Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Travelers Cheque shopping experience:
1. Compare - without doubt the biggest advantage that the Travelers Cheque offers shoppers today is the ability to compare thousands of Travelers Cheque at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a Travelers Cheque? Wrong! If the Travelers Cheque is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about Travelers Cheque then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling Travelers Cheque? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Travelers Cheque and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your Travelers Cheque wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your Travelers Cheque then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the Travelers Cheque site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about Travelers Cheque, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your Travelers Cheque, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
A
traveler's cheque (also
travellers cheque,
traveler's check, or
travelers check) is a preprinted, fixed-amount
cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer (usually a bank) for that privilege. As a traveler's cheque can usually be replaced if lost or stolen, they are often used by people on vacation in place of cash. The use of
credit cards has, however, rendered them less important than they previously were; there are few places that do not accept credit cards but do accept traveler's cheques – in fact, many places do not now accept the latter. As a result,
Travelex now also sells "traveller's cheque cards" which are used like credit cards. Curiously though,
American Express, discontinued their own traveler's cheque cards in mid-2007. American Express announced they would no longer honor the cards effective October 31, 2007. THE TRAVELERS CHEQUE CARD FROM AMERICAN EXPRESS
Traveler's cheques are available in several currencies such as U.S. dollars,
pound sterling,
Japanese yen, and euro; denominations usually being 20, 50, or 100 of whatever currency, and are usually sold in pads of five or ten cheques, e.g., 5 x €20 for €100. Traveler's cheques do not expire so unused cheques can be kept by the purchaser to spend at any time in the future. The purchaser of a supply of traveler's cheques effectively gives an interest-free loan to the issuer, which is why it is common for banks to sell them "commission free" to their customers. The commission, where it is charged, is usually 1% of the total face value sold.
The largest volume issuer of traveler's cheques is
American Express, the first to develop a large scale traveller's cheque system in 1891. Host With The Most, Time Magazine, 9 April 1956 issue Its invention is traditionally attributed to American Express employee Marcellus Flemming Berry, after company president
J.C. Fargo had problems in smaller European cities obtaining funds with a
letter of credit (as was the custom then). Other accounts attribute the development of the traveler's cheque to the London financial community early in 1772.
Legal terms for the parties to a traveler's cheque are the
obligor or
issuer, the organization that produces it; the
agent, the bank or other place that sells it; the
purchaser, the natural person who buys it, and the
payee, the entity to whom the purchaser writes the cheque for goods and/or services. For purposes of clearance, the obligor is both
maker and
drawee.
Use and acceptance
Upon obtaining custody of a purchased supply of traveler's cheques, the purchaser should immediately write his or her signature once upon each cheque, usually on the cheque's upper portion. The purchaser will also have received a receipt and some other documentation that should be kept in a safe place other than where he or she carries the cheques.
When wanting to cash a traveler's cheque while making a purchase, the purchaser should, in the presence of the payee, date and countersign the cheque in the indicated space, usually on the cheque's lower portion (if at a restaurant, it may be helpful to ask the waiter to watch and wait for this to be done).
Applicable change for a purchase transaction should be given in local currency as if the cheques were banknotes.
Security concerns
It is a reasonable security procedure for the payee to ask to inspect the purchaser's
identity document; a driving licence or passport should suffice, and doing so would most usefully be towards the end of comparing the purchaser's signature on the i.d. with those on the cheque. The best first step, however, that can be taken by any payee who has concerns about the validity of any traveler's cheque, is to
contact the issuer directly; a negative finding by a third-party cheque verification service based on an i.d. check may merely indicate that the service has no record about the purchaser (to be expected, practically by definition, of many travelers), or at worst that he has been deemed incompetent to manage a personal chequing account (which would have no bearing on the validity of a traveller's cheque).
Deposit and settlement
A payee receiving a traveler's cheque should follow its normal procedures for depositing cheques into its bank account: usually, endorsement by stamp or signature and listing of the cheque and its amount on the deposit slip. The bank account will be credited with the amount of the cheque as with any other negotiable item submitted for clearance.
In the
United States, if the payee is equipped to process cheques electronically at point of sale (
see: Check 21 Act), they should still take custody of the cheque and submit it to a financial institution, particularly to avoid any confusion on the part of the purchaser.
