Author Topic: Travellers Checks in a foreign currency  (Read 536 times)

MoseyingAlong

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Travellers Checks in a foreign currency
« on: February 19, 2024, 03:32:50 PM »
Shot in the dark, hoping someone has recent experience and can help out.

A family member has several thousand USD worth of travellers checks in a foreign currency (Swiss francs). They will probably not return to Europe.

Any suggestions on how to convert to USD with as few fees as possible?

Their credit union will not take them.
My bank has a process to mail them in but no info on the fees charged (they say that depends on a third party processor).
I'll check with a local branch of Bank of America or Wells Fargo but we don't have accounts there so they may not be helpful.

Any ideas?

Thanks in advance

Sibley

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Re: Travellers Checks in a foreign currency
« Reply #1 on: February 19, 2024, 08:18:34 PM »
https://www.frommers.com/blogs/arthur-frommer-online/blog_posts/if-you-have-old-traveler-s-checks-lying-around-here-s-why-you-should-cash-them-asap

Mostly its saying don't use them, and this is why. If your bank will take them, that might be your best option, regardless of fees.

MoseyingAlong

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Re: Travellers Checks in a foreign currency
« Reply #2 on: March 23, 2024, 11:16:46 PM »
Just in case anyone is interested.

American Express gave me the contact info for someone at SwissBankers. They verified the checks are still "open" and will cash them and send us the proceeds in US dollars.
Fun little problem to solve.

Dave1442397

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Re: Travellers Checks in a foreign currency
« Reply #3 on: March 24, 2024, 06:02:59 AM »
Just in case anyone is interested.

American Express gave me the contact info for someone at SwissBankers. They verified the checks are still "open" and will cash them and send us the proceeds in US dollars.
Fun little problem to solve.

That's good. I haven't seen a traveler's check since the early '80s :)

Loren Ver

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Re: Travellers Checks in a foreign currency
« Reply #4 on: March 25, 2024, 09:11:26 AM »
My mom was still using American ones on her treks across the US until a few years ago (8 or 10 years) when a string of cashiers just finally didn't know how to process them.  We finally had to move mom over to a credit card, she wasn't too thrilled by the process but it was better than being immobile.  She was the trailing spouse to an AirForce officer and travelers checks always meant secure money globally. 

So someone was still supplying them and people were still taking them.  As good as cash-just more secure!

Loren