Travelers Checks - Do I get them in US$ or in Lira?
 

Hi Fodors Group, <BR> <BR>This may sound like a stupid question, but, <BR>here goes. We are going to get a few travelers checks to take with us on our trip to Italy as a back-up. Do we get them in Lira at the exchange rate the day we buy them, or in US dollars? Can you use US$ travelers checks in Italy? or do you have to cash them, buy Lira, and then use them? If so, this seems like such a pain that it's not worth taking them, or is this an incorrect assumption? <BR>Any info is greatly appreciated. <BR> <BR>Thanks, <BR>CindyK

I think that the Italian lira was never viewed as one of those "stable" currencies like the mark, franc or pound, and no country has ever been willing to issue travelers' checks in lira. <BR> <BR>The ever-increasing view is that ravelers' checls are worth the trouble to get. but they could provide insurance in ceratin situations. Yes, you might have to cash them and pay the commission or other fee to get lira (or any other currency). But sometimes cash is quite a problem solver. Think of travelers' cheques as a safety net. Plan on bringing them unused. <BR>

I agreed with zzz. Also, if you are planning to use your ATM card at the machine, which by the way, gives the best rates....make sure you notify your bank before you leave the country. My bf forgot to notify his bank about using his ATM/Debit card in italy...he wasn't able to get cash from the ATM even though he has a 4-digit pin, nor he wasn't able to charge his debit card on purchases. While I use the same bank as he does, I was able to use it with prior notification to the bank.

I haven't used them for eight years now. I just take debit or credit cards, with 4-digit PINs, enough cards to be ok if I lose one, and draw cash through ATMs at a better rate than any travellers cheque, or any money changer. <BR> <BR>Ben Haines, London <BR>

Just to clarify a bit more...buy travelers checks in US dollars. When you're in Italy, you can cash them into lire at any bank or exchange place. Usually you have to pay a commission (they take it out of what they give you) or if there's no commission, you may get a worse exchange rate. Banks probably have the lowest commission and best rates. <BR>Like others have said, ATM cards are the easiest way to get lire in Italy. You use them just like you do at home but they give you lire instead of dollars. Sometimes there's an additional charge to your account of maybe up to $5 per withdrawal. Take 2 different ones, just incase.

Just to add a little more fuel to the fire. We have had nothing but trouble with travelers checks. If you can get them for free here in the US then for peace of mind I guess you could bring a few (in US dollars). Otherwise bring two diferrent brand credit cards and use ATM's. <BR> <BR>1. Call your bank to find out how much they charge for each use, any surcharge for foreign withdrawls, (best to get that part in writing!) and let them know when and where you'll be using it. <BR> <BR>2. Keep in mind also that almost all cc companies will start charging you intrest the minute you make the cash withdrawl. If you're balance is zero before you leave and you're like me and hate paying intrest charges you may want send them a lump sum BEFORE go so as to actually give your account a credit. We did this and then used that card solely for cash advances and a different card for purchases. That way the cash amounts were simply deducted form our credit and we avoided the intrest... <BR> <BR>3. From what I've heard more and more people are having success with debit cards that have a VISA logo, etc. on them. The per use charges for these cards are often smaller or nonexistant and the money simply comes from your savings or checking, whichever you have designated. <BR> <BR>Have a great time in wonderful Italy! Cheers, the turnip

I'm an old fashioned kind of guy . . . <BR> <BR>1. Two Credit / Debit cards - advance notice to the bank on travel plans and dates. (AMEX does not count as one of the cards.) <BR>2. Set up full payment of credit charges from account (prior to long trips) where I typically do not use automatic funds transfer. <BR>3. U.S. Dollar travelers checks - for back up. <BR>4. Currency purchase before departure of local foreign currency from my bank for each country to be visited - typically $100 to $300 depending on country/countries. <BR> <BR> <BR>

Use my bank card (NOT a credit card) to withdraw lire from ATM's in Italy & haven't had any problems. Also bring 2 credit cards & usually about $200 in traveller's checks (AMEX US $$$) as my 'just in case'. <BR> <BR>Still carrying around a $20 traveller's check that didn't use from last trip & will keep it until the next trip to Europe.

Just returned and I had no trouble with ATM anywhere. One lady with traveler's checks and American Express card had to borrow lira from me as no one would exchange for her. Best exchange was from ATM- and banks had the worst plus fees. After next January the lira is going to be gone and using American money was actually encouraged by a few vendors as the exchange was better for them. I'm really glad that I did not take any travelers checks. We exchanged about $200 into Lira at O'Hare and it was better exchange than in Milan. Great meals and wine for very little $$$.

We were in Europe in Oct. (Eng./France/Spain/It) and I took Travelers checks as well as having purchased some of the european money at my local bank. Bank charged 10%for the foreign currency amd I never used the travelers checks. <BR> Just returned from England. Left with 2 credit cards and an ATM card. No T/C's, No U.S. $. All was great. Everytime I looked around I saw an ATM machine. We will be going to Tuscany in Aug. and will be doing the same thing. Credit Cards and an ATM card.

I will be going to Italy for the first time in a couple of months. My question is, why should traveler's checks be gotten in U.S. dollars and exchanged in Italy, instead of getting traveler's checks in Italian lira?

If you decide to only take credit cards and an ATM card, make sure you don't keep them all in the same wallet. If your wallet is pickpocketed, like my friend's was in Paris, then you have no money, ID, or anything. At least if they steal the travellers' checks, they could easily be replaced. My friend's Mastercard was replaced within about 2 days after it was stolen. I believe traveller's checks can be replaced in 24 hours. I always take at least $250 in traveller's checks just as a safety precaution. My bank gives them to me at a 1% charge. Then you can deposit them directly in your account when you get home if you don't use them (Don't use them unless you really have to, you'll get a better exchange rate with your ATM card and credit cards). I always use American Express Traveller's Checks in US$, and have never had a problem changing them to the local currency at a change booth or bank (preferably use a bank for a better exchange rate). <BR> <BR>Hope that helps. <BR>Vanessa

This doesn't answer the question, so I apologize in advance. Instead, I have a question: <BR>With the prevalance of credit cards, ATMs, bank cards, etc., why in the world does anyone buy and use travelers checks? Is it because they don't have a credit card? I usually carry about $100 worth of local currency and rely on my cards to cover anything above that. Am I missing something?