Between the years 1850-1995, a traveler's check and the local American Express or Thomas Cooke office were the only way to get some local cash while abroad. But the introduction of ATMs over the past decade nearly turned these old travel standbys into
quaint museum pieces. But you're likely to be charged an ATM withdrawal fee if the bank is not your own, so if you are withdrawing money every day, you might be better off with traveler's checks. For those of you new to Europe, a traveler's check is a form of Monopoly money that the whole world has agreed to treat as if it were real: just a pre-paid slip of paper worth $20, $50, or $100.
Traveler's checks still have their value. Obscure areas especially smaller towns and islands may have no bank, but you can always change a check at a local business, usually at a pretty pathetic rate. Paying for a meal, purchase, or hotel room directly with a traveler's check is a good way to ensure you get the worst possible exchange rate. Use your checks to get local cash at a bank or the
American Express office, but not as currency.