Loss or theft
Loss or theft of traveler's cheques should be reported immediately to the issuer and to the local police authority. The receipt issued when the cheques were purchased will expedite the refund process.
See also
- Cashier's check
- Certified check
- Money order
References
External link
- American Express Traveler's Cheques merchant site
A
traveler's cheque (also
travellers cheque,
traveler's check, or
travelers check) is a preprinted, fixed-amount
cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer (usually a
bank) for that privilege. As a traveler's cheque can usually be replaced if lost or stolen, they are often used by people on vacation in place of cash. The use of credit cards has, however, rendered them less important than they previously were; there are few places that do not accept credit cards but do accept traveler's cheques – in fact, many places do not now accept the latter. As a result, Travelex now also sells "traveller's cheque cards" which are used like credit cards. Curiously though, American Express, discontinued their own traveler's cheque cards in mid-2007. American Express announced they would no longer honor the cards effective October 31, 2007. THE TRAVELERS CHEQUE CARD FROM AMERICAN EXPRESS
Traveler's cheques are available in several currencies such as
U.S. dollars, pound sterling, Japanese yen, and euro; denominations usually being 20, 50, or 100 of whatever currency, and are usually sold in pads of five or ten cheques, e.g., 5 x €20 for €100. Traveler's cheques do not expire so unused cheques can be kept by the purchaser to spend at any time in the future. The purchaser of a supply of traveler's cheques effectively gives an interest-free loan to the issuer, which is why it is common for banks to sell them "commission free" to their customers. The commission, where it is charged, is usually 1% of the total face value sold.
The largest volume issuer of traveler's cheques is
American Express, the first to develop a large scale traveller's cheque system in 1891. Host With The Most, Time Magazine, 9 April 1956 issue Its invention is traditionally attributed to American Express employee Marcellus Flemming Berry, after company president
J.C. Fargo had problems in smaller European cities obtaining funds with a letter of credit (as was the custom then). Other accounts attribute the development of the traveler's cheque to the London financial community early in 1772.
Legal terms for the parties to a traveler's cheque are the
obligor or
issuer, the organization that produces it; the
agent, the bank or other place that sells it; the
purchaser, the natural person who buys it, and the
payee, the entity to whom the purchaser writes the cheque for goods and/or services. For purposes of clearance, the obligor is both
maker and
drawee.
Use and acceptance
Upon obtaining custody of a purchased supply of traveler's cheques, the purchaser should immediately write his or her signature once upon each cheque, usually on the cheque's upper portion. The purchaser will also have received a receipt and some other documentation that should be kept in a safe place other than where he or she carries the cheques.
When wanting to cash a traveler's cheque while making a purchase, the purchaser should, in the presence of the payee, date and
countersign the cheque in the indicated space, usually on the cheque's lower portion (if at a restaurant, it may be helpful to ask the waiter to watch and wait for this to be done).
Applicable change for a purchase transaction should be given in local currency as if the cheques were banknotes.
Security concerns
It is a reasonable security procedure for the payee to ask to inspect the purchaser's
identity document; a driving licence or passport should suffice, and doing so would most usefully be towards the end of comparing the purchaser's signature on the i.d. with those on the cheque. The best first step, however, that can be taken by any payee who has concerns about the validity of any traveler's cheque, is to
contact the issuer directly; a negative finding by a third-party cheque verification service based on an i.d. check may merely indicate that the service has no record about the purchaser (to be expected, practically by definition, of many travelers), or at worst that he has been deemed incompetent to manage a personal chequing account (which would have no bearing on the validity of a traveller's cheque).
Deposit and settlement
A payee receiving a traveler's cheque should follow its normal procedures for depositing cheques into its bank account: usually, endorsement by stamp or signature and listing of the cheque and its amount on the deposit slip. The bank account will be credited with the amount of the cheque as with any other negotiable item submitted for clearance.
In the
United States, if the payee is equipped to process cheques electronically at point of sale (
see: Check 21 Act), they should still take custody of the cheque and submit it to a financial institution, particularly to avoid any confusion on the part of the purchaser.
Loss or theft
Loss or theft of traveler's cheques should be reported immediately to the issuer and to the local police authority. The receipt issued when the cheques were purchased will expedite the refund process.
See also
References
External link
- American Express Traveler's Cheques merchant site
American Express Travelers Cheques
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