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Found yourself stuck with travellers cheques? Here's how you can exchange your travellers cheques to cash.

JANUARY 2021

Before we start talking about exchanging your travellers cheques into cash, let's start at the beginning.

What exactly is a travellers cheque? According to the Oxford dictionary, it is defined as "a cheque for a fixed amount that may be cashed or used for payments abroad after endorsement by the holder's signature". Traveller's cheques used to be available in several currencies such as US dollars, Canadian dollars, pounds sterling, Japanese yen, Chinese yuan and Euros.

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They were seen as a safer alternative to carrying physical cash around and at one point in time, very popular amongst tourists. Restaurants, bars, shops and most businesses would happily accept them as a travellers cheque could never "bounce". The issuer will unconditionally guarantee payment of the face amount. For reference only, the organization that produces a traveller's cheque is known as the issuer. The bank or financial institution that sells the travellers cheques is the agent of the issuer and the traveller who buys the cheque is the purchaser. The shop or restaurant you go into and use the cheque is known as the merchant.

The most well known issuers of travellers cheques were Thomas Cook, Bank of America and American Express. However, since the 1990s there has been a great decline in their use as cash, pre paid cards, ATMs, multi currency cards and credit cards have taken over when spending money abroad.

Now it is very difficult to use travellers cheques abroad. In fact most businesses will not accept them and they have indeed become an obsolete.

How can I exchange my travellers cheques?

Even though these cheques can no longer be used in shops when you go on your next holiday, they have no expiry date and there are still some ways that you can cash them in but just expect a poor exchange rate when you do exchange them for cash.

1) Your local Post Office

Luckily, you can still walk down your high street and into your local Post office to exchange your travellers cheques into cash. The exchange rate you do this at will probably be poor and there may even be associated fees but this is at least a quick and simple solution. Remember to take your proof of ID with you, this could be your photographic driver's licence or passport.

2) Visit your local bank

A few banks still allow account holders to deposit Travellers Cheques to their personal bank account and so it may be worth checking with your bank first to see if you can exchange your travellers cheques with them directly and they deposit the GBP equivalent directly into your current account. Once again, if you go in person to your local bank branch will be asked to present photographic ID that includes your signature for sign off of these cheques.

3) Go online

It is also worth visiting the issuer's website directly to get guidance on redeeming your travellers cheques.

For example, if your travellers cheque has American Express logo on them, you can click on this link American Express Travelers Cheques. The page provides you with your nearest location to exchange your Travellers cheques in person and also provides an option to redeem them online.

Alternatively, if your travellers cheques are issued by Travelex, Thomas Cook, Mastercard or Interpayment Visa you can use their encashment form found here encashment-form-newv5.pdf (travelex.co.uk)

Generally speaking, exchanging your travellers cheques into cash requires you to print out and complete a form from the issuer. You will be asked to complete the details of the currency denominations of your travellers cheques and also to keep a record of their respective serial numbers. Additionally, since this process is done online and not over the counter in front of a clerk, they will request a copy of your proof of identification which also includes your signature. This can be a photograph drivers license or a passport. For larger amounts they may even request a proof of address - so a recent utility bill or bank statement.

Make sure you have the above at hand when filling these forms out to make things quicker for you

What are the alternatives to taking travellers cheques?

Travel money is a very easy and cheap way to spend money abroad. To find the best exchange rate, simply go online and compare exchange rates and any associated fees that foreign exchange providers are offering.

Some foreign exchange companies may say no commission and no fees on top but may in fact hide their fees within the exchange rate. So, instead of purchasing your travel money at the real exchange rate, you may be offered something away from that rate and this is the spread which incorporates their fees.

Other companies are easier to buy travel money online from as they are transparent. The Currency Club for example, offers their best exchange rates on any currency and additionally gives you access to review the live interbank exchange rate before you confirm your transaction giving you complete transparency. You can then easily compare how much you can save. The company will deliver the travel money directly to your home, fully insured by 1pm using with you selecting the day that suits you best.

Credit cards (pre paid and others)

There has been a significant increase in travellers using their cards abroad. Of course a pre paid currency card helps travellers to budget, as you top up only the amount you wish to spend. Additionally, like travellers cheques they can be a safer option in the event that your card is stolen.

However, the problem arises when you visit a place that does not accept cards. In which case you are at the mercy of taking cash out of ATMs when abroad and this can work out to be very expensive.

