Are you planning to splurge on experiences, gifts, and food while you are abroad on your next international vacation? Leave your cash at home and bring a traveler’s check instead. While debit and credit cards have made traveler’s checks largely obsolete, it may be a viable option for your next trip. Learn about traveler’s checks, how to use them, and whether you should bring them on your next vacation.
What is a traveler’s check?
A traveler’s check contains a fixed amount of money and operates like cash. Bring a traveler’s check to a merchant to buy goods or services while traveling abroad. You can get traveler’s checks from financial institutions like banks and credit unions.
Traveler’s checks can come in a variety of currencies, so you can designate the appropriate currency for the country you’re planning to travel to. Traveler’s checks are great protective measures against both fluctuating exchange rates and personal theft. They come in fixed denominations that aren’t as volatile as normal exchange rates and they don’t expire. To protect you against theft, you must sign them when you purchase and cash them, so criminals will have a harder time duplicating your signature when attempting to use your traveler’s checks.
Alternatively, you can also convert your traveler’s checks into cash, which can then be deposited into your bank. Hotels may also cash traveler’s check with no charge. If you end up not using the full amount on your traveler’s check, you can conveniently return the funds to your bank account.
Download the Western Union app
If you need a convenient way to transfer money abroad, do it from your fingertips with the Western Union app. It allows for fast and secure transfers from USD to the currency of your choice.
Should you use a traveler’s check?
Traveler’s checks were primarily used before the popularization of credit cards and prepaid debit cards. Even so, traveler’s checks are still a worthwhile option for your next trip.
Benefits of traveler’s checks
Some benefits of traveler’s checks are:
- Replaceability: If a traveler’s check is lost or stolen, you can replace it. Each traveler’s check comes with a unique serial number. Call the check issuer to report it lost or stolen. They will likely require you to provide evidence of your purchased check through its serial number and your proof of identity.
- Convenience: Traveler’s checks operate like cash and are easy to use for purchases. You just need to load the amount you need, and you can use them around the world.
- No expiration: You don’t have to worry about traveler’s checks expiring. You can buy them when you want to and use them whenever you need them.
Cons of traveler’s checks
Some cons of using traveler’s checks are:
- Outdated: With the popularization of prepaid debit cards and credit cards, traveler’s checks are outdated. You can use credit cards and prepaid debit cards similarly to traveler’s checks.
- Fees: When you buy a traveler’s check, there is an additional fee. You can avoid this by using a debit or credit card instead.
- Limited issuers: Traveler’s checks aren’t available at all financial institutions. Unless your bank offers them nationwide, it can be hard to find them.
Send money with Western Union
If your friend or family member is traveling internationally, you can send them money with Western Union. Help them avoid fees from traveler’s checks by visiting our website or downloading the Western Union app. If you prefer to send money in person, you can visit one of our agent locations.
