Traveler's cheques not gone or forgotten

Image Credit to Thoth, God of Knowledge (Flickr)

If you were born in the 1990s or 2000s, chances are traveler’s cheques will sound like ancient history. One tipoff is just in the way “cheque” is spelled. But to those who were born prior to, a traveler’s cheque is not rocket science.

According to Merriam-Webster’s website, a traveler’s cheque is a draft purchased from a bank or express company, signed by the purchaser at the time or purchase, and again at time of cashing as a precaution against forgery.

Still not clear?

Here’s clarification: It's used instead of money. The thing is, unlike money, if cheques get lost or stolen, they can be replaced.

DigitalTrends.com freelance contributor Joshua Pramis talked about whether he recalled traveler’s cheques.

“I think the last time I heard about traveler’s cheques was when I was in high school, which was 10 years ago,” Pramis said. “I have not heard about them for awhile.”

Pramis, a former social media editor for Travel + Leisure, says that, in his six-and-a-half years there, the magazine never printed anything about these cheques.

He says that, during his time with the magazine, debit cards were more popular than traveler’s cheques.

“I think they were at their height of their popularity before the debit card became popular,” Pramis said. “People had ATM cards, but not necessarily debit cards. …They have the same kind of bank protection that -- against fraud -- a credit card has, so I think that is really the way most people go nowadays.”

That’s just it. Credit and debit cards have come into such widespread use, why bother with a traveler’s cheque?

Roosevelt University senior and reporter for Roosevelt’s Torch student newspaper Mary Ruscitti didn’t hear about these cheques till her parents mentioned them. She said they told her they were going on vacation, and that they had them. 

But while not knowing much about traveler's cheques, she still would use them. 

“I would use a traveler’s cheque because you can use it now; you can use it when you go to Canada two years from now,” Ruscitti said. 

What she means is that they do not expire. Beneficial, isn’t it? 

While traveler’s cheques may seem prehistoric, you can still get your hands on some.

According to Nicole Vulcan, in an article for USAToday.com, options are American Express, AAA, MasterCard, and of course, your bank. These can be bought at other financial institutions, like a credit union, but they might charge a higher fee to non-customers -- not to mention, cash may need to be provided instead of a check to acquire them.

Traveler’s cheques are just another option -- and a forgotten one. You may wonder can they still be used in places. According to the website of American Express, their traveler's cheque FAQ page provided insight.

They can be used at retail locations, hotels and restaurants. If you’re new to cashing them in, simply present the cheque at the merchant’s location. Be mindful in making sure the acceptor watches while you countersign. They are to be signed in the upper left-hand corner, especially if you need them to be reimbursable if lost or stolen.