Not only may you get charged withdrawal fees each time, but the exchange rate may also be very poor since ATMs are also charging you for the convenience of having cash on tap!

The safest and most sensible solution is to always have some travel money and perhaps one other alternative. This way, it's easier to stick to a budget and it means you will not need to waste your time or money visiting ATMs when abroad.

Buy Traveller Cheques

As an alternative to cash, we offer the best currency exchange rates on travellers cheques. They are safest ways to carry money around. In the event that the travellers cheques are lost or stolen you can report this and receive a replacement immediately.

Make sure you sign each travellers cheque when you receive them from us and keep the serial numbers in a safe place before you travel so you are protected in the event that your cheques are lost or stolen. When you want to make a purchase or exchange them for cash, just sign the travellers cheque in the designated area in the presence of the acceptor, along with your passport (you may be required to show your passport when you decide to use them).

Then you're good to go!

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A Guide to Travellers Cheques

Once a foreign currency staple, this form of prepaid funds has existed for hundreds of years, designed as a way to allow payment from one person to another across currencies. As the financial services sector continues to shift to online solutions , we look at how, where and why travellers cheques are used, as we discuss the relevance of this form of currency.

What are travellers cheques?

The history of the travellers cheque spans as far back as 1772 when the first of its kind was issued by the London Credit Exchange Company, in the UK. Over the coming centuries the concept became popularised on a global scale, with major banks and financial institutions adopting this form of travel money in the 20th century. American Express became the largest issuer of travellers cheques and continues to offer these services to customers to this day.

A safe and convenient method of payment for anyone travelling to foreign territories, these pre-printed cheques hold a fixed amount which can be used worldwide across a range of currencies. Designed to facilitate payments from one person to another, using different currencies, travellers cheques were initially seen as a more practical way for individuals to carry their spending money.

Travellers cheques had their heyday in the late 20th century, reaching peak popularity in the mid-90s, before alternatives such as credit and debit cards became more widely available and easier to manage financial transactions. It was reported in 2018 that a mere 1.5% of Britons use travellers cheques, a rapid decrease over the course of two decades.

How do you use travellers cheques?

When you first receive your travellers cheques, you will be required to sign each one before use, as a way of verifying your signature. Each cheque will have a fixed value (usually $20, $50, $100, $500 etc.) as well as a unique serial number which can typically be found in the top right corner.

It is important to take note of these serial numbers as they will be referenced in any case of lost or stolen cheques. Unlike cash, if anything happens to your travellers cheques, the original vendor will be able to issue a refund for the exact same value. This added level of security is why this payment method was seen as revolutionary when first introduced.

As well as signing upon receipt, you will also need to sign each travellers cheque when used by a retailer or exchanged for cash. The act of signing your name as a form of security is somewhat outdated, given the modern technologies in place nowadays.

When accepted by retailers, a travellers cheque will be treated like local currency, which means you should receive any change in the standard, local currency.

Where can I get travellers cheques?

Due to dwindling demand, travellers cheques are not as readily available as they once were. However, they can still be acquired from some banks and financial institutions, post offices and currency exchange offices, like Travelex.

One thing to note is you may be required to settle the handling, commission or cash-in fees that often accompany travellers cheques, and these can be expensive, amounting to 2 - 3% in some cases. This cost is another reason they are no longer as frequently used.

Where can I use travellers cheques?

Generally, travellers cheques are still accepted all over the world, albeit harder to find vendors selling them and retailers accepting them as legal tender. Consider your destination before deciding on this form of travel money: if you are travelling to major cities there is more chance of you finding somewhere to cash your cheques or use them for in-store purchases. However, more remote destinations may not be equipped or able to accept this type of funds.

How safe are travellers cheques?

The original blueprint for travellers cheques was a paper payment method which could be used as foreign currency but was more secure than handling cash. At the height of its popularity, travellers cheques were generally considered much safer than cash due to the added security of their unique serial numbers, meaning customers could cancel and replace cheques if need be. These numerical codes were a money-back guarantee for anyone whose cheques were misplaced, destroyed or stolen. Another added benefit, if your travellers cheques are intercepted, you will not be vulnerable to bank fraud, as they are in no way connected to your bank account, unlike credit or debit cards.

Financial security measures have evolved greatly since the inception of travellers cheques, however, with the introduction of PIN codes, two-factor authentication, fingerprint touch ID and facial recognition, to name a few forms of fintech security commonly available now. With this in mind, the concept of a travellers cheque no longer measures up in terms of fraud protection and data encryption.

