Where Can I Get Travelers Checks?
Discover how to find, purchase, and use travelers checks. Learn about their security features and what you need to acquire them.
Travelers checks were once a widely used and secure alternative to cash for travelers. They are pre-paid, fixed-amount paper checks issued in various denominations and currencies. Historically, these checks provided a layer of security, as they could be replaced if lost or stolen, which offered peace of mind to travelers before the widespread adoption of digital payment methods. While their popularity has waned significantly with the rise of credit cards, debit cards, and mobile payment systems, travelers checks still exist.
Finding Purchase Locations
Locating institutions that still offer travelers checks requires diligence, as their availability has decreased considerably. Historically, banks and credit unions were the primary outlets for purchasing travelers checks. Some larger financial institutions or those with international service departments might still offer them, but many have discontinued this service. American Express, a major issuer, for instance, no longer sells new travelers checks, though they honor previously issued ones.
Contact specific banks or credit unions directly to confirm availability before visiting. Organizations like AAA previously offered travelers checks, but many have transitioned to offering prepaid debit cards as a modern alternative. Even if an institution offers them, they might charge a fee, typically ranging from 1% to 4% of the total purchase amount.
Requirements for Purchase
Specific requirements apply when purchasing travelers checks. A valid government-issued photo identification, such as a passport or driver’s license, is typically required to verify your identity. You will also need the exact amount of money for the checks, plus any applicable purchase fees.
Accepted payment methods include cash, debit card funds, or direct deduction from a bank account. During purchase, you must sign each check in a designated spot, usually the upper left-hand corner, in the presence of the issuer’s representative. This initial signature is a crucial security measure that helps link the checks to you as the legitimate purchaser.
How Travelers Checks Work
Once purchased, travelers checks offer a secured way to carry funds. Each check has a unique serial number and typically requires two signatures: one at the time of purchase and a second signature when you use or cash the check. When presenting a check for payment or exchange, you sign it again in the presence of the merchant or bank teller, who compares this second signature to the first to confirm identity.
Travelers checks can pay for goods and services at accepting merchants, or be exchanged for local currency at banks, hotels, or currency exchange offices; fees may apply. A significant advantage of travelers checks is their replaceability if lost or stolen. Keep a separate record of serial numbers and contact the issuer immediately if any are missing. The issuer will typically require proof of identity and the serial numbers to process a replacement, which can usually be arranged within 24 hours, subject to certain terms and conditions.