The Benefits Of Traveling With Travelers Checks

When traveling abroad,​ there always tends to​ be some level of​ concern over whether or​ not carrying cash about one’s person is​ a​ wise idea. Instead,​ many travelers have turned to​ a​ safer,​ more secure method of​ ensuring that they have money on​ hand at​ all times – but in​ a​ form that no one else can utilize. These ‘money-papers’ are known as​ traveler’s checks. These are pre-printed checks that are valued at​ a​ predetermined amount of​ money,​ and which have the​ added security of​ being denoted exclusively for your use.

Traveler’s checks can be purchased at​ most major banks,​ and you​ essentially exchange cash for the​ check,​ with a​ small surcharge included for the​ cost of​ the​ check’s production. you​ will be asked to​ sign each check that you​ purchase in​ the​ upper right-hand corner,​ and this signature should be identical to​ that which is​ found on​ your passport or​ other form of​ photo ID. There will be a​ second line marked ‘signature’ in​ the​ bottom left-hand corner,​ and this should be signed only when cashing the​ check.

Most financial institutions can issue traveler’s checks in​ denominations of​ $20,​ $50,​ $100,​ $500 or​ $1000,​ and in​ some cases,​ they can be issued in​ the​ currency of​ the​ country of​ your destination. When you​ arrive at​ your destination,​ seek out a​ local bank or​ travel agency with an​ international presence. These places will be able to​ cash the​ checks for you,​ since the​ majority of​ establishments will not accept uncashed traveler’s checks in​ place of​ cash. Be sure to​ take your passport or​ photo ID with you​ to​ cash in​ the​ checks,​ and don’t be surprised if​ you​ lose several dollars from your total in​ commission.

So why use traveler’s checks at​ all? Since the​ checks use your signature to​ verify their authenticity,​ not just anyone can take a​ check from you​ and cash it​ in. Also,​ since they’re issued by a​ regulated financial institution,​ should you​ lose a​ check or​ have it​ taken from you,​ you’ll have access to​ a​ tracking number – provided by the​ issuing bank at​ the​ time of​ purchase – that can demonstrate to​ the​ bank that you​ did not cash in​ the​ check and did not receive the​ value that you​ paid. in​ these cases,​ the​ bank will reimburse you​ for the​ amount of​ money you​ lost by not cashing in​ the​ check – which is​ impossible to​ do when traveling with cash!

Using traveler’s checks also means that you​ don’t need to​ stand at​ a​ local bank to​ withdraw money from a​ teller who may not speak your mother tongue – instead,​ cash them in​ at​ a​ travel agency in​ minutes,​ and even better,​ if​ you​ find that you​ don’t need all of​ the​ checks on​ one trip,​ they can be saved indefinitely!

There is​ also the​ bonus of​ not having to​ use a​ credit card to​ make all your purchases,​ especially when you’re in​ a​ foreign country and may feel insecure about other people's intentions toward you. While it​ rarely occurs,​ some people may worry about credit card theft or​ dishonest shop owners who could take advantage of​ their credit card information – using traveler’s checks and cashing in​ only the​ amount of​ money you​ anticipate needing in​ a​ short period of​ time will eliminate this worry!
The Benefits Of Traveling With Travelers Checks The Benefits Of Traveling With Travelers Checks Reviewed by Henda Yesti on August 17, 2018 Rating: 5

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