travellers cheque in india

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American Express® Travelers Cheques

Travelers cheques are backed by american express.

For more than a century American Express Travelers Cheques have helped travellers protect their money. Travelers Cheques may be refunded if lost or stolen. (Terms, conditions and restrictions apply. Identification and proof of purchase required.)

Travelers Cheques never expire

Unused Travelers Cheques can be used for future trips or redeemed.

Redeeming your Travelers Cheques.

1. Redeem your Travelers Cheques with American Express Travel Related Services Company, Inc

You can call American Express customer service on ( 0008000404722 ) to register a direct redemption claim (1) . You can find additional  contact numbers  based on your location or alternatively Email us.  Click here  to register for our secure Email service.

2. Deposit your Travelers Cheques with your Bank       

Some banks allow account holders to deposit Travelers Cheques (subject to bank’s policies and procedures) - including foreign currency Travelers Cheques - to their bank account. Please check with your bank if they allow deposit of Travelers Cheques. (Clearing fees may apply.)

3. Exchange your Travelers Cheques for Local Currency

      Travelers Cheques are welcomed at thousands of locations worldwide (Exchange fees may apply). Click / Tap below to find locations near you (2) .

(1) American Express usually process claims & initiate payments within 5 business days. However, when documents are required to process the claim, it can take up to 30 days, from when the documents are received, for a claim to be processed & a payment initiated. Travelers Cheque Encashment service is provided by American Express Travel Related Services Company, Inc.

(2) It is highly recommended that you call the location prior to your visit and verify fees, limits, restrictions, exchange rates and availability.

May be refunded if lost or stolen*

24/7 customer support

Accepted at thousands of locations worldwide

Never expire

Travelers Cheques Service Centre

Get help with your Travelers Cheques and find answers to common questions about them

How to use Travelers Cheques

As soon as possible, sign your name on the upper signature line to help protect yourself in case of loss or theft. 

Write down your serial numbers and keep them with you when you travel, separated from your Travelers Cheques. 

Safeguard your Travelers Cheques as you would cash. 

To redeem, sign your Travelers Cheque on the lower signature line in front of the person accepting your Cheques.

Lost or Stolen Travelers Cheques

American Express Travelers Cheques are safe and secure. If they are ever lost or stolen, the funds may be refunded.*

WHAT TO DO IF YOUR CHEQUES ARE LOST OR STOLEN

1. Locate serial numbers

Have the serial numbers for your lost or stolen Cheques on hand when you call.

Call an American Express Travelers Cheque Customer Service Centre on ( 0008000404722 ) or find the  contact number for your current location as soon as possible to report the loss and open a claim. Service Centres handle claims 24 hours a day, 7 days a week.

3. Receiving your refund

If your claim is approved we will help determine the best way for you to obtain a refund.

* Terms, conditions and restrictions apply. Identification and proof of purchase required.

Why are Travelers Cheques safe and secure?

Travelers Cheques are safe and secure because if they are ever lost or stolen, they may be refunded.

Where do I sign my Travelers Cheques?

Travelers Cheques should be signed on the upper signature line as soon as possible after purchase.

USING TRAVELERS CHEQUES

Where are Travelers Cheques accepted?

There are thousands of foreign exchange partners in countries around the world where you can exchange your American Express Travelers Cheques for local currency.  Click here  to find places to redeem your Travelers Cheques. It may also be possible to redeem your Travelers Cheques directly for goods and services. Check first though with the merchant.

Can I redeem my Travelers Cheques directly with American Express? If you are unable to find or visit a nearby location to redeem your Travelers Cheques please call Customer Service on ( 0008000404722 ) or find the  contact number for your current location or alternatively Email us. Click here to register for our secure Email service. Redemption of your Travelers Cheques directly with American Express may take longer than 30 days, depending on the circumstances of the request. There may be restrictions on the currency and method of redemption and the value of Travelers Cheques that can be directly redeemed.

How do I cash Travelers Cheques?

Simply present the Cheque at the exchange or merchant location. Make sure the acceptor watches while you countersign the Cheque on the lower signature line. Photo identification may be required. We strongly recommended you retain and carry your original purchase receipt with you when you travel. Commission charges may apply and can vary by country or exchange partner. Exchange limits may apply due to local regulations and exchange policies.

What happens if I sign my Travelers Cheques in the wrong place, or if my signatures don't match?

Acceptance of Travelers Cheques is based on the acceptor watching the customer sign the Cheque on the lower signature line, and then comparing that signature with the original signature on the upper signature line . The acceptor must observe the customer signing the Cheque. If the signatures are a reasonable match, the Cheque should be accepted. Photo identification may be required at the discretion of the Acceptor. As always, if the acceptor is unsure, they should call an American Express Travelers Cheque Customer Service Centre.

Is there a fee to cash Travelers Cheques?

Commission charges may apply and can vary by country and/or exchange partner. Before you travel we recommend that you click here  to find the most convenient Travelers Cheque exchange locations, along with any information about fees that they have shared with us.

Do Travelers Cheques expire?

Travelers Cheques do not expire. Unused Travelers Cheques can be used for future trips.

What should be done with a deceased person's unused Travelers Cheques?

A refund can be arranged for the unused Travelers Cheque to the next of kin or beneficiary. Please call Customer Services on ( 0008000404722 ) or find the  contact number to find the customer service number for your current location or alternatively Email us. Click here to register for our secure Email service. What happens if my Cheques are lost or stolen?

Lost or stolen Travelers Cheques may be refunded.* Please call Customer Services on ( 0008000404722 ) or find the  contact number for your current location.

For other questions regarding Travelers Cheques, please call Customer Services on ( 0008000404722 ) or find the  contact number for your current location or alternatively Email us. Click here to register for our secure Email service.

