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Many
would say that because travellers can now use their ATM
cards and/or credit
cards when travelling that the need for Travellers Cheques is being
put to the test.
Travellers
Cheques are still very much in use however, and the reason for this may
well be because they can offer one feature which the other means of
getting money when abroad don't. That is security. While we ourselves have never had
a problem using our ATM cards or credit cards, there are scams out there
which travellers must be aware of - read our Tips
on Using your ATM and Credit Cards Safely.
Travellers
Cheques eliminate this threat, and major traveller cheques issuers will
normally offer you a refund for any lost or stolen cheques. This
additional security comes with the price of a worse exchange rate than
may be available through the ATM network, and handling fees.
Most
of the major companies such as American Express, Visa etc offer Foreign Currency
travellers cheques which saves you the hassle of having to
exchange them in the country you are travelling to. If they don't offer
the currency you need, then you will need to exchange the cheques in the
country you are travelling to which may well incur more charges such as
handling fees, and an exchange rate.
While
travellers cheques do offer some extra piece of mind we would recommend
sticking with your ATM and credit cards for obtaining cash when
overseas, just use them with vigilance and care.
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There
are many other country specific tips in the column to the left and other
general tips below:
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