ganesansgi

I was wondering if we could take travelers checks in Euro itself instead of taking it in Dollors and converting it there and paying a fee for that. I am a member of AAA and hope they don't charge me to give it in Euro. Is this a good idea?

Thanks for any response

xyz123

It's a dumb idea. First of all, while they clainm they don't charge to convert USD to Euro TC's, the outrageous fee is buried in the exchange rate, close to 10%.

Secondly TC use in Europe is almost non existant. Most merchants don't take TC's even if they are in Euro. So you have to trudge off to a bank and guess what...the bank will charge a fee for cashing a TC even though it is in local currency. So you get nicked either way.

If you have been reading the threads, the only way to travel to Europe is to use a credit card issued by a bank not charging the extra 2% such as MBNA or Capital One, supplement for those few occasions you may need cash with an ATM card that doesn't charge you a fee for withdrawals (the shared teller rules prohibit the European bank from charging the asinine fee the banks in the US charge for having the audacity to use their machines).

Those are the 21st century ways to handle money. No fuss, no muss, no hidden fees.

Singletail

I suspect you'll get a lot of mixed responses on this. You could take Euro checks I suppose but then you always have to find a place that will accept and cash them once there which may not be as easy as you might think.

And depending on the type of check AND the circumstances they may not be as "instantly replacaeable" as we have been lead to believe. For example, American Express will not replace their TC's IF they think you were negligent when they were stolen.

My advice is to use an ATM card to get money directly from your bank account if you need local currency (better exchange rate than using banks, kiosks, change bureaus, etc) and pay for as many things as feasible using your credit card..again best exchange rate you are liklely to get.

I usually take enough Euros with me to get me to the first available ATM and go from there.

Good luck.

GeoffHamer

Many years ago, British people used travellers' cheques when going to "the continent" as we used to call the rest of Europe. They were replaced by more convenient means of paying. As other people have already said, use cash machines or credit cards - that's the way everybody in Europe pays for things.

brookwood

I have several veteran traveler's checks in my passport case. Some of them have made 3 trans Atlantic crossings. That should give you an indication of how much I use them.

Let me ask you one other question. If you get the checks in euros, what do you do with the ones you don't use?
When you get back home, you will pay to convert them, again!

I am curious. Why are you even considering them in the first place?
Are you not familiar with ATM cards and credit cards and how they can be used?
There are some pitfalls there of course because some banks charge an extra 2% for conversion charges. That is a crock because the bank does nothing for the money.

ron

Just to pile on with a specific incident. For our visit to France two years ago, my mother ignored my advice to just use her debit and credit cards and took the advice of her bank clerk and bought €800 travellers cheques. Nobody would take them. We ended sitting for an hour in Paimpol while she cashed €200 in a post office. The rest returned with her to be cashed at a loss.

ira

Hi gan,

See http://www.fodors.com/forums/threads...p;tid=34499995

P_M

I was in Spain and Portugal over the new year and two of the people travelling in my group brought Euro TC's. They thought they could readily cash them in stores, hotels, and restaraunts w/o fees. Not true. They had a terrible time finding anyone who would cash them and ended up doing it in banks and having to pay fees. It was a complete waste. Do not take euro TC's, and do not take dollars to convert. Use your ATM card exclusively, although it wouldn't hurt to bring a few TC's in dollars as a back-up.

Christina

AAA runs a business, so of course they will charge you a fee to give you checks in euro. I don't think any entity in the US will give you euro TCs without charging you for that. If you don't know the difference in a flat fee versus exchange rate difference, you might want to learn about that.

I asked AAA once what they charged for that, and they told me the truth and it was about 9 pct commission. I think if you don't ask the right questions, you won't get the right answer, though. They won't volunteer it's in the rate difference (and honestly, their clerks may not even understand this stuff).

mikemo

As always, use your low cost CC's and ATM.
See the threads!
M

suze

I would never use any 1 method "exclusively" as advised above (what if you can't find an ATM? what if it's broken? what if it eats your card?)

Here's my suggestion:

1) ATM card to withdraw Euro direct
2) U.S. cash to change at an airport or bank
3) Credit card for large purchases
4) Travelers checks if it makes you feel more secure, in U.S. dollar or Euro but plan to cash them at a bank and not a restaurant or shop

Betty1

My last day in Paris last June I was stuck with 250€ in TC's. (I had sent them as deposits on B&B's and they had returned them to me - wonder why??)The hotel would not take them. I went to three different banks who would not cash them, saying they did not do "change," even though they were Euro TC's. I wound up cashing them at a hole-in-the-wall bureau de change and got 245€. Not too bad but it was a major pain. I think that since ATM usage has become so common, banks just don't want to bother with TC's any more.

francophile03

I think TC usage diminished more than a few years ago. I guess you can get some as a backup in emergency. But really the chances are slim that an ATM will not be available or something will happen to the network.
These days hard currency and C/C are the best. The merchants don't want to take a loss by exchanging TC.

P_M

Suze, in the last 10 years I have never been to any part of the eurozone where I couldn't find an ATM, even tiny little towns have them. And of course the card can be eaten, that's why I said it wouldn't hurt to bring some TC's in dollars as a back-up. I usually bring a second ATM card as a back-up also. I do this for every trip, but I always bring home the same TC's that I took because I exclusively use the ATM and I don't need the TC's. I must admit it gives me comfort to know the TC's are there if something does go wrong, but thankfully nothing has. I completely agree that credit cards are best for large purchases.

xyz123

But why bother with TC's? Bring some US cash in 20's and in case you have a problem with the ATM card you just go to the nearest exchange place, grimace, take the hit and you're fine.

Also why cc's just for large purchases? I use my cc's for every purchase at any place they are taken and, especially in the UK, they are taken at more and more places so that perhaps the only place I need cash is to down a pint or two at a pub...Underground takes cc's for any fare no matter how small in the machines, some MCd's take cc's, well pret a manger doesn't so I guess sometimes I have to use cash for lunch, museums take cc's (although many are free!).

Unfortunately, the UK doesn't have the consumer protection we have in the US prohibiting merchants from setting a minimum for use of a cc, a rule which I never have understood but that's food for another thread.

P_M

Hi, xyz. In addition to TC's, I also bring a little US cash, but the reason I bring more TC's is that they can be replaced if they are lost or stolen. I didn't mean to suggest you should JUST use your CC for large purchases, I use mine whenever possible too. And based on the good advice from this board, I recently made some inquiries and found out my Visa Debit Card charges no comission at all, so thanks for that, Fodies!! I'll be using that instead of my CC, whenever possible.