Terms and Conditions

Following are the terms and conditions for obtaining a refund for lost or stolen Travelers Cheques.

PURCHASE AGREEMENT

Read this Agreement carefully. By either buying, signing, accepting or using these American Express®Travelers Cheques (“Cheques”), you agree to everything written here: You agree (a) To sign your Cheques immediately in the upper left corner, (b) Not to resell, consign, or take any similar action to transfer your Cheques to any other individual, company or entity for resale or reuse.

American Express Travel Related Services Company, Inc. (“Amexco”) will replace or refund the amount shown on any lost or stolen Cheque in accordance with applicable laws and only if you meet all of the requirements below:

BEFORE LOSS

• You have signed the Travelers Cheque in the upper left-hand corner in permanent ink.
• You have not signed the Cheque in the lower left-hand corner.
• You have not given the Cheque to another person or company to hold or keep, or as part of a confidence game.
• You have not used the Cheque in violation of any law, including as part of an illegal bet, game of chance or other prohibited action.
• Your Cheque has not been taken by court order or by government action.
• You have safeguarded the Cheque as a prudent person would safeguard a like amount of cash.
• You promptly notify Amexco of the loss or theft of the Cheque.
• You promptly report all facts of the loss or theft to Amexco and also to the police if Amexco asks you to.
• You promptly inform Amexco of the serial number of the lost or stolen Cheque and the place and date of its purchase.
• You promptly complete Amexco's refund forms and provide Amexco with acceptable proof of your identity.
• You give Amexco all reasonable information and help requested to make a complete investigation of the loss or theft. Amexco reserves the right to investigate the loss or theft and to verify compliance with this Purchase Agreement and shall not be responsible for any delays resulting from such an investigation.
• Please note that for quality assurance purposes your telephone call to Amexco may be monitored or recorded and that you consent to such monitoring and recording.

NO STOP PAYMENT

Amexco cannot stop payment on any Cheque.

Sign your Cheques immediately in the upper left hand corner.

Still need help?

If you would like to call us please call customer services on ( 0008000404722 )  or click on “Phone” icon below to get the Customer Service Phone number for your current location

If you would like to send us an Email

click the “Email” icon below to register for our secure Email service.

American Express stopped issuing Travelers Cheques, so they’re no longer available for purchase.

Support is available by phone and the American Express website for customers to redeem valid Travelers Cheques.

Travelers Cheques remain backed by American Express and have no expiration date.

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A Guide to Travellers Cheques

Once a foreign currency staple, this form of prepaid funds has existed for hundreds of years, designed as a way to allow payment from one person to another across currencies. As the financial services sector continues to shift to online solutions , we look at how, where and why travellers cheques are used, as we discuss the relevance of this form of currency.

What are travellers cheques?

The history of the travellers cheque spans as far back as 1772 when the first of its kind was issued by the London Credit Exchange Company, in the UK. Over the coming centuries the concept became popularised on a global scale, with major banks and financial institutions adopting this form of travel money in the 20th century. American Express became the largest issuer of travellers cheques and continues to offer these services to customers to this day.

A safe and convenient method of payment for anyone travelling to foreign territories, these pre-printed cheques hold a fixed amount which can be used worldwide across a range of currencies. Designed to facilitate payments from one person to another, using different currencies, travellers cheques were initially seen as a more practical way for individuals to carry their spending money.

Travellers cheques had their heyday in the late 20th century, reaching peak popularity in the mid-90s, before alternatives such as credit and debit cards became more widely available and easier to manage financial transactions. It was reported in 2018 that a mere 1.5% of Britons use travellers cheques, a rapid decrease over the course of two decades.

How do you use travellers cheques?

When you first receive your travellers cheques, you will be required to sign each one before use, as a way of verifying your signature. Each cheque will have a fixed value (usually $20, $50, $100, $500 etc.) as well as a unique serial number which can typically be found in the top right corner.

It is important to take note of these serial numbers as they will be referenced in any case of lost or stolen cheques. Unlike cash, if anything happens to your travellers cheques, the original vendor will be able to issue a refund for the exact same value. This added level of security is why this payment method was seen as revolutionary when first introduced.

As well as signing upon receipt, you will also need to sign each travellers cheque when used by a retailer or exchanged for cash. The act of signing your name as a form of security is somewhat outdated, given the modern technologies in place nowadays.

When accepted by retailers, a travellers cheque will be treated like local currency, which means you should receive any change in the standard, local currency.

Where can I get travellers cheques?

Due to dwindling demand, travellers cheques are not as readily available as they once were. However, they can still be acquired from some banks and financial institutions, post offices and currency exchange offices, like Travelex.

One thing to note is you may be required to settle the handling, commission or cash-in fees that often accompany travellers cheques, and these can be expensive, amounting to 2 - 3% in some cases. This cost is another reason they are no longer as frequently used.

Where can I use travellers cheques?

Generally, travellers cheques are still accepted all over the world, albeit harder to find vendors selling them and retailers accepting them as legal tender. Consider your destination before deciding on this form of travel money: if you are travelling to major cities there is more chance of you finding somewhere to cash your cheques or use them for in-store purchases. However, more remote destinations may not be equipped or able to accept this type of funds.

How safe are travellers cheques?

The original blueprint for travellers cheques was a paper payment method which could be used as foreign currency but was more secure than handling cash. At the height of its popularity, travellers cheques were generally considered much safer than cash due to the added security of their unique serial numbers, meaning customers could cancel and replace cheques if need be. These numerical codes were a money-back guarantee for anyone whose cheques were misplaced, destroyed or stolen. Another added benefit, if your travellers cheques are intercepted, you will not be vulnerable to bank fraud, as they are in no way connected to your bank account, unlike credit or debit cards.

