Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> appliances babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business weddings
CostHelper > Personal Finance  > Taxes & Financial Planning > Travelers' Checks

Travelers' Checks Cost


How Much Do Travelers' Checks Cost?

 
average costChecks: 1%-3% of Purchase Amounthigh costCashing Checks: 1%-3% of Purchase Amount
post E-mail post Post  
  Typical costs:
  • Although their use is declining, travelers' checks are still available in a variety of currencies and denominations from $25 to $100. Purchasing travelers' checks for non-bank customers typically costs about 1%-3% of the purchase amount, or about $10-$30 per $1,000, depending on location. Banks typically offer travelers' checks at no charge to their customers, depending on average balance and size of purchase. For example, Bank of America[1] offers their customers American Express Travelers Cheques for a 2% service charge with a minimum order of $100 -$250. Customers with Prima or Premiere accounts receive the travelers' checks without a fee.
  • Cashing the checks may also incur another charge of about 1%-3% or $10-$30 per $1,000, at a designated location from a bank, travelers' check kiosk or selected large hotels. Some countries offer better cashing rates and more locations, including China where the exchange rate is regulated by the government. However, in Europe, many locations outside of banks and designated cashing locations[2] no longer accept travelers' checks. "Checks for Two" programs allow either party in a traveling couple may countersign the checks.
Related articles: Travel Credit Card, Prepaid Travel Card, Credit Card, Money Belt, Passport

What should be included:
  • If checks are lost or stolen, they will typically be refunded, excluding selected cases of neglect.
Additional costs:
  • American Express offers travelers check purchases online for an additional $7.50 in shipping for amounts less than $1,000. Overnight shipping fees may be about $20. Travelers checks by other companies are sold in banks.
  • Purchasing the checks in the destination currency means that any currency rate differences are taken care of at the same time. Otherwise, expect to pay surcharge at the cashing location based on the daily rate of exchange.
Discounts:
  • Check with current bank for non-fee purchase options, which could save $10-$30 on $1,000 in travelers' checks.
  • Travelers checks allow holder to avoid ATM fees, which can cost $3 or more per transaction.
Shopping for travelers' checks:
  • U.S. companies that sell travelers' checks include American Express, Bank of America (also American Express checks) and Citibank[3] . Not all companies offer online purchases[4] .
  • Prior to traveling outside of the United States, check area currency exchange rates[5] to estimate the amount of travel money needed.
  • Experts warn against countersigning the checks until use and recommend making a note of serial numbers, storing the list separate from the checks and treat them as cash. Also keep a copy of the purchase agreement form separate from the checks.
  • Visit Travelstate.gov[6] prior to an international trip to learn about possible scams in the destination area.
  • Travelex[7] provides currency exchange services throughout the U.S. and abroad in major downtown locations and airports throughout the world.
post E-mail post Post  
CostHelper News


10 Key Ways to Prepare for Extreme Snow
Forecasters are predicting a true nor'easter will hit the eastern and central states with rain, thunderstorms, ice, snow and high winds over the Thanksgiving weekend. It's crucial to plan ahead, before bad weather hits. || Posted November 26 2013


10 Most Popular Cosmetic Procedures Before the Holidays
With reunions and other get-togethers scheduled during the holiday season, most people want to look their best at this time of year. For some, that means filling in those wrinkles with a bit of botox, or having a nip and tuck down here and there. || Posted November 23 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments


 

Comment On Your Experience With Travelers' Checks
 
Subject:  *
Amount Spent:  *
Amount: Fee: 
Cashing Fee:   
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  www6.bankofamerica.com/foreigncurrency/index.action
  2.  www.aetclocator.com/us/
  3.  /online.citibank.com/US/Welcome.c
  4.  www.aetclocator.com
  5.  www.xe.com/currencyconverter/
  6.  travel.state.gov/
  7.  www.travelex.com/?gclid=CObD-IHc_LACFSoZQgodSQnAVw
More Personal Finance Topics
Check Out All Costs for Personal Finance How Much Does a Traffic Ticket Attorney Cost? How Much Do Funeral Flowers Cost? How Much Do Tax Returns Cost?

Search Thousands of Topics on CostHelper.com

 


Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
PFT Cost Dallas
Paid: 2568.00
My regular doctor wanted me to see a specialist since he didn't like my spirometry results. I reluctantly agreed since I never have problems. Two doctor visits later and I'm out $2568... [more]
-CHRIS REED
Pulmonary Function Test Cost
WHEEL ALIGNMENT
Paid: 85.59
GAVE ME A PAPERSHOWING RED AND GREEN ALIGNMENT, RED MEANING IT NEEDS TO BE FIXED. WHEN IT WAS DONE THEIR WAS STILL RED SHOWING IMPROPER ALIGNMENT, HE SAID WE CANT FIX THAT UNLESS I PAY ANOTHER $119.00...WHAT A BUNCH OF CROOKS..... [more]
-JAMES DENOS
Wheel Alignment Cost
Crazy Expensive for a 250 gal tank in San Diego
Paid: 4.43
We have a rental property that had an AmeriGas tank on it that's used for the outdoors (pool/spa and fire pit)... [more]
-jessmeagan
Propane Cost
Am I paying too much
Paid: 1800.00
I have a small auto repair shop. He prepared my tax return in 2016. I do my own 941, wage report and monthly taxes. He does the rest and I still get charged 1800.00... [more]
-Martín Duran
Business Tax Preparation Cost
Tsh t3 and t4
Paid: 2500.00
Any ideas what to do? I do not want to pay this... [more]
-Thisbillistohigh
Thyroid Test Cost
Teeth Cleaning
Paid: 0.00
in order to prefer cleaning, $149 for blood work, chest X-rays and an ekg another $375 and then he brings in a specialist to sedate, X-ray and clean, scale and polish for $809 and then extra if anything is wrong... [more]
-breaking the bank
Dog Teeth Cleaning Cost