Travelers checks can only be purchased with cash to avoid money laundering. It is also because travelers checks are exchanged for cash at various establishments.
At a bank or currency exchange location, travelers checks are purchased in increments of $50 or $100. The front of the check is signed upon purchase and verified with a photo identification card. A service fee must also be paid upon purchase.
Travelers checks are most commonly purchased at banks. Other locations may include check cashing facilities and currency exchange bureaus.
Travelers checks are most commonly issued by Visa or American Express. These checks come in Euros, American dollars, Canadian dollars, Australian Dollar, Pound Sterling, Chinese Yuan and Japanese Yen.
Travelers checks can be used at any store or restaurant, anywhere that cash is accepted. When used a photo identification must be presented and the back of the check must be signed. Both signatures and the I.D. must match.