Financial security measures have evolved greatly since the inception of travellers cheques, however, with the introduction of PIN codes, two-factor authentication, fingerprint touch ID and facial recognition, to name a few forms of fintech security commonly available now. With this in mind, the concept of a travellers cheque no longer measures up in terms of fraud protection and data encryption.

Travellers cheque vs. Cashiers cheque: What is the difference?

In terms of appearance, a travellers cheque looks nearly identical to a standard issue cashier's cheque: but are they similar in any other ways?

A cashiers cheque is issued by a bank or financial institution and is designed to be processed quickly, by the individual whose name is printed on the cheque. Conversely, a travellers cheque is for use overseas, is loaded with prepaid foreign currency - usually USD or GBP - and does not have a name or account number printed on it, although it does require a signature. Because travellers cheques do not have any bank details printed on them, they are deemed safer than cashiers cheques in terms of potential for fraudulent use. In addition to this, they are paid for when printed, meaning it is not possible for a travellers cheque to bounce.

What are the alternatives?

Credit or debit cards.

If you are worried about travellers cheques not being widely accepted where you are going, then this form of travel money will offer more flexibility. Using your regular bank cards overseas provides a record of spending and offers maximum convenience, but there are also some frequently flagged concerns. Primarily these concerns focus on the sky-high fees and below-average exchange rates related to using your debit or credit card abroad. This isn’t always the case, however, as many banks and financial institutions offer travel credit cards, tailored to suit the needs of frequent flyers.

Travel money cards

Prepaid travel money cards are the modern equivalent to travellers cheques and have become very popular. This is largely due to the fact that they are totally separate from your regular bank account, allowing users to spend their balance freely without the worry of potential fraud or overspending. Preloaded with funds, travel money cards often help limit additional currency exchange charges. In addition to this, in spite of fluctuating currency rates, these cards let customers lock-in a favourable exchange rate ahead of time.

International bank accounts

If you are headed overseas for a sustained period of time, it could be more convenient and cost-effective to open a bank account in your destination country. You would be subject to the relevant security and eligibility checks but this decision pays off if you are making regular international money transfers or being paid in a different currency by foreign clients. Find out more about this option by reading our guide: How to Open a Bank Account Overseas.

Due to the growing alternative digital payment methods available nowadays, it seems this age-old travel money no longer measures up in terms of accessibility, cost and convenience. When travellers cheques were originally launched, ATM withdrawals were not commonplace for travellers, and digital point of sale systems had not been invented. Nowadays, it is easy to access local currency using an assortment of different payment methods such as debit or credit cards, travel money cards or money transfer apps .

The best option for anyone who is reluctant to use their debit or credit card overseas, would be to use a prepaid travel money card. Prepaid travel money cards are a safer and more widely used alternative to travellers cheques, and customers do not need to seek out a bank to use them, are not required to sign for each transaction and security measures in place are far more advanced. This method enables customers to secure multiple foreign currencies, locking in the optimum exchange rate for your currency pairing ahead of your trip abroad. Use our comparison tool to ensure you receive the most competitive exchange rates for your international money needs.

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• Millennial Guide For Baby Boomers & Generation X We looked over the stats for the past few years, and found that out of £1.5 billion payments abroad, 1 in 5 debit cards payments are made by the UK residents travelling abroad and credit card payments made outside the UK has increased in recent years, reaching 467 million payments. May 3rd, 2024

Contributors

April Summers

Navigating the World

Traveler’s Check: What It Is and Where to Buy

Exploring Traveler’s Checks: Understanding Their Purpose, Usage, and Purchase Locations

• 1 What Is a Traveler’s Check?
• 2 How It’s Used
• 3 Where to Buy
• 4 Traveler’s Check and Traveler’s Cheque

In an age dominated by digital transactions and credit cards , the concept of traveler’s checks might seem quaint or outdated. However, these financial instruments still hold value for certain travelers, offering a secure and widely accepted means of managing money while abroad. Let’s delve into what traveler’s checks are, how they’re used, and where you can purchase them.

Travelers Cheques Offer Security and Comfort

For over a hundred years, our Travelers Cheques have provided travelers with a secure way to safeguard their funds. If lost or stolen, Travelers Cheques can be reimbursed (subject to terms, conditions, and limitations, with valid identification and purchase proof needed).

Travelers Cheques Have No Expiry Date Whether for future journeys or to be cashed in, any unused Travelers Cheques remain valid indefinitely, ensuring your peace of mind for travels to come.

What Is a Traveler’s Check?

A traveler’s check is a preprinted, fixed-amount check designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege. They were traditionally used by travelers to carry funds internationally without the need for cash , providing a safe and convenient alternative. The key feature of traveler’s checks is their security; if lost or stolen, they can be replaced by the issuer, ensuring that travelers do not lose their money.

How It’s Used

Traveler’s checks function similarly to regular checks but with additional security measures. Before use, the purchaser must sign each check in the presence of the cashier at the time of purchase. When paying at a merchant or exchanging the check for local currency at a bank or exchange bureau, the holder must countersign the check in the presence of the cashier, who verifies both signatures for a match.

The benefits are significant, especially in locations where electronic payments may not be reliable or where carrying cash poses a risk of theft . However, it’s essential to note that the prevalence and acceptance of traveler’s checks have declined with the advent of more modern payment methods.

Where to Buy

Traveler’s checks can be purchased from major banks, selected credit unions, and financial service companies like American Express. When planning to buy traveler’s checks, it’s advisable to shop around for the best rates and minimal fees. Some institutions may offer them only to their customers or may provide better rates for account holders.

The process of purchasing involves presenting identification and paying the equivalent amount you wish to receive in traveler’s checks, along with any service fees. These fees vary but can sometimes be waived for customers with certain types of bank accounts or those who buy large amounts.

