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Here's a copy of Don's tips on using travelers checks and cash, presented at the December, 2007 meeting of the Travel Club:

Most experienced travelers learn to take precautions when they travel in foreign or domestic destinations. A little common sense and a healthy paranoia go a long way to prevent unwanted surprises. However, some areas are “gray” areas, and need rethinking to decide their value or not.

Travelers cheques were the prudent method of taking money when traveling—if lost or stolen, they were fairly easy to replace and limited or no cost to the customer.

Nowadays, with credit and ATM cards, fewer travelers consider them necessary—some view them with contempt as too old-fashion. However, some travelers, myself included, do not find ATM cards, in themselves, sufficient. Cards can be eaten by the machine and require outside service people who are not bank employees to be called to extract your card, or the card can be scammed by rather sophisticated thieves who do not find it difficult to take your money and ruin your vacation without losing any sleep over it. Very light-fingered pick pockets can relieve you of your valuables, or street gangs can assault you and cut your “hidden” valuables from their secure, under-your-shirt/blouse location, and leave you with cut-marks and no valuables. You can always put several cards in various locations—taped to the small-of-your-back, stuffed in your socks and other locations to foil the would-be thieves. Of course, full-body-armor would work too.

A prudent traveler might want to consider a multi-faceted approach:
1. US cash in small denominations, amount depending on area of travel and length of travel
2. some foreign currency* for the first country you travel to—can be obtained through a credit union or some banks.
3. travelers cheques* in small denominations (which can easily be converted by banks, many post offices, etc., and if you don’t use them on this trip they can “back-you-up” on your next one)
4. credit/ATM cards as your primary method of payment.

Now, all your bases are covered and no great financial surprises that you can’t handle, except being kidnapped by local insurgents, tsunamis, revolutions, French train strikes…but you always need some adventure in your travels.

*Foreign currency, as well as no-fee VISA travelers checks can be purchased at AAA. American Express travelers checks (no longer available at AAA) can be cashed without commission or fee at any American Express office worldwide. (Ed.)