Remember traveler's checks? Those pre-printed paper checks in fixed amounts, bought from your bank before a big trip, promising a refund if they were lost or stolen? They were the gold standard for holiday money in the '80s — and now they're all but extinct. American Express, which issued its first checks more than 130 years ago, has stopped selling them entirely, though it still honors any old ones you might have stuffed in a drawer, since they never expire.
The problem is no longer buying them — it's spending them. Once accepted at restaurants, hotels, and shops worldwide, traveler's checks now get turned away even by some banks. One writer recalls a 1993 school trip to Los Angeles where, even at the tail end of their heyday, cashing a stack of $50 checks was a slog. American Express says holders can still redeem checks online, deposit them at participating banks, or swap them for local currency through its exchange partners. But as Rick Steves points out for anyone heading to Europe, ATMs are simply cheaper and faster.
That doesn't mean plastic is free money. International card withdrawals and foreign transactions can carry fees, so if your bank charges per withdrawal, it often makes sense to take out larger amounts less frequently — provided you're comfortable carrying the cash. And cash is still cash: whether it came from an ATM or a paper check, it can be stolen. In pickpocket hotspots, a money belt or a secure inner pocket is a cheap insurance policy.
For frequent travelers, the modern toolkit looks different. Prepaid travel cards lock in your spending and keep your main accounts at arm's length. Multicurrency accounts — Revolut is one popular example — let you move money from your home bank, spend abroad, and withdraw cash with minimal fees, though exchange charges and ATM costs can still apply depending on your plan. Wise, Monzo, and similar fintech options work on the same principle.
The practical takeaway: if you've been buying traveler's checks out of habit, stop. Your bank may not even stock them anymore. A debit card with low foreign fees, a credit card as backup, and a modest cash buffer will get you further than any stack of paper checks — and if you're still holding old ones, redeem them through the issuer before you leave on your next trip, because fewer and fewer places will take them at the counter.
Story via Explore.com