Travellers cheque vs. Cashiers cheque: What is the difference?

In terms of appearance, a travellers cheque looks nearly identical to a standard issue cashier's cheque: but are they similar in any other ways?

A cashiers cheque is issued by a bank or financial institution and is designed to be processed quickly, by the individual whose name is printed on the cheque. Conversely, a travellers cheque is for use overseas, is loaded with prepaid foreign currency - usually USD or GBP - and does not have a name or account number printed on it, although it does require a signature. Because travellers cheques do not have any bank details printed on them, they are deemed safer than cashiers cheques in terms of potential for fraudulent use. In addition to this, they are paid for when printed, meaning it is not possible for a travellers cheque to bounce.

What are the alternatives?

Credit or debit cards.

If you are worried about travellers cheques not being widely accepted where you are going, then this form of travel money will offer more flexibility. Using your regular bank cards overseas provides a record of spending and offers maximum convenience, but there are also some frequently flagged concerns. Primarily these concerns focus on the sky-high fees and below-average exchange rates related to using your debit or credit card abroad. This isn’t always the case, however, as many banks and financial institutions offer travel credit cards, tailored to suit the needs of frequent flyers.

Travel money cards

Prepaid travel money cards are the modern equivalent to travellers cheques and have become very popular. This is largely due to the fact that they are totally separate from your regular bank account, allowing users to spend their balance freely without the worry of potential fraud or overspending. Preloaded with funds, travel money cards often help limit additional currency exchange charges. In addition to this, in spite of fluctuating currency rates, these cards let customers lock-in a favourable exchange rate ahead of time.

International bank accounts

If you are headed overseas for a sustained period of time, it could be more convenient and cost-effective to open a bank account in your destination country. You would be subject to the relevant security and eligibility checks but this decision pays off if you are making regular international money transfers or being paid in a different currency by foreign clients . Find out more about this option by reading our guide: How to Open a Bank Account Overseas.

Due to the growing alternative digital payment methods available nowadays, it seems this age-old travel money no longer measures up in terms of accessibility, cost and convenience. When travellers cheques were originally launched, ATM withdrawals were not commonplace for travellers, and digital point of sale systems had not been invented. Nowadays, it is easy to access local currency using an assortment of different payment methods such as debit or credit cards, travel money cards or money transfer apps .

The best option for anyone who is reluctant to use their debit or credit card overseas, would be to use a prepaid travel money card. Prepaid travel money cards are a safer and more widely used alternative to travellers cheques, and customers do not need to seek out a bank to use them, are not required to sign for each transaction and security measures in place are far more advanced. This method enables customers to secure multiple foreign currencies, locking in the optimum exchange rate for your currency pairing ahead of your trip abroad. Use our comparison tool to ensure you receive the most competitive exchange rates for your international money needs.

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Contributors

April Summers

Calmer Travel

What to Do With Old Travelers Cheques (Don’t trash them)

Since smartphones and credit cards became ubiquitous, the humble traveler’s cheque (or check, depending on where you’re asking the question) has fallen out of favor. However, not that long ago they played an immensely important role in the lives of travelers across the United States.

Back when there wasn’t an ATM on every corner and cash was king, they minimized the risk globetrotters faced when traveling far from home. Cash could be lost or stolen. While traveler’s cheques could be too, they could also be reported as such and subsequently replaced!

However, now it’s 2021. Credit and debit cards are as common as dental floss and the once novel utility of traveler’s cheques has worn off. So, with that said, what do you do when you find old ones laying around?

Do not throw away your old traveler’s cheques — you may still be able to redeem them for hard currency. They never expire, so if you have ownership and the cheque’s serial number has not already been redeemed, you’ll be able to cash them at participating financial institutions.

Go dig them out of the garbage if you’ve already tossed them out! Then come back here and stick around, as we’re going to explore the state of using traveler’s cheques in the modern era.

One thing — we’re not financial or legal experts. If you doubt your ability to cash the traveler’s cheques you found, consider calling American Express at 1-800-525-7641. If American Express is not your traveler cheque issuer, simply call the company that issued them.

What About for the Deceased?

There’s a chance that if you’ve found old traveler’s cheques, they were a part of a deceased person’s estate. While it’s possible to cash the traveler’s cheques of a dead person, you have to make sure that you have the right to do so — this usually means being the executor of that person’s estate.

This is more complicated than simply proving you’re related to someone — other heirs may have equal or greater rights to the estate.

