In the new age days of technology, does people still uses travellers cheque?

Can someone shed light on how travellers cheque works?

Pls forgive my ignorance

Works like this: you go to a bank in your home country, or other vendor (Automobile Club, for example in the US) and buy packages of usually 10 traveler's checks in the denomination of your choice. Typically, you will pay a 1% premium on the amount you buy; however, many places offer free traveler's checks if you are a member or customer. At the time you buy them, you sign your name on each one, and tear off the serial number page, which is a record of the serial numbers of the individual checks. Keep this receipt with you, but in a separate place, where it will not be lost if you lose the checks or they are stolen. Check off the ones you have cashed, so you have a record of which are still uncashed.

At your destination, you go to a bank or bank kiosk, present the checks and sign them and date them in front of the teller in order to exchange them for local currency. You will need ID (passport). There will be a charge (33 baht/check in Thailand), and you will get a different rate than if you were exchanging cash. It used to be a better rate, but I have seen it fluctuate. Bigger denominations are better because the 33 baht (for example) is the same regardless of the check denomination.

If you lose the checks, or they are stolen, you take the receipt to the local office of the issuer, and make a claim. American Express, for example, has offices all over the world, and will reimburse you, usually on the spot.

Be aware that while American Express is widely accepted, some other issuers ARE NOT, and may not have local offices to handle claims.

These days, a debit card or two is, by far the better option, especially if your bank reimburses ATM fees. Charles Schwab in the US does. Otherwise, in Thailand, Aeon has no fee.

The only stupid question is the one that goes unasked. Hope this helps.

Thanks for your explanation, Sateev. Your explanation is really valuable.. Thank you