Q:

What are some advantages of using travelers' checks?

A:

Quick Answer

Advantages of using travelers checks include ease of replacement, saving money on fees, more favorable exchange rates and easily being able to stick to a budget. Another advantage is that travelers checks are often more widely accepted throughout the world than credit cards.

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Full Answer

Travelers can easily replace their checks when stolen or lost, but only if they are insured. Reimbursement can be available in as little as 24 hours while travelers may have to wait several days for the replacement of a lost or stolen credit or debit card.

When used internationally, there might be transaction or exchange fees on using a credit card. There might also be a charge for using an ATM in a foreign country. It's also less likely for a user to have to pay a fee to have his travelers checks replaced, which isn't always the case when replacing a credit card.

Travelers checks save individuals the hassle of having to wait in line to exchange currency when they enter a new county. Travelers checks also make it easier to stick to a budget, because the traveler can only spend the amount of money available on the checks. Checks are also easier to spend and can be made available in the currency of a specific country.

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