Traveler’s Check and Traveler’s Cheque

The difference between “Traveler’s Check” and “Traveler’s Cheque” is primarily in the spelling, with “check” being the American English version and “cheque” being the British English version. Both terms refer to the same financial instrument used by travelers to safely carry funds abroad without the need for physical cash. These checks or cheques are preprinted, fixed-amount documents that can be exchanged for local currency at banks, exchange bureaus, and sometimes at merchants, providing a secure alternative to cash or credit cards during travel.

While the digital age has transformed the way we access and spend money abroad, traveler’s checks still offer a secure alternative for those wary of carrying cash or using cards overseas. Their acceptance may have waned, but in certain travel scenarios, especially in more remote or less digitally advanced regions, they can serve as a reliable backup. As with any travel-related decision, it’s crucial to assess your needs and research the most practical and safe way to manage your finances while exploring the world.

Traveller’s cheque American Express Travelers Cheques

Five spending options for overseas travel

Bindisha Sarang, ET Bureau<br><br>Whether you are a student, business traveller or a vacationer, consider the benefits and drawbacks of each option.

Travellers’ cheques

You can buy travellers’ cheques in various denominations and currencies from banks, money changers or even travel operators. They do not have an expiry date and are accepted in more than 200 countries. <br><br>You can use them at retail outlets, hotels, restaurants and other businesses, just like cash. You can also exchange these for local currency at your travel destination. Travellers’ cheques come with signaturebased security. You have to sign the cheque when you buy it and sign it again when you encash it. When you return to India, you can encash unused cheques. You have to pay an initial fee when you buy the cheques. The outlets where you encash the cheque often charge a fee, which varies across countries and merchants.

Cash in the local currency makes financial transactions easy. If the business establishment does not have a card swipein facility and there is no ATM nearby to withdraw money, cash will help you sail through. <br><br>Taxi fares, tips and other such small expenses can be easily settled with cash. You can get foreign currency from your bank, money lenders and authorised travel agencies. On returning, you can exchange any remaining foreign currency for rupees. The disadvantage of carrying cash is that it can be easily stolen or lost. Also, there is a limit, depending on your country of travel, to the amount of foreign currency you can carry.

Credit and debit cards

You can use these cards globally till you exhaust the limit just as you use them in India. Plastic cards are safer than carrying cash or travellers’ cheques. You can also use these to withdraw cash in the local currency and check the balance in your account at ATMs. <br><br>However, when you withdraw cash at ATMs, you have to pay a surcharge. Even the currency conversion charges are fairly high. On an average, a credit card charges a conversion rate of 3.5% and a withdrawal fee of 2.5% of the amount withdrawn. For debit cards, the fee is Rs 15-20 per transaction, and an average of Rs 115 for every cash withdrawal. Also, since the currency conversion happens on the spot of purchase, you are exposed to currency fluctuations.

Travel cards

Just like credit and debit cards, travel cards are accepted worldwide. Multiple currency travel cards, available in nearly 12 currencies, make your financial transactions across countries easy. <br><br>A four-digit PIN and a signature-based authentication process make their usage secure. Some travel cards offer complimentary insurance for protection against fraudulent usage. On returning home, you can get the balance on the card encashed. While loading the card, you get a locked-in exchange rate, so you don’t have to worry about currency fluctuation. The cross-currency charges, at an average of 3% of the transaction value, are slightly higher than on travellers’ cheques, and a little lower than on credit/debit cards. Some cards come with an inactivity fee, which can be as high as $5 (Rs 310). You also have to pay a sale fee of around Rs 300 while purchasing the card and reloading it.

Cash and travel card combo

This combination gives you the best of both worlds. You can spend cash for petty purchases and use the travel card for bigger purchases. <br><br>In this way, you don’t expose yourself to the risk of carrying large amounts of cash. Besides, using travel cards for bigger purchases ensures a fixed currency conversion rate, which is cheaper than that of credit/debit cards. Having a travel card handy can also allow you to make online purchases, which is not possible via cash or a travellers’ cheque. A sensible combination of the two mitigates the risks associated with these individually.

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What Is a Traveler’s Check?

• How It Works
• Where to Get Traveler's Checks
• Where to Cash Traveler's Checks
• Pros and Cons
• Alternatives to Traveler's Checks

The Bottom Line

• Personal Finance

Traveler's Check: What It Is, How It's Used, Where to Buy

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia.

Investopedia / Eliana Rodgers

A traveler’s check (sometimes spelled "cheque") is a once-popular but now largely outmoded medium of exchange utilized as an alternative to hard currency and intended to aid tourists. The product is typically used by people on vacation in foreign countries. It offers a safe way to travel overseas without the risks associated with losing cash. The issuing party, usually a bank, provides security against lost or stolen checks.

Beginning in the late 1980s, traveler’s checks have increasingly been supplanted by credit cards and prepaid debit cards.

Key Takeaways

• Traveler’s checks are a form of payment issued by financial institutions such as American Express.
• These paper cheques are generally used by people when traveling to foreign countries.
• They are purchased for set amounts and can be used to buy goods or services or be exchanged for cash.
• If your traveler's check is lost or stolen it can readily be replaced.
• Once widely used, traveler’s checks have largely been supplanted today by prepaid debit cards and credit cards.

How Traveler’s Checks Work

A traveler’s check is for a prepaid fixed amount and operates like cash, so a purchaser can use it to buy goods or services when traveling. A customer can also exchange a traveler’s check for cash. Major financial service institutions issue traveler’s checks, and banks and credit unions sell them, though their ranks have significantly dwindled today.

A traveler’s check is similar to a regular check because it has a unique check number or serial number. When a customer reports a check stolen or lost, the issuing company cancels that check and provides a new one. 

