Do we still need traveller's cheques?

QUESTION: I always take some foreign currency and traveller's cheques with me when travelling overseas, but find that I use my credit cards and have less and less use for the traveller's cheques. Do you think it is still necessary to carry them? - Mike Labuschagne

ANSWER: It is no longer vital when visiting most countries, especially if you have two different brands of credit card (for example, a Master and a Visa card). However, you might still want to take traveller's cheques to some destinations, such as those where there are few ATM's and where credit cards are not widely accepted. There are also countries and regions where the rate of card fraud is exceptionally high and it is advisable to use cheques or cash there. You don't want to have to cancel your cards midway through your trip! My recommendation would be to carry a limited number of traveller's cheques as a safety fund. Hide them away from your other money, where you can locate them in a time of need. You can't lose anything by taking some along, so why not?