb I got 53 pounds for 100 dollars in London and 75 Euros for 100 dollars in Rome. In Nov 03 it was 57 pounds and 83 Euros (Berlin). Maybe I could get better rates with a CC or ATM. But, I have never had a problem cashing them at banks anywhere I have gone in Europe.
xyz123, that is why I don't ever keep my TC's in my wallet. And as Bob Brown states TC's can still be useful.

Another reason. I am having a wedding in Italy and the photographer wants to be paid in cash the day of the wedding. I can tell you that my ATM will not let me withdraw that much money, so I plan to take the funds in travelers checks and either ask him to take those or go cash them at the bank. I sure don't want to pay ahead of time in case he is a no-show.