American Express Travellers Cheques?

Question

I was thinking of buying American Express Travellers Cheques, and was wondering how difficult would it be cash them in Spain (Barcelona and Madrid), and Portugal (Lisbon). Do I have to find an American Express? Do I have to go to an American Express travel center? And if so- are they easy to find in Spain, and if not- where else can I get them cashed. And can I use them at restaurant? Like cash, or do I need to cash it in first? And do they charge fees? I know there is a fee for buying them, but is there a fee for getting cash back as well?

And everyone mentions Visa. Does it work like the US that Visa and Mastercard are synonymous, or do some places only accept Visa, and other places Mastercard?

Answer 1

You can use travelers cheques anywhere just like they were cash. However restaurants and stores don't like to take them, they will give you a lot of dirty looks and some may refuse. On top of that they have to be converted into Euros and you will get butchered on the exchange. They may even charge you a fee on top of a bad exchange rate.

The best way to get cash overseas (and you should never carry a lot on you at any time), is to use your bank ATM card. Just go to any local bank ATM (they are everywhere) and get your Euros. Not only will the local bank not charge you any fees for withdrawal, but you will get the correct exchange rate too. No other method is as easy and cost effective.

Answer 2

I think every bank in Spain or Portugal will cash your traveler cheques but they will not be accepted in any other places (exceptionally maybe in big hotels). I advise you to bring your Visa credit card along and buy some euros at you local bank before leaving for small expenses (cabs and so on). Visa is accepted almost everywhere and is cheaper that using traveler cheques. American Express branches are something of a rarety in Europe, as well as traveler cheques.

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