They come in several fixed denominations in a variety of currencies, making them a safeguard in countries with fluctuating exchange rates , and they do not have an expiration date. They are not linked to a customer’s bank account or line of credit and do not contain personally identifiable information, therefore eliminating the risk of identity theft. They operate via a dual signature system. You sign them when you purchase them, and then you sign them again when you cash them, which is designed to prevent anyone other than the purchaser from using them.

Many banks, hotels, and retailers used to accept them as cash, although some banks charged fees to cash them. However, with the rising worldwide use of credit cards and prepaid debit cards—such as the Visa TravelMoney card, which offers zero liability for its unauthorized use—it is getting much harder to find institutions that will cash traveler’s checks.

History of Traveler’s Checks

James C. Fargo, the president of the American Express Company, was a wealthy, well-known American who was unable to get checks cashed during a trip to Europe. In 1891, a company employee, Marcellus F. Berry, believed that the solution for taking money overseas required a check with the signature of the bearer and devised a product for it. American Express and Visa still use the British spelling on their products.

Where to Get Traveler's Checks

Companies that still issue traveler's checks today include American Express , Visa , and AAA . They often come with a 1% to 2% purchase fee. AAA now offers members pre-paid international Visa cards instead of paper checks.

In the U.S., they are available primarily from American Express locations. You can also buy traveler's checks online from the American Express website, but you need to be registered with an account. Visa offers traveler's checks at Citibank locations nationwide, as well as at several other banks.

American Express, Visa, and AAA are among the companies that still issue traveler’s checks.

Where to Cash Traveler's Checks

If you want to convert your traveler's checks into cash (instead of spending them directly), you can often deposit them normally at your bank. Many hotel or resort lobbies will also provide this service to guests at no charge. American Express also provides a service to redeem traveler's checks that they issue online to be deposited into your bank account. The redemption application online should take less than 15 minutes to complete.

Advantages and Disadvantages of Traveler's Checks

Traveler's checks are handy for tourists who do not want to risk losing their cash or having it stolen while abroad. Because traveler's checks can be reported lost or stolen and the funds replaced, they provide peace of mind. This was particularly a concern before credit cards and ATMs were widespread and affordable worldwide for most travelers. At the same time, these paper checks are now a bit outdated and come with a fee to purchase, making them potentially more expensive and cumbersome than using plastic or electronic payments.

Replaced if lost or stolen

Widely accepted around the world

Convenient to use

They don't expire

Must have the physical check to use it

Incurs a fee to purchase

Limited number of issuers today

Alternatives to Traveler's Checks

The most obvious alternative is to use a credit or debit card issued by a bank that works worldwide and charges low or no foreign exchange fees on purchases or ATM withdrawals. If your bank doesn't allow for this or charges high fees, then prepaid travel cards are the modern version of traveler’s checks. They allow you to get local currency from ATMs and make purchases with merchants—effectively eliminating the need for traveler’s checks.

Prepaid cards are not linked to your bank account, which prevents anybody from draining your checking account if the card gets lost or stolen—and you can’t go into debt. Credit cards offer similar (or better) protection, but you might not want to use your everyday card abroad. By using a dedicated travel card, you avoid spreading your card numbers around, which means you can be less vigilant about monitoring your accounts when you get back home. Visa and MasterCard both offer prepaid cards designed for use abroad. Those cards are available online, through travel agents, and at banks or credit unions. 

Travel cards should feature low ATM fees, technology that lets you operate like a local in foreign countries, emergency cash when you lose the card, and “zero liability” fraud protection. That said, prepaid cards can be expensive, so you need to compare fees against your other cards to decide whether or not a travel card makes sense.

For U.S. citizens living abroad for extended periods, maintaining checking and other bank accounts in the United States provides several advantages, and many checking accounts are friendly for foreign transactions .

Where Do You Buy Traveler's Checks?

You can buy still buy traveler's checks from American Express, Visa, and a handful of other financial institutions. To buy them, visit a location or check the website of an issuing institution. You may need a photo ID in order to set up an account.

How Do You Cash Traveler's Checks?

Many hotels, resorts, and currency traders will cash traveler's checks in exchange for local currency. However, with the rising prevalence of credit and debit cards fewer locations cash traveler's checks.

What Do You Do With Traveler's Checks?

Traveler's checks are a secure way of carrying money while abroad. Many businesses in the tourism industry will cash traveler's checks, and they can also be deposited into a bank account. Because the checks can be easily replaced, they have a lower risk of theft or loss. However, traveler's checks have fallen out of favor due to the increased convenience of credit cards and prepaid debit cards.

Traveler's checks were once a popular way to carry money while vacationing abroad. They are sold in fixed denominations, and can be used for purchases or cashed like an ordinary check. Traveler's checks can be easily replaced, making them less risky than carrying large amounts of cash. However, they have fallen out of favor due to the convenience of using credit or debit cards.

Sparks, Evan. “ Nine Young Bankers Who Changed America: Marcellus Flemming Berry .” ABA Banking Journal, June 26, 2017.

Time Magazine. " Travel (April, 1956): The Host with the Most ."

American Express. " Travelers Cheques ."

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Traveler’s Checks When Traveling Abroad — Useful or Outdated?

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Table of Contents

What are traveler’s checks, how to buy and use traveler’s checks, what to do if traveler’s checks are stolen, best ways to use traveler’s checks, cons of using traveler’s checks, other alternatives, money tips for traveling abroad, final thoughts.

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When traveling abroad, you might wonder how to pay for things once you arrive. Should you bring currency on your trip? Which currency should you bring? Can you get money once you arrive? How much cash should you carry at once?

Many of these questions can be answered by using traveler’s checks. Traveler’s checks might seem like an outdated choice, but they can still be useful in certain situations.

