Why travelers check

It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials. Compensation may factor into how and where products appear on our platform and in what order. But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you.

That's why we provide features like your Approval Odds and savings estimates. Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can. The modern globetrotter has several cash equivalents to consider.

Travelex Travelex sells Amex traveler's checks, but also has something called a "cash passport," which is basically a modern-day traveler's check in the form of a chip and pin enabled debit card that's easily replaceable, and not connected to your bank accounts. The twist here is that one card can carry up to six different currencies, which is great for world travelers or multi-stop trips. Visa Visa sells traveler's checks, but they also have something called the Visa Travel Money Card, which is essentially a debit card versions of traveler's checks — prepaid reloadable Visa debit cards that are accepted any place that takes Visa.

Similar to traveler's checks these cards will be replaced along with their balance within around 24 hours. That said, reloading and ATM fees may still apply. For you. World globe An icon of the world globe, indicating different international options. Get the Insider App. Click here to learn more. A leading-edge research firm focused on digital transformation. Good Subscriber Account active since Shortcuts. Account icon An icon in the shape of a person's head and shoulders.

It often indicates a user profile. Log out. More Button Icon Circle with three vertical dots. It indicates a way to see more nav menu items inside the site menu by triggering the side menu to open and close. Credit Cards Credit card reviews. Best credit cards Best rewards credit cards. Best cash back credit cards.

Best airline credit cards. Best small business credit cards. Best balance transfer cards. Best student credit cards. Best starter credit cards. The best online brokerages for beginners. The best investment apps. The best stock trading apps. Best robo advisors. Average stock market return. Car insurance. Life insurance. Visa offers traveler's checks at Citibank locations nationwide, as well as at several other banks.

If you want to convert your traveler's checks into cash instead of spending them directly , you can often deposit them normally at your bank. Many hotel or resort lobbies will also provide this service to guests at no charge.

American Express also provides a service to redeem traveler's checks that they issue online to be deposited into your bank account. The redemption application online should take less than 15 minutes to complete. Traveler's checks are handy for tourists who do not want to risk losing their cash or having it stolen while abroad.

Because they could be reported lost or stolen and the funds replaced, they provide peace of mind. This was particularly a concern before credit cards and ATM machines were widespread and affordable around the world for most travelers.

At the same time, these paper checks are now a bit outdated and come with a fee to purchase, making them potentially more expensive and cumbersome than using plastic or electronic payments. The most obvious alternative is to use a credit or debit card issued by a bank that works worldwide and charges low or no foreign exchange fees on purchases or ATM withdrawals. Credit cards offer similar or better protection, but you might not want to use your everyday card abroad.

By using a dedicated travel card, you avoid spreading your card numbers around, which means you can be less vigilant about monitoring your accounts when you get back home. Visa and MasterCard both offer prepaid cards designed for use abroad. Those cards are available online, through travel agents, and at banks or credit unions.

That said, prepaid cards can be expensive, so you need to compare fees against your other cards to decide whether or not a travel card makes sense.

For U. Competition Commission. Time Magazine. AAA Northeast. Banking Checking Accounts. Table of Contents Expand. Table of Contents. By Justin Pritchard. Justin Pritchard, CFP, is a fee-only advisor and an expert on personal finance. He covers banking, loans, investing, mortgages, and more for The Balance. He has an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to writing about personal finance for more than two decades.

Learn about our editorial policies. Reviewed by Khadija Khartit. Article Reviewed June 29, Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities.