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Taxtom
Taxtom , Accountant
Category: Finance
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Experience:  25 Years in preparing Personal and Business Tax Retuns
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If I receive a travellers cheque from someone who is repaying

Resolved Question:

If I receive a travellers cheque from someone who is repaying a debt to me, can I simply cash it at the bank without it going through my bank account?
Submitted: 5 years ago.
Category: Finance
Expert:  Taxtom replied 5 years ago.

Taxtom :

Hello, It most cases yes you can. Some banks will treat it has a regular check and will only let you cash it if you have enough in your account to cover it. Thanks Tom

Customer: replied 5 years ago.
OK but what if the money was not mine to start with? Like if they give me a travellers cheque can I just cash it without anything going through my account?
Expert:  Taxtom replied 5 years ago.
Hello, It is usually cashed with no problems without going through your account but again if you have less than the amount of the travelers check in your account they may not let you cash it. They have several problems with fake travelers checks in the last few years. Were the travelers checks issued by a bank or a credit card company? Thanks Tom
Customer: replied 5 years ago.
They have not been issued yet - the person has asked if they can give me a travellers check and I am considering whether or not I want to say yes.

What is the difference between it being issued by a bank vs cc company?

What if I take it to a bank where I don't have an account?
Expert:  Taxtom replied 5 years ago.
Hello, If a bank issued it then you can go to that bank they can confirm it and cash it. If you take it to bank that you don't have an account then they probably won't cash it. You might have a better chance at a check cashing place. Why doesn't the person just cash it and give you the cash? Thanks Tom
Customer: replied 5 years ago.
They don't want to carry the amount of money that it is ($10,000). They want to carry travelers checks.

But it sounds like if I took the travelers checks to a check cashing place they would cash them no questions asked? Is that what you are saying?
Customer: replied 5 years ago.
They don't want to carry the amount of money that it is ($10,000). They want to carry travelers checks.

But it sounds like if I took the travelers checks to a check cashing place they would cash them no questions asked? Is that what you are saying?



Expert:  Taxtom replied 5 years ago.
Hello, Thats a large amount of travelers checks. I think the check cashing place would cash them but maybe not all at the same place. Thanks Tom
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