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Travellers' cheques:

Travellers' cheques were at one time the primary method of taking money with you when you travelled. These days they are not as common, but they are still widely available and relatively widely accepted. Generally these are not accepted as widely as credit cards and they are usually not as convenient to use. In general, only the largest stores and hotels will accept cheques for payment as is.

Travellers' cheques are issued in a specific currency. American Dollars is the most common currency, but many different currencies are available.

The main advantage of travellers' cheques is complete protection against loss or theft. Once you report them as missing, the issuing company will replace them. However, you must also keep a record of your unused cheque numbers, and the replacement process can take time and be inconvenient.

With travellers' cheques, you will typically have to pay fees both to buy them and to cash or use them. This may be a straight fee, or it may be hidden in the exchange rate if you are buying them in a foreign currency. If you are buying them in a foreign currency, it may be worth it to find out if you can buy them with cash in that foreign currency.

When cashing your checks, pay close attention to commissions and fees: if the fee is per cheque, cashing many small checks can be very uneconomic. Be suspicious of claims of "no fees", as this usually means that the exchange rate is terrible.

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