American Express Travelers Checks
I just found several AmEx Travelers Checks (four 50 Euro ones) that I bought several years ago, and since I am going to Europe in a few weeks, I am wondering what I should do with these checks. I've never used them before (can't remember why I bought them in the first place). I will be traveling to Spain and Portugal. How do I use them and will I have to pay any transaction fees (or other fees) to use them?
Kathy
Winston Salem 11/29/12
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If you're flying into Madrid, just cash them at the American Express Foreign Exchange office at the Madrid airport. Per their website, it's in Terminal 4. You paid your fees when you bought the checks.
The best thing to do would probably be cash them in where you bought them. But if that is not possible, you will have to find a bank or someone that will take them once you are in Europe. Yes, there will probably be fees (maybe high) but you are unlikely to find a hotel or anywhere else that can take them. But even if the fees are high, you will still be able to get most of your money back from them instead of having them sitting in a drawer.
Hi,
I still have Am Ex Travelers Checks. As suggested above, you can cash them at the Am. Ex. outlet at the airport...most likely no fee there. At any Thomas Cook affiliated travel agency, it's also a check cashing place. Most likely you would have to pay a fee.
If it were me, I'd just deposit them in my local bank account and then use an ATM while in Spain.
Problem #1 Banks charge a huge discount to cash or deposit such a check in Euros.
Problem #2 An American Express office overseas will knock your head off on the exchange rate.
Problem #3 Nobody wants to cash any checks any longer--even at home.
I'd go to AMEX when you get in Europe. Otherwise, use your ATM card to draw off your checking account at home.
If they are euro traveler's checks, there will be no exchange rate problem for cashing them. There could be fees, however.
What Nancy said. As long as they are already in Euros, you've already been killed on the exchange rate. Why change them back to dollars and get killed again?
No business is likely to take a Travelers Check, there's too much risk of forgery. Even banks don't like them, and you have to get there during their business hours. The best idea is to cash them at the AMEX office at the airport when you arrive (hopefully they are open) and use ATM's for cash the rest of your trip.
Speaking of ATM's, have you checked to see what your bank charges for foreign transactions? There are some free options but always come with strings that may or may not work for you. I've found enough small banks and credit unions that charge a flat one percent fee to make that a good number for comparison. The highest I've run into charges $5 plus three percent for every transaction. If your bank charges the higher rate, open a travel account at a credit union or small bank that charges a reasonable rate.
My mom still loves to travel with Travelers Checks and a Diners Club card. Of course no one takes either. I'm convinced it's her way to offer to buy lunches for her friends, then get off because the restaurant won't take either (she keeps some cash hidden but usually swears she doesn't). She's pulled the same stunt with me more than once (fool me twice, shame on me). ;-)
Kathy,
As the Travellers Cheques are several years old, I'd suggest cashing them at your local Bank. As you're a client of that Bank, you'll likely be charged reasonable fees and they may be more willing to deal with this than other financial institutions would.
Have the funds from the Travellers Cheques placed in the chequing account you use for travels, and then just withdraw using an ATM in Europe.
I agree with the others - if you cash them in Europe or at airport exchange places, the fees will likely NOT be favourable. Most transactions these days are electronic, so it will be more trouble and more expense for businesses in Europe to deal with T.C.'s, so you'll be paying for that.
Cheers!
I would deposit them in my account at home and take whatever hit you have to take. It will surely be less than any fees you have to pay in Europe, plus, you will be able to do the transaction in the first place.
A couple of years ago in Paris my cousin tried to cash a $200 traveler's check he'd found in a drawer at home and lugged along with him. My mother and his mom spent 5 hours cooling their heels at a cafe while he walked from (closed!) Amex office to (closed!) Amex office to (would not cash it!) bank to (thought he was running a scam!) foreign exchange desk trying to cash the danged thing. He never did get the money, and they all missed Versailles as a result. Not worth it.
I know Tom noted the location of an Amex office in Madrid, but then again, my cousin went online just a couple of days before he flew to Paris to look up the Amex office on the rue de Rivoli - and when he got there, it n'existed plus.
Banks in some areas might not accept euro deposits. I know banks in my town in central Illinois won't (and it's not a small town, but a sizable two-university town). They won't even order euros if you want them. So depositing to a local bank account might not be an option.
Right. If I deposit them in my local bank as dollars, then it is likely that the bank will charge some conversion fees, and when I go to Europe I'll then convert it back from USD to Euro, so I will lose money for sure. =(
Kathy- Read the 1st post (I'm sure you have) and ignore all the others. Are you going to Madrid? If so great. Take the checks with you--treat them as found money...who knows what rate you paid 4 yrs ago.....it doesn't matter, they are what they are.
Just cash them at the AMX Office at the Madrid airport..and put the cash in your pocket for extra walkabout money.
If the local airport AmX won't cash them just bring them home--I doubt they will add that much weight to your luggage and you can cash them here and deal with any fees...
I like David's answer.
Where's that "like" button?