If you’re not sure if you have the ability to do this, I recommend talking to a probate lawyer or calling the company that issued the cheques.

Where To Cash Travelers Cheques in 2021

While they’re certainly not as in favor as they used to be, there are still many places that someone can redeem their traveler’s cheques for cash. While we won’t go into every location that will cash your traveler’s cheques here, we will give you a rough strategy for getting them redeemed.

via Purchases as Participating Stores

Many stores, including some Walmarts, offer the ability to cash traveler’s cheques in their store. This often takes the form of buying something with the cheque and getting the change back in U.S. currency.

Be warned — some stores will limit traveler’s cheque redemption to a certain amount of money. Consider a situation where a store only allows $20 cash back. If you paid with a $50 traveler’s cheque, you’d need to spend $30 at the store to get your total amount of money back!

Bank Deposits

Nearly all banks will allow customers to deposit their traveler’s cheques into checking or savings accounts. The same usually can’t be said if a person doesn’t have an account at that institution (with some exceptions, listed below).

However, not all banks offer this service. To know for sure, simply call your bank.

Check-cashing stores

Many people don’t know this, but check cashing places will usually cash traveler’s cheques. Like all of their other services, this will cost money. How much they’ll charge depends on the individual store policy. As with the other sections, if you’re in doubt give them a call.

Bank of America

Unlike other banks, the vast majority of Bank of America locations allow you to cash traveler’s cheques. Bank of America will often charge a fee, although some locations offer this service for free.

U.S. Post Offices

According to the USPS , you can use travelers cheques to buy postage services as long as at least 50% of the value goes toward the postage service. This means that if you have a $50 travelers cheque, you would need to buy $25 in postage services to get $25 back in change.

American Express actually offers the ability to redeem your traveler’s cheques online . In order to take advantage of this method, you’ll need the following:

• A government issued ID (social security card, passport, or U.S. driver’s license)
• The traveler’s cheques
• Your bank details

Following their online instructions will allow you to redeem the cheques, depositing the money into your bank account.

Will They Ever Expire?

I touched on this in the introduction, but one of the major benefits of buying traveler’s cheques is that they will never expire . You can keep them for 50 years and they’ll be worth the same amount of issuing currency.

However, there is one major caveat to this.

If the issuing company ever goes out of business, it’s questionable whether or not you would get your money back. This makes intuitive sense — who would give it to you if the company was gone? Luckily, American Express is over 170 years old and is unlikely to go out of business anytime soon.

If they aren’t the company that issued your traveler’s cheques, this may be a concern though.

Can You Still Buy Travelers Cheques?

According to American Express, you can still purchase travelers cheques . However, according to the University of Hawai’i Federal Credit Union, American Express travelers cheques were discontinued as of December 31, 2020. As of this writing, this is the only source I can find about the planned discontinuance.

Travelers Cheques Alternatives

If travelers do go the way of the dodo, there are still other ways to accomplish their purpose. Prepaid travel cards are the 21st century replacement for them. They offer the same advantages while also letting you use them like you would a debit or credit card.

Simply fill them with the amount of currency you want to take with you and use it like a debit card until the funds are exhausted.

Final Thoughts

You should definitely try to hang on to any old travelers cheques you find. If they haven’t already been redeemed, you might have just lucked your way into a small windfall. Even if they have been redeemed, consider holding on to them.

If American Express does discontinue them, you’ll have in your hands a piece of American history!

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Home » Travel » Question: Can You Cash Travellers Checks Of A Deceased Person

Question: Can You Cash Travellers Checks Of A Deceased Person

Call your financial institution if you have questions. Redeem a deceased person’s unused traveler’s checks if you’re the executor of the estate, or if you’re named as the beneficiary. To do so, take the traveler’s checks, death certificate and papers declaring the executor or beneficiary to the estate’s bank.

What to do with Travellers Cheques when someone dies?

What should be done with a deceased person’s unused Travelers Cheques? A refund can be arranged for the unused Travelers Cheque to the next of kin or beneficiary. Please call Customer Services on (08005876023) or find the contact number for your current location.

How long are travelers checks good for?

Traveler’s checks don’t expire: You can either keep them for future use or deposit them into your bank account once you’re home. If checks get lost or stolen, contact the issuer immediately: You may be able to get replacement checks locally, and the issuer needs to know which checks are potential fraud risks.

Can you cash in Travellers Cheques?

