The Old-School Travel Essential From The '80s People Rarely Use Anymore

If you're a person of a certain age, you might remember traveler's checks. These paper checks came in set amounts and were often purchased from banks before a trip. They were a staple in the '80s because, unlike cold, hard cash, lost or stolen checks could be refunded. The first and last time I used a traveler's check was during a school trip to Los Angeles. That was back in 1993, and even then I struggled to find a place that would cash my stack of $50 traveler's checks.

Although traveler's checks once offered peace of mind, with credit and debit cards, digital wallets, and ATMs widely available, they're not as popular as they once were. In fact, even Rick Steves warns against using traveler's checks in Europe because ATMs are a cheaper and faster way to access cash. Granted, you may run into fees, especially when traveling internationally. If your bank charges per withdrawal, taking out larger sums less often can help, as long as you're comfortable carrying the extra cash.

Of course, whether you're taking money out of an ATM or cashing a traveler's check, you're eventually left carrying cash, and the risk of theft is still there. That's especially worth remembering in destinations where you're most likely to get pickpocketed. A money belt or secure inner pocket can help keep your valuables safe while traveling.

If you're still using traveler's checks, it's probably time to let them go. Not only are ATMs generally faster and more convenient, but getting your hands on new checks isn't easy, either. American Express, which started issuing traveler's checks over 130 years ago, no longer sells them. That doesn't mean old checks are worthless, though. The company still honors previously issued checks, which have no expiration date. 

The next feat is finding somewhere willing to cash them. While traveler's checks were once widely accepted at restaurants, hotels, and retail stores around the world, that's no longer the case. Even some banks no longer accept them. According to American Express, you can still redeem its checks online, deposit them at participating banks, or exchange them for local currency through its exchange partners. 

In other words, it's time to embrace debit and credit cards, or even prepaid travel cards. If you do a lot of international traveling, a multicurrency account can also come in handy. I use Revolut to transfer funds from my U.S. bank and spend abroad. Depending on your plan, you can make purchases and withdraw cash overseas with minimal fees, although currency exchange charges and ATM fees may apply.