How to Convert Traveler's Cheques
Traveler's cheques provide a safe and easy way to change and carry foreign currency when you travel abroad. Before going on vacation, you can purchase them through your bank and then exchange them for the local currency of your choice while you are abroad. Unlike cash, only the authorized holder can redeem the value of traveler's cheques, using a valid passport as proof of identification. This means that the holder can obtain cash in small doses while abroad at a lesser risk of losing large sums of money or worse still, having it stolen.
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Instructions
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Decide how much money you would like to cash-in. Traveler's cheques come in various amounts depending on the currency, allowing you to take out small and large amounts, including specific amounts to suit your particular needs at the time.
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Find out where your nearest Bureau de Change or cooperating bank is. Ask your hotel to recommend the nearest official outlet offering traveler's cheque conversions because in some foreign countries there are unofficial outlets at work that will offer you a very poor rate of exchange, a high rate commission for changing the cheques or worse still, give you counterfeit money in exchange for your cheques.
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Take your passport as proof of identification and the number of traveler's cheques you want to cash-in to your chosen Bureau de Change or bank. They will check that your passport corresponds with the person named on the cheques. Ask the server how much commission they will charge and what the rate of exchange is. If you are happy with their offer, hand over your traveler's cheques to exchange for local currency.
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Ask them to give it to you in specific notes and change so that you have a variation of tender instead of lots of high-value notes which will be more difficult to change unless you are making large purchases.. You will then sign a document to confirm that you have received the money and you will receive a copy of this receipt to keep for your records.
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Tips & Warnings
Make sure you have somewhere safe and secure to carry your cash when you have converted the traveler's cheques; thieves have been know to prey on people coming out of banks and currency exchange outlets, so a hidden money belt or secure bag is recommended in order to avoid this.
Similarly, keep your passport safe at all times and only take it out with you when absolutely necessary. Otherwise, keep it secure at your hotel because it acts as your ticket to obtaining your money when you need it.
You can usually replace traveler's cheques within 24 hours if lost or stolen if you contact your provider immediately after the incident. Keep a note of the contact number you will need and the cheque security number so that you can identify which cheque has been stolen. Keep your records separate, preferably at the hotel, in case your entire belongings are lost or stolen while you are sightseeing.
