American Express (Amex) traveller’s cheques never expire. However, they are no longer widely accepted.
Back in 2009, my Amex traveller’s cheques were issued by Citibank. With the uncertainty of the financial crisis, I was unsure where I would be settling in the world and I felt a lot better carrying a cheque worth around 1000 sterling than carrying the same amount in cash.
Things did not go according to plan; my adventure turned into a business misventure, and I returned home with my traveller’s cheques, unused.
Soon after issuing my cheques, Citybank no longer issued traveller’s cheques. They also would not take them back and were silly enough to tell me that they were worthless (read on to see why they are silly).
How to cash traveller’s cheques? HSBC does, in theory, accept traveller’s cheques in the same currency, but good luck finding a cashier counter that will accept them (or knows how to). Post Office – possibly just an Internet rumour now.
Electronic foreign exchange services, such as TransferWise, rarely accept traveller’s cheques. A currency exchange shop is probably your best bet. Ask if they accept traveller’s cheques (call them after checking the Amex website). However, this option can involve high fees.
Security is perhaps the best reason to use traveller’s cheques, but as explained above, the use of traveller’s cheques has decreased significantly over the years. Apart from touristy areas such as Dubai, it may be challenging to find places that accept them. Amex is really your last option; they can redeem your traveller’s cheques.
Arabian Misadventures 