Travelers checks are financial drafts that are issued by banks and selected other financial institutions. While debit cards and similar options are often used today by many people who travel for work or pleasure, the travelers check is very much alive and well. In fact, there are a few advantages to travelers checks that make them the best option in many situations. Here are a few examples.
One of the most important benefits of using travelers checks is that it is virtually impossible to use a stolen travelers check. This is because the checks are signed at the time of purchase, and then must be countersigned when they are redeemed with a vendor or bank. Since the likelihood that it would be possible to replicate the original signature without hesitation, thieves do not find the checks as attractive as credit or debit cards.
Travelers checks can also allow the international traveler to take advantage of attractive rates of exchange. This is because many services will issue the checks in any currency desired. By investigating the current foreign exchange rates, it is possible to purchase the checks in a relevant currency and lock in an attractive rate that will not change at any time during the trip, regardless of what shifts occur in the valued rate for the currency.
Replacing a lost or stolen travelers check is also much easier than replacing most credit and debit cards. All that is required is contacting a local service provider or bank and report the stolen or lost check numbers. The numbers are immediately canceled and replacement checks issued. It is not unusual for the traveler to have new checks in twenty four hours or less.
One other advantage to travelers checks is that they make it possible for two people to combine their funds into one set of checks. This makes it possible for couples traveling together to simplify paying various types of travel expenses by combining their travel money in the form of the checks. While not an ideal option for everyone, this can be an excellent strategy when there is a need to control the spending of one or both of the travelers.
In most cases, travelers checks are offered by various institutions for a modest fee. Providers also usually supply the purchaser with contact information in the event there are any questions or concerns that come to mind at a later date. It is also not unusual for providers to supply travelers with information about offices and contacts in any countries included in the travel itinerary.