What are traveller's cheques, how do they work and how do you get them?

Question

Do you buy them or something? And do you have to turn them into cash when you get to the actual country? What is the benefit of using them instead of just converting your money?

Answer 1

they are a prepaid currency paid for at the time of purchase and lock in the exchange rate at the date in the currency purchased. these days its easier and cheaper to use a debit card which you can  link to your savings account, you draw out cash or pay an account purchase with your own money and you pay the exchange conversion rate at the time of transaction. if you want cash, you can withdraw funds in the local currency at a small set fee with your bank at any teller machine that carries the CIRRUS logo, which most do. talk to your bank about this option  

Answer 2

They're scrip (paper) that you purchase in specific amounts, usually $20 each.  You sign them once when you buy them, and then again when you use them ( so they can confirm your signature).  

You can get them in the currency of the country you're going to, so you don't need to convert them.  

The advantage of them is if they are lost, the bank (or whoever sold them to you) will replace them.  Of course, you have to have the check numbers.  

The disadvantage is they're a hassle, many places don't like to take them or refuse to take them, and if you have any left over, you have to pay the conversion fee to cash them back.  

It's ever so much more convenient to just use a debit card at an ATM to get cash.