Where to Get Travelers Checks and How to Use Them

Travelers checks represent a historical payment instrument designed for secure spending while traveling. These paper documents function similarly to cash but offer protection against loss or theft, a significant advantage over carrying large sums of currency. They offered a reliable, prepaid method for travelers to access funds.

Locating Issuers

Identifying institutions that still issue travelers checks requires specific inquiry, as their availability has substantially decreased over time. Certain major financial service companies, such as Visa, continue to issue travelers checks, often through partner banks and credit unions.

American Express, a prominent issuer for over a century, no longer offers new travelers checks, though previously issued checks remain valid and do not expire. Prospective purchasers should contact their local banks or credit unions directly to ascertain current availability. Organizations like AAA have also shifted from paper checks to prepaid international Visa cards as a primary travel money solution.

Information and Steps for Acquisition

Acquiring travelers checks, once an issuer is identified, involves a straightforward process requiring specific documentation. Purchasers need to present a government-issued identification, such as a driver’s license or passport, to verify their identity. Payment for the checks can be made using cash or a debit card.

During the purchase, individuals select the desired denominations, which commonly range from $20 to $1,000, and can be issued in various currencies. A crucial step involves signing each check on the designated line in the presence of the issuer’s representative. This initial signature is a security measure, establishing the purchaser as the legitimate owner. A purchase fee, ranging from 1% to 4% of the total value, is commonly applied.

Using and Protecting Travelers Checks

Using travelers checks involves a dual-signature system, enhancing their security. Upon receiving the checks, the purchaser signs them on the first signature line. When ready to use a check for a purchase or to exchange it for local currency, the purchaser adds a second signature in the presence of the merchant or bank teller, which is then compared to the initial signature for verification. Any change due from a purchase made with a travelers check is typically provided in local currency.

Protecting travelers checks from loss or theft is important. Purchasers receive a record of the serial numbers for all checks, which must be kept separate from the checks themselves. In the event of lost or stolen checks, immediate contact with the issuing company is necessary, providing them with the serial numbers and proof of identity. Issuers generally offer replacement services, sometimes within 24 hours.