Cashing of traveller’s cheques
Traveling abroad is always fun. Just the thought of seeing a new place, meeting new people and experiencing a new culture makes it all sound exciting! While the very idea of vacationing abroad sounds fun, there is a lot of planning involved. You have to think about visas, hotels, weather and most importantly foreign currency. You need to acquire foreign currency and find a safe way to carry it.
Forex services provided by banks aim to make our travels abroad easy and safer. Forex services offered by banks include the exchange of foreign currency notes, traveler’s checks and special travel cards. Let’s find out more about the foreign exchange and merchant services offered by banks and the benefits of owning traveller’s cheques.
To begin with, banks exchange currency at a fixed rate for a nominal fee. The most popular currency is the US dollar as it is widely accepted around the world. You can also exchange INR for Euros, Pounds and Dirhams. You can also request other currencies such as Chinese Yuan or Yen. What you need to remember is that the exchange rates offered by banks are slightly lower than other bureaux de change.
Forex services provided by banks are special travel cards. They are like a special debit card issued by banks that are credited with a certain amount. You can swipe your card or simply withdraw cash when needed, reducing the hassle of carrying foreign currency. Traveler’s checks are another currency service provided by banks. Traveler’s checks are nothing, it’s a check with a pre-fixed amount that is pre-printed. It must be signed and countersigned to be considered valid. Several parties are involved with traveler’s checks.
To begin with, you have the issuer, then the bank, which is basically a middleman or agent, a person who buys it, and a receiver. Here’s how traveler’s checks work. To begin with, you receive your checks in predetermined amounts, usually in pads of fives and tens. Once you receive them, you need to authenticate them with your signature in the mentioned field. If you want to cash your check at any time, all you have to do is present the check at the exchange or at the merchant’s location. Countersign the check and make sure the acceptor is a witness.
The great thing about traveler’s checks is that they are accepted worldwide and you will have no problem cashing them. It’s also very difficult to steal a check because you have to authenticate with a signature and a valid photo ID. They allow the traveler to benefit from attractive exchange rates. If you are lucky, then you will be able to buy the checks at a good price, maybe even lower than expected. So the next time you travel, consider traveler’s checks for added convenience and safety!
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