Yes, any unused Travellers Cheques can be cashed at any NM Money or Eurochange branch. In branch at any of our 190+ UK NM Money or Eurochange locations. Visit our branch locator to find your nearest branch. No, Travellers Cheques have no expiry date so can be cashed irrespective of issue date.

Can you deposit travelers checks in your bank account?

We have learned all major banks including BofA will let you deposit uncashed traveler’s checks that are in your name into your account. Most banks like Bank of America, JPMorgan Chase and Wells Fargo, no longer issue traveler’s checks, and many merchants will not honor them.

Can I cash old American Express Travelers Checks?

Traveler’s checks never expire, so if you have some that are unused, you should be able to cash them at home, in your home currency.

Are travelers checks still a thing?

Now, many banks — including giants like Chase, Wells Fargo and Bank of America — no longer offer traveler’s checks. But traveler’s checks aren’t yet obsolete. You can still find them from such companies as American Express, AAA and Visa.

Where can I cash travelers checks?

You can usually cash travelers cheques at banks, currency exchange bureaus (bureaux de change in some countries) and at American Express travel service locations. Some larger hotels and other businesses still accept them, too.

How do I cash Old Travellers Cheques?

Simply present the Cheque to the acceptor or bank where you wish to cash it. Make sure the acceptor watches while you countersign the Cheque in the lower left-hand corner. You can also exchange your Travellers Cheques for local currency free of charge at thousands of locations around the world.

How do I cash American Express travelers checks?

How do I cash Travelers Cheques? Simply present the Cheque at the exchange or merchant location. Make sure the acceptor watches while you countersign the Cheque on the lower signature line. Photo identification may be required.

Why are Travellers cheques safer than cash?

They we’re generally used by travellers instead of cash, because of the added security they can offer. If a travellers’ cheque is lost or stolen, it can be cancelled and replaced by whoever issued it, which is handy for vulnerable tourists.

Can I cash Thomas Cook Travellers cheques?

Travelex, which bought Thomas Cook’s travel money business in 2000, will still accept the cheques, albeit for a 5 per cent fee. I would recommend cashing them in, along with any others you might have knocking about, and treat yourself to a night out.

Can you cash a traveler’s check at an ATM?

If for some reason, you can’t cash your check in your location (perhaps you are in a small town without a bank), a back up form of payment can be crucial. Some companies offer travelers check debit cards. They are just as easily replaced if lost or stolen, and they can work in automatic teller machines (ATM).

Does Bank of America accept travelers checks?

No, we don’t. As a result of customer feedback regarding the many difficulties involved in cashing and using travelers cheques, we no longer offer this product. Many countries periodically take their currency notes out of circulation. Bank of America only accepts foreign currency bills that are in current circulation.

Does Walmart take travelers?

Only a select amount of Walmart stores accepts traveler’s checks as a payment method as of 2021. Customers should contact their local Walmart in advance to confirm if they accept this form of payment. Walmart’s that do accept traveler’s checks can cash amounts up to $5,000 and use the cash to pay for your purchase.

Do checks expire if not cashed?

Personal, business, and payroll checks are good for 6 months (180 days). Some businesses have “void after 90 days” pre-printed on their checks. Most banks will honor those checks for up to 180 days and the pre-printed language is meant to encourage people to deposit or cash a check sooner than later.

Can I cash my husbands check?

Generally, banks will only cash checks for the payee shown on the face of the check, upon producing proper ID. It’s easier to cash the check when you have a joint bank account. Even then, the bank will insist that your husband endorse the check to you by signing the back of the check.

Can US checks be cashed overseas?

U.S. banks will accept an international check. However, most have the same policy. Banks will present the check for payment on the foreign bank and will not deposit the funds until the foreign bank has payed the U.S. bank. The U.S. bank may also have a limit on the amount of the check and may charge a fee.

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• Question: How To Find Out If Person Is Deceased
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• Personal tax

Inheritance Tax Manual

Ihtm10061 - investigating the assets on page 6: cash (box 53).

Any cash that is not held at a bank should be shown in box 53 on the IHT400. This will include

• any cash held by the deceased or kept at home or elsewhere such as a safe deposit box
• cash held for the deceased by someone else, for example, a stockbroker
• travellers cheques
• any uncashed cheques made out to the deceased.

Sterling travellers’ cheques should be included at face value. If the travellers’ cheques are in a foreign currency they should be converted into sterling using one of the many currency conversion websites available on the internet.

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