Are they <u>US dollar</u> travelers checks? If so, yes, definitely just deposit them in your checking account and access the funds in Europe using your ATM/debit card.

But -- if they are € or £ travelers checks -- then DO NOT deposit them. You will lose big time on the 'buy' exchange rate. Take them to Europe and use them. It will be inconvenient and you'll lose a bit on fees --but that would be better than cashing them in the US

"Take them to Europe and use them."

Where?

Take them to a european bank and cash them.

"<i>"Take them to Europe and use them."

Where?</i>"

I should have said take them to Europe and cash them. Like I said it will be inconvenient and there will be fees -- but it will be less expensive than cashing £/€ TCs in the States. Some (many actually) banks do take them but often only at one window and w/ high fees. Not every bank does --but cashing them and being done w/ it is best. But if it is a lot of money there is also the security issue of carrying a lot of cash around.

No issue if they are <B>US$</B> TC's - just deposit them.

Tomboy, woaw! Everyone knows the chandler is right next to the ironmonger.
TC's are now off my list. Thanks all.

I didn't know the chandler is next to the ironmonger, is it next to a cooper? Excuse me while I cash some TC's. We haven't used travelers checks since the early 90's when we discovered atms

When I used TC (denominated in pounds) a couple of years ago for my trip to London, I went to one of the banks listed on the Amex website and cashed them in for no fees at all. So, yes if you have TC's denominated in pounds, wait until you are there to cash them in (and check with your hotel, some will still take them, and if they are denominated in pounds, you won't have to worry about the exchange rate)

On the more general topic, I have to say my experience suggests that TC still have some utility (albeit limited). If you have a limited variety of ways to pay for things (i.e one or 2 bank accounts, no CC), then having some TC provides some security, just in case.

If you are considering it, you need to do the following:

1) Get TC denominated in the local currency

2) Make sure that there are Amex locations that are easily accessible to where you are visiting. Also, confirm that there isn't a commission charged to cash them at these locations. There wasn't in London, however I am sure that are places where they would.

3. Do your homework on where to buy them. How much the mark-up is varies quite a bit,judging by the comments here. I paid about 3 percent above the interbank rate. No service charge due to my having an account with that bank. So, given that even through an ATM you would pay a 1 percent markup, the cost was about 2 percent.

4. Understand the limitations, ie. they are not going to be used for purchases of any kind, unless your hotel is ok with it, which obviously you can find out before you buy them. They merely provide security against the possibility that your primary method of accessing cash is unavailable.

5. If don't you end up needing them, you still need to cash them as some point, otherwise you will get burned trying to convert the money back into your own currency. Paying cash for you hotel is probably the simplest solution.

Having said all the above, I didn't use them last year in Italy and won't be purchasing any this year. (I added a bank account with a low (flat $3 per transaction) charge for overseas withdrawals, and broke down and got a credit card for emergencies.

PS Completely off-topic, but... less than 6 weeks until I leave for Vienna. :D

I still think that having an extra ATM card, extra credit cards, maybe a $100 bill stuffed into suitcase would be more economical than TCs.

If you were in the US and bought TCs denominated in euros, you would get dinged. You don't use them, get back to US can cash them, you get dinged again...both times on exchange rates.

Face it - the world has moved on. Global finance is digital - and you're trying to use a rotary phone instead of a cell.

Some apartment owners (and maybe B&B owners, too, per above comments) will take travelers checks for deposits. But in those cases you'd be sending them in advance and they'd probably take a personal check anyway.

To reduce or eliminate ATM fees, check if your bank has any overseas affiliations, such as Bank of America and BNP Paribas.

Alas, the Harris Bank in Chicago has no affiliation in Europe. Bank of America does but I don't have time to open a new acct as I'm leaving in 10 days :D

Happy Vienna, glenmd. Pity the poor person who doesn't know the joy of travel. Sometimes, the planning is as much fun as the going.

It takes more than 10 days to open a new account?

Well, from what I hear, you're better off without the B of A.

I actually used to LIKE TCs purchased in Euro (when you cash them in Europe there is NO conversion charge, they take them at face value). Recently I went to AAA here to buy some to mail for a large apartment deposit and was surprised they no longer sell them at all! Nor does my bank (BofA) handle TCs in Euro. I finally found a place that does sell them -- but when I figured out the actual rate plus the fee -- it was a whopping 19% over the current XE exchange rate!

It is certainly true that most stores and restaurants in Europe want nothing to do with TCs, but you can exchange them at banks. The real issue is that the exchange rate is rarely if ever even close to that of an ATM withdrawal.

Have you gone in person to a Bank of America branch and spoken to the manager? I think the personal approach always works.

NeoPatrick,

Look into electronic transfers with xe.com.

no, there are many banks in Europe that absolutely will not exchange travelers checks for tourists. In fact, I think it is hard to find one that will nowadays. I have been in some cities when I was looking and could not find a single bank that would (such as in Poland). I sometimes cash a few in Paris as I know where to go (which is not a bank, but a currency exchange inside a travel office) to get very good rates, but as I recall, it wasn't easy to find a bank to cash them there many years ago, let alone now.

travelerjan, were you asking me about speaking to the BofA branch manager? Yes, I have. But the manager can't make euro TCs appear out of nowhere when BofA simply doesn't offer them!

As a matter of fact I did look at both PayPal and xe.com transfers, and ended up doing a personal check written in Euros prepared by my BofA bank manager, which I then mailed. All it all it seemed to be the best solution.

The last time I used TCs was in London in the mid-90s. By accident, I found that Harrod's had a service window in the basement where they would cash all I had for a single low fee. I got them all cashed and have never bought any since.