BetsyG

My daughter went to the bank today to get travelers checks and was told they are obsolete. Are they? She is studying abroad in Italy in the fall, has a debit card & a VISA Buxx card but I wanted her to take travelers cheks as a backup. Cards stolen, ATM down, etc. What do you think?

zeppole

They won't be accepted anywhere in Italy.

Peter_S_Aus

They are totally obsolete.
Better to just take a little cash and spare ATM cards.

janisj

Yes -- essentially they are obsolete. The chances of all ATMs being down are about the same as in your own home town.

She could take some $ cash along as a back up "just in case" - but not hardly worth it. If disaster hits (not likely) you can always wire funds to her.

StCirq

They are a complete dinosaur and have been for years. All she needs is a CC and a debit card (and she needs to know which to use when and why).

lucy_d

Useless. Totally useless. Waste of money and time. Useless. When is the last time you heard an advertisement for American Express Travelers Checks? There is a reason for that. They are useless.

BetsyG

Wow, that was quick. Thanks for the info.

kybourbon

Two ATM cards from two different banks and, if possible, add yourself to the account until she gets back. DD and I have a joint account that we only use for travel. If one of us is gone and there is a problem, the other person can straighten it out. One of DD's ATM cards was frozen on her other account right after she arrived in Spain for a 6 month stay. Since I wasn't listed on that bank account, I couldn't get them to unfreeze it. Nor would they deal with her as they had mailed bank info to her address (dorm she lived in before going to Spain) and since it was returned as undeliverable, the bank was insisting she come by in person to verify things. Luckily her other ATM card was fine for the whole time. She also had a credit card, but mainly used the ATM.

yk

BetsyG, I think in your daughter's special situation, bringing some TCs (in USD, not Euros) with her is not a terrible idea - but give her STRICT instructions that she should not use them at all unless it is an absolute emergency!

There is probably a 0.000001% chance that all her debit cards and credit cards stop working and she needs money right away. In that case, she can take the TCs to have them exchanged to Euros. Bear in mind that she will need to do this at a bank, and will get a very poor exchange rate; therefore it should only be used in an absolute emergency.

Since she'll be there for a whole semester, it's hard for a young person to always remember to have some extra cash around. And I don't think it's the safest thing to stash a couple hundred Euros in a dorm room either; therefore, US$ TCs will be the safest.

Chances are, she'll never need to use them, and she can bring them home and you re-deposit them back to your bank account.

yk

P.S. Another possibility is that her wallet/purse gets stolen, and loses all her cards. It'll take a while to get them re-issued; so it's a good idea that she has a back-up plan for cash access.

greg

I had my daughter take a second ATM card from a different bank as a backup. If that is not enough, then take a third or a fourth, etc. I don't see a need to use TC as a backup, if it is even usable as such anymore. The rule was that she was allowed to carry one ATM card with her. The other one, except on the way and back, stayed in her room.

yk

Yes, greg's idea is probably better than TCs.

lucy_d

As stated by several posters, TC's are useless and obsolete. There are multiple other back up methods available, as offered by other posters.

cigalechanta

I've not seen anyone using them in years.

BetsyG

Thanks for all your replies! I think I will get her 50-100 Euros & tell her to hide them in a special place. SHe is a responsible kid but is not used to the possiblity of pick pockets, etc. We also talked about her opening a bank account in Italy to get less in ATM fees.

LoveItaly

Actually BestyG, if a bank in Italy will open up a checking account for her (and that I don't know) she will have a high monthly fee for the checking account and when she goes to close it there will be a bank fee for closing the account. So I do not believe even if she can open up a checking account in Italy she will save any money. Banking in Italy is quite different then here in the US.

Have her have two ATM cards, to two different checking accounts here in the USA. If you have your name on these checking accounts that would be best. And have her have two different credit cards. If she doesn't qualify for her own credit cards have her added on to your credit cards accounts as an additional user. Many financial institutions will do that including US Bank, Citibank, Amex etc. And yes, getting her about 100 euro before she leaves home and to "stash" it away will be a good idea as long as she is sure not to divulge the information to anyone else and has a good place to "hide" it.

With her checking accounts in the US she will only pay the US banks fees (plus whatever Mastercard and Visa charges, 1% I believe). She will not pay a fee for using an ATN at a bank in Italy. There are charges in Italy if one uses a nonbank ATM I believe. And instruct her to use the Italian bank ATM while the bank is open for operation. That way if her card is "eaten" she can go into the bank and get help unlike when the bank is closed.

I hope your daughter has a wonderful, safe and fun experience while she is in Italy.

BetsyG

LoveItaly, when you say have her added to my credit card account, can she take a credit card in my name & use it?

Thanks for the info about the banks.

yk

BetsyG - Have you already gotten the Visa Buxx card for your daughter? Just want you to know that there are lots of fees attached to it.

Mimar

To avoid ATM charges from a US bank, open a credit union account for your daughter for this trip and get her a debit card for that account. Credit unions charge no ATM fee per withdrawal, just the system 1 per cent over the standard conversion rate.

Italian ATMs do not charge for withdrawals.

Michel_Paris

Get rid of the Buxx card too. Many $$$$ up in smoke