In this article, we’ll explain what traveler’s checks are, how they work, and when they might be worth the hassle. We’ll also explore other more common alternatives and give tips for obtaining foreign currency.

Traveler’s checks are documents that can be used like standard paper checks and cash. Travelers purchase them before they leave home to exchange for cash in the local currency when they arrive at their destination.

These checks are printed in varying denominations, and each check is uniquely numbered so that it can be replaced quickly if lost or stolen.

Banks, hotels, and merchants were once very used to accepting traveler’s checks. These places liked traveler’s checks because of the safeguards that were put in place. Basically, as long as the original signature matched the signature made at the time of the purchase, payment is guaranteed — eliminating any “bounced checks.”

Now, with the increased use of credit and debit cards (especially those with no foreign transaction fees ), prepaid cards, and ATMs on every corner, traveler’s checks have become less popular.

You may find it difficult to find banks or hotels that accept them , and if you do, you might be at the mercy of their business hours to cash them in.

You can still buy and use traveler’s checks in the U.S. and other countries.

Where To Buy Traveler’s Checks

You can find traveler’s checks offered by companies like American Express and Visa . You can also go to your local AAA office to purchase them.

The best place to purchase traveler’s checks is from your own bank, but unfortunately, many banks no longer offer traveler’s checks, including Chase, Wells Fargo, and Bank of America.

If you’re not sure if your bank offers traveler’s checks, it’s worth contacting them to confirm. If you are a customer, banks typically waive any fees to obtain them and this can add up because other companies can add on a 1% to 3% fee on top of the base currency amount that you request.

In order to obtain a traveler’s check, you will need to:

• Either go in person to an eligible bank or visit the website of the traveler’s check issuer.
• Select the total amount of currency to purchase.
• Submit payment, including any fees.

How To Use Traveler’s Checks

Once you have the traveler’s checks, you need to know how to use them. Traveler’s checks work a bit differently than other forms of currency. Here are the steps you’ll need to take:

• Sign the checks immediately. Follow the issuer’s instructions to find out where to sign (and only sign once).
• Leave evidence of your traveler’s check purchase somewhere safe. If checks get lost or stolen, you’ll need to provide proof of purchase along with check numbers to get a refund. Leave those details with a friend or save them online for easy remote access.
• Complete the payee and date fields. Once you have confirmed that the payee or bank will accept traveler’s checks, fill out the payee and date fields.
• Sign the check again. You must complete this portion in-person to ensure that the signature matches the original. You may also need to show some sort of identification as well. This is key to keeping traveler’s checks secure.
• If checks get lost or stolen, contact the issuer immediately. You may be able to get replacement checks locally, and the issuer needs to know which checks to cancel.

Traveler’s checks don’t expire , so if you don’t use them you can either keep them for future use or deposit them into your bank account once you’re home.

If all of your cash is stolen while you’re traveling abroad, you’ll have next to no chance of getting it back.

However, if this happens with your traveler’s checks, you’ll likely get them replaced as long as you’ve complied with your check issuer’s purchase agreement . This is the primary benefit of traveling with traveler’s checks.

Bottom Line: Treat your traveler’s checks like cash. If you lose your checks, you may not get replacements if your check issuer has reason to believe you didn’t safeguard them appropriately.

Here’s what to do if your traveler’s checks are lost or stolen:

• Call the customer service phone number provided by your issuer or find it by accessing their website.
• Provide proof that the check is yours by submitting the check number, proof of purchase, and your identification. It’s important to have easy access to this information for this reason.
• If required by your issuer, provide evidence that you have reported your stolen check to the police.
• Be sure to return any other refund paperwork requested.

If you don’t comply, you could experience delays or even have your claim denied. After you’ve reported your missing check, your provider will void it and issue you a new check.

Some issuers even pledge to get replacement checks out to you within 24 hours !

The following are situations when you might consider using traveler’s checks:

1. No Access to Credit or Debit Card

If you don’t have a credit card or a debit card tied to your bank account, a traveler’s check could be a safe alternative to simply carrying lots of cash abroad.

This tip also applies if your particular credit or debit card isn’t accepted abroad. This is more likely to happen if your card is something other than a Visa or Mastercard , as those credit cards claim the widest global network.

2. Limited Access to ATMs

In many places, you can easily get cash in the local currency at an ATM once you arrive. This wouldn’t be a problem in Europe, for example, but ATMs are rare in some parts of the world. In addition, ATMs can malfunction, networks can be down, and machines might even run out of cash.

Traveler’s checks allow you to get local currency at participating banks, hotels, and other foreign locations without regard for these potential problems.

3. Access Good Exchange Rates 

Buying traveler’s checks can help you avoid bad exchange rates. If you decide to exchange currency once you arrive, you might not get the best conversion rates by doing this at the airport.

By purchasing traveler’s checks before you leave, you can lock in a set amount at the current exchange rate.

Read our guide for the best places to exchange currency .

4. Avoid Common Credit or Debit Fees

If your credit or debit card charges a foreign transaction fee , you can be charged a fee every time you make a purchase with your card in a foreign country. If your card also charges ATM fees, these fees can add up quickly.

To avoid these fees, it might make sense to use traveler’s checks. Although there may be a fee involved when you purchase or cash a traveler’s check, it might still be less than other fees your credit or debit card may charge.

Hot Tip: If your card charges a foreign transaction fee, it will typically be 3% of each purchase you make.

5. As an Added Safety Measure

If you’re traveling to a potentially unsafe region, traveler’s checks keep your money secure. Even if you’re in a relatively safe place, anyone who enters your room or has access to your bags could search for your money.

The main benefit of traveler’s checks is that they reduce your risk of theft or loss. Since they can’t be cashed without your signature and often require a photo ID, they are less appealing to thieves or pickpockets. They can also be easily replaced if you provide the issuer with the proper information.

