One of the great things about TCs was that if you lost them you could get instant replacements. I heard something on a BBC radio programme to the effect that this just often doesn't happen.

The reason is the relative level of fraud with TCs has increased as legitimate travellers have moved to other methods. Its becoming more common for TC companies to only issue a partial replacement on the spot and not refund the bulk until an "investigation" (where basically they wait to see if and how there is an attempt to encash them) is completed and you have returned home.

They also have a blacklist of locations where its common for TCs to be reported lost. If you report TCs as lost at one of these places then they will never do an immediate replacement. The excuse was that they suspected some kind of fraud involving the establishment. The reality is they had profiled the hotel concerned. In once case, a popular backpacker resort suffered particularly. Backpackers would run low on money and had the idea to get replacements and then cash both sets. So the place was blacklisted. Great - if you happen to be an honest one who lost your money.

I used TCs some years ago - and they are always sold on the basis of peace of mind/fast replacement. But I wouldn't get them now.