TRAVELLERS' CHEQUES

What Are Travellers Cheques?

Travellers Cheques are cheques issued specifically to an individual and designed for use on your travels abroad. When you buy them or pick them up, you need to sign each cheque once. When you use them you will have to present ID (usually a passport) and sign again, and the cheques will be redeemed and exchanged for cash.

Where can I use Travellers Cheques?

Travellers Cheques can be exchanged at banks, hotels, foreign exchange bureaus. You can even use them at certain shops and restaurants – just ask if they are accepted. Buy them in the currency of the country you are visiting, or if you are travelling through countries with several different countries, buy them in one of the major currencies such as GBP, Euro or USD.

What happens if I lose my cheques?

One of the factors that is especially attractive about Travellers Cheques over Cash is the issue of safety if lost or stolen. If you lose cash, it can't be replaced. Travellers Cheques however have individual serial numbers assigned specifically to you, so the issuer will know exactly what has been used and what has been lost. In the event of loss or theft, just call the emergency number and the remaining cheques will be cancelled. They can be replaced virtually anywhere in the world - usually within 24 hours and emergency cash provided.

Can I order them Online?

Yes! These days it's possible to order your Travellers Cheques online. These can either be picked up at the issuer's branch (usually available at the airport) or can be delivered to your address by signed-for courier. Depending on when you order these can even be delivered next day. Just check the delivery options on our comparison table here

Commission

When you buy your Travellers Cheques you will generally not pay a service fee or commission (though check our table to be sure) so you are just buying your currency at the exchange rate offered.

Commission Free Buyback

If you get home and you still have some Travellers Cheques left, fear not - most companies will offer to buy back any remaining cheques without charge. This is called 'Commission Free Buy Back'. Remember to check if this service is offered.

Disadvantages – Local Fees and Commission

The one major disadvantage for Travellers Cheques are that whilst you may not pay a commission when you buy the cheques and buy them at a strong exchange rate, you can still incur charges at the local banks or Bureaux de Change. They may charge a commission rate or offer a poor exchange rate – make sure you check these before you exchange. An alternative is a Travel Money FX card – Click here to read more about this product.

Click here to Compare Travellers Cheques.