Here are some reasons that might discourage you from using traveler’s checks:

1. Limited Availability for Use

In much of Europe and Asia, traveler’s checks are no longer widely accepted and cannot be easily cashed — even at the banks that issued them.

This means that cashing in traveler’s checks might require hunting down a bank branch or hotel that accepts them during business hours.

Bottom Line: Those relying solely on traveler’s checks may find that they are unable to cash them in many remote or rural locations.

2. Not All Banks Offer Them

Certain major banks, such as Bank of America, no longer offer traveler’s checks at all. This might mean ordering traveler’s checks online well in advance of your travel plans or having to find a new bank that offers them.

3. Potential for Additional Fees

If a company does offer traveler’s checks, it typically charges fees for both buying and cashing in a traveler’s check. While some banks offer them for free if you are a customer, others charge between 1% to 3% of the total purchase amount.

Check the math for your own situation, but using traveler’s checks could actually cost more than using an ATM or credit card abroad.

4. Bulky Paperwork

Not only are traveler’s checks a hassle to carry, but most companies also require that you keep proof of purchase for the checks to verify the check numbers if they are lost or stolen.

Both of these just add up to keeping track of additional paperwork.

Obviously, traveler’s checks aren’t your only option when it comes to obtaining foreign currency. Here are some other options you should consider.

Cash is convenient and relatively easy to exchange. You can bring money from home into a foreign bank or currency exchange location almost anywhere in the world. It can be easily exchanged without the worry of multiple bank fees or ATM fees adding up.

Hot Tip: Be aware: if you exchange your money in tourist areas, you might be hit with a bad exchange rate.

On the downside, carrying paper money is a risk since it can’t be replaced if stolen.

A debit card can be used at an ATM to collect cash. While not all ATM machines (especially in more rural places) accept foreign debit cards, you will find that most do.

Depending on your bank, you might even have to pay both an out-of-network ATM and an international ATM fee for this convenience.

Hot Tip: An out-of-network ATM fee is typically between $2 to $3.50 per transaction in 2021 and a typical international ATM fee can range from $2 to $7 per transaction (plus a 3% conversion fee), depending on your bank and card.

Most restaurants and stores accept foreign debit cards, but carrying a form of backup currency is always wise . Additionally, foreign transaction fees can add up quickly if you are using your debit card frequently.

Credit Card

Like debit cards, credit cards are small and easy to carry. Mastercard, Visa, and more recently, American Express , are widely accepted in other countries, so you can rest easy knowing you will be able to complete your purchases. You can also limit fees by getting a credit card with no foreign transaction fees .

A credit card also comes with fraud protection. You can dispute fraudulent charges and get them removed from your account if reported timely.

Hot Tip: While you can use a credit card for ATM transactions, you will be hit with a cash advance fee . It’s best to avoid doing this, if possible.

Prepaid Card

If you have difficulty getting approved for a credit card , a prepaid card could be a good alternative. You simply load the card with money from your bank account and use it as a debit card at an ATM or as a credit card at merchants and hotels.

While prepaid cards are locked with a PIN number, they can sometimes be difficult to use at ATM machines. Additionally, fees for foreign currency transactions can be as high as 7% , depending on the card.

Hot Tip: Booking hotels, airfare, or activities online will require either a credit card, debit card, or prepaid card.

Do Your Research

Know which types of currency are accepted at your destination and how much of each type (if any) you should bring. Especially be aware of any cash you might need on arrival (to obtain a visa , exchange upon arrival, etc.) in case you can’t immediately locate an ATM or a currency exchange office.

Carry a mix of cash, cards, and maybe even traveler’s checks. Ideally, the cards you bring with you shouldn’t have foreign transaction fees or ATM fees . Having some variety also helps if one of your cards isn’t accepted or your cash is lost or stolen. 

Tell Your Bank You Are Traveling

Always be sure to let your bank and credit card issuers know where you’re going and when so that your card isn’t declined when you try to make a purchase due to unusual activity.

If you exchange money at your bank, you will likely also get a better exchange rate.

Don’t Keep All of Your Money in 1 Place

Keep some of your currency or an extra card locked in your hotel room’s safe or in a money belt . In the terrible instance that you lose your purse or wallet, you would still have immediate access to additional money.

We’ve shown that traveler’s checks aren’t necessarily the most convenient way to take currency abroad, but depending on if you have limited access to debit or credit cards or they aren’t accepted where you are traveling, it might be worth it to bring some along.

Overall, if you’ve decided that traveler’s checks can be of use to you, taking some, along with some cash and a debit, credit, or prepaid card, may just be the smartest way to travel.

Frequently Asked Questions

Can you still buy traveler's checks.

While many larger banks are no longer offering traveler’s checks, they are still available at American Express and other smaller banks and credit unions. It is worth asking if your bank offers them and at what cost.

How much does it cost to buy traveler's checks?

While some banks offer them for free if you are a customer, others charge between 1% and 3% of the purchase amount.

What is the purpose of a traveler's check?

A traveler’s check offers a safer option than carrying around money. There are multiple safeguards in place to prevent fraud and if the checks are lost or stolen, they can be easily replaced.

Can you cash old traveler's checks?

Traveler’s checks do not expire. You can cash them in at any time — typically even at banks that don’t offer them for sale. This means you can go to your own bank and redeem your traveler’s checks.

To do this, date them, fill out the “Pay To” field (to your bank), and countersign in the presence of the cashier . Any unused value will be returned to you in cash.

Can I buy traveler's checks online?

American Express is the only large bank that offers traveler’s checks online. Its website offers a step-by-step process to order them.

You should check with your local bank or credit union to see if they might also offer this benefit.

