The traveler’s cheque was once-popular but now somewhat not the most popular medium of foreign exchange. It is utilized as an alternative to physical currency i.e. CASH currency therefore intended to help tourists. Travel cheque is typically used by tourists on vacation, official tour etc in foreign countries. It provides safety to travel overseas by avoiding the risks involved in carrying cash currency. The issuing bank, provides security cover against lost or stolen traveler’s cheques.
KEY FEATURES OF TRAVEL CHEQUE
- Traveler’s cheques are a form of payment issued by banks, financial institutions.
- Traveler’s cheques are generally used by tourists when traveling overseas.
- Traveler’s cheques are bought for pre paid amounts and can be used to buy goods or services or be exchanged for cash.
- If the traveler’s cheque is lost or stolen it can readily be replaced.
- Once Traveler’s cheques were widely used, now a days it has been supplanted by prepaid debit cards and credit cards, Travel Currency Cards.
How a Traveler’s Cheque Work
Traveler’s cheque is issued for a pre paid fixed amount and inturn operates like cash currency, tourists can use it to buy goods or services when traveling. Tourists can exchange a traveler’s cheque for cash.
Xe Forex Bureau India Private Limited helps people get traveler’s cheque and choose the best from available Traveler’s cheque provides.