Travelers cheques - dead and buried?

Q: My wife and I are traveling in the United States in June. We normally take travelers cheques when abroad and I have always found them safe and convenient. Any thoughts on if we should stick with them or maybe change to a cash card for our forex and pros and cons on both? - Eric Bellingham

A: Once it was essential to buy travelers cheques for an overseas trip, but this is no longer the case. Their use has been declining since the 1990s due to the growth in credit card usage and automated teller machines around the globe. These days most people will carry their foreign exchange in a credit or debit card, backed up by some foreign currency notes. The advantage with the cards is that you can draw cash in local currency at ATMs everywhere. The disadvantage is that bank charges can be high and you could lose your money to fraud if someone gets hold of your pin number and card. Travelers cheques are still used in the States, but the acceptance has been in decline due to fraud concerns. You can still take some of your allowance in travelers cheques if it makes you feel secure, but perhaps the time has come to switch to an electronic card. You may not need to use a travel cash card like the Visa TravelMoney Card; you can probably use your own credit and bank card everywhere. If your bank cards have a Visa or Cirrus symbol on them you should be fine. It is advisable to carry more than one card in case one gets damaged or lost.