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


3 Ways to Have the Government Pay You Back for Your Energy Efficient Upgrades
Any renovations or upgrades made to your home this year that included energy-efficient appliances could be eligible for some federal energy tax credits. But it's not just appliances. || Posted December 9 2013


7 Lesser-Known Discounts for the 50+ Crowd
As they age, members of the Baby Boomer generation don't like to admit that they're senior citizens, but they love getting discounts. It's kind of a quandary, because some of the best deals available are reduced prices for older folks. || Posted October 21 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
COST OF EXAM, EUTHANASIA & GROUP CREMATION
Paid: 160.00
Exam $48, Euthanasia of our Cat Grasshopper $84, Aftercare group cremation $28, total of $160. Location Southern California / San Diego County on 8/28/2014. Tried to take her to our Vet of 15 years and they could not see her for a week... [more]
-Crisy
Pet Euthanasia Cost
Yearly trust payment
Paid: 12000.00
I pay about $12,000 a year to my trustee's New Mexico office, However I've often wondered if I was being excessively charged... [more]
-paying more then earning
Trust Cost
ER w/belly ache
Paid: 9988.00
Went in & 2 other cases came in later but had 2 be served 1st. Gave me a pain killer & never saw a doctor. Each thing they did was hurry up & wait... [more]
-charles pace
Emergency Room Visit Cost
Bone graft injection
Paid: 7700.00
The dentist said I needed 7cc's of bone @ $1100 per cc. Is this a reasonable amount? This was to secure an implant the was infected... [more]
-Gala Dali
Dental Bone Graft Cost
wheel balance (front tires)
Paid: 38.00
They busted 1 of my wheel studs, didn't tell me, and replaced it with a really crappy looking lugnut. Oh, and the ride quality is worse. I paid them to do this... [more]
-Hue Janus
Wheel Balancing Cost
Deep cleaning and extractions
Paid: 90.00
When we got our 4-year baby from someone she had horrible breath and our vet recommended a deep cleaning for $175. I checked around and the SOHFGA did the same procedure for $80. So I had them do it at the same time we had her spayed... [more]
-Cocoa's Mom - Phyllis Rios
Dog Teeth Cleaning Cost