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About Christy Rodriguez

After having “non-rev” privileges with Southwest Airlines, Christy dove into the world of points and miles so she could continue traveling for free. Her other passion is personal finance, and is a certified CPA.

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All about traveler’s checks, plus modern alternatives

January 18, 2024 | 1 min video

Getting ready to travel? One thing to think about is how you’ll make purchases while you’re away. Traveler’s checks aren’t as common as they used to be. So you might want to consider modern alternatives that may offer the advantages of traveler’s checks and more.

Read on to learn more about the ins and outs of traveler’s checks. And find out about other options—for example, credit cards, prepaid cards and mobile wallets—that could help make the most of your trip.

Key takeaways

• Traveler’s checks are paper documents that can be exchanged for local currency or used to buy goods and services abroad.
• Traveler’s checks feature unique serial numbers, making them replaceable if they’re lost or stolen.
• Fees may apply when purchasing and exchanging traveler’s checks.
• There are modern alternatives to traveler’s checks that you may find more convenient.

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What is a traveler’s check?

A traveler’s check is a paper document you can use for making purchases when you’re traveling, typically in other countries. It can be used as cash or a regular check.

Traveler’s checks—you may also see them referred to as “cheques”—are generally printed with a unique serial number. This means you may be able to get a refund if your checks are lost or stolen. The checks are usually available in set denominations—$20 and $50, for example. 

How do traveler’s checks work?

Traveler’s checks may be accepted at participating merchants like hotels, restaurants and stores. Just keep in mind that there could be fewer participating merchants than there used to be.

When you purchase your checks, you may notice that they have a space for two signatures:

• First signature: You might be asked to sign each of your traveler’s checks when you buy them. If not, you may want to sign them as soon as possible. 
• Second signature: You’ll usually sign your traveler’s checks again when you’re making purchases.

This dual signature method is meant to provide extra security and ensure that only the purchaser is able to use them. The merchant can verify that the second signature matches the first.

How to cash in traveler’s checks

You can use traveler’s checks like cash to pay for goods and services at participating merchants. You’ll typically sign the check in front of the merchant at the time of the purchase.

While traveling, you may also be able to redeem your traveler’s checks for local currency at financial institutions or your hotel.

Potential fees associated with traveler’s checks

It’s possible that certain fees may apply to traveler’s checks. For example, you may need to pay a fee when you purchase them or when you exchange them for currency once you get to your destination. There might also be a fee for depositing unused checks into your bank account.

Where to get traveler’s checks

While traveler’s checks might be harder to find than they used to be, they’re still available. You may be able to purchase them at some banks, credit unions and travel-related service organizations.

Pros and cons of traveler’s checks

Take a look at some of the potential pros and cons of traveler’s checks:

When to use a traveler’s check

You might consider using traveler’s checks in certain situations, including: 

• When you don’t have a credit or debit card. Some people may prefer to travel using modern payment options like credit and debit cards. But if you don’t have either, you may find traveler’s checks to be an acceptable alternative.
• When you can’t access an ATM. If you find yourself in a place that doesn’t have an ATM on every corner, you can instead use your checks at merchants that accept them.
• When you want to exchange them for local currency. When you get to where you’re going, you might want to have some local currency on hand. You may be able to exchange your traveler’s checks for currency at certain banks or other financial institutions.

Modern alternatives to traveler’s checks

There are a number of alternatives to traveler’s checks—options you may find faster, easier and more convenient. Here are a few to consider when you’re comparing your choices:

Credit cards

Carrying a credit card may be easier than carrying traveler’s checks. Plus, credit cards can be helpful for making large and online travel purchases like plane tickets and hotel reservations. That’s especially true with travel credit cards , which you could use to earn rewards on travel-related purchases.

Some credit cards may also come with benefits that could be useful while traveling. They might include things like protection from unauthorized charges and the ability to use a mobile app to track your purchases .

Keep in mind that foreign transaction fees may come into play when you use your credit card overseas. While this fee might vary between credit card companies, it could generally be in the range of 1%-3% of your purchase. You may also be charged a currency conversion fee. This fee is often part of a foreign transaction fee.

Some companies don’t charge foreign transaction fees. For example, none of Capital One’s U.S.-issued credit cards charge this fee. View important rates and disclosures .

If you’re traveling with your credit card, your credit card issuer may want to be alerted before you go. That’s because it might flag your purchases as fraudulent if it notices purchases made in an unfamiliar location. Thanks to the added security of its chip cards, Capital One doesn’t require this notification.

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Debit cards

When you’re traveling, a debit card can be just as easy to carry around as a credit card. And like a credit card, it can help protect against fraud. 

The big difference: A credit card lets you “borrow” money for purchases, while a debit card uses the money in your checking account to make purchases.

It may be helpful to carry a debit card when you’re visiting a country that generally favors cash transactions. In that case, you could use your debit card at an ATM to get cash once you’ve reached your destination. And that may be safer than bringing cash with you and exchanging it for local currency once you’ve arrived. 

Keep in mind that you could be charged ATM fees when you use a debit card abroad. According to the Consumer Financial Protection Bureau (CFPB), some banks and credit unions don’t charge customers a fee for using their ATMs. But they might charge you if you’re not a customer—and that could be in addition to a fee charged by the operator of the ATM.

Also, be mindful that some banks may charge a foreign transaction fee when you make purchases abroad with a debit card. You may also be charged a currency conversion fee—often, this fee is folded into the foreign transaction fee.

Some banks, though, don’t charge foreign transaction fees. For example, Capital One doesn’t charge this fee for its 360 Checking account . 

If you take a debit card on your travels, your bank may ask you to notify it beforehand. That’s because it could notice transactions made in an unfamiliar location and potentially freeze your account. Capital One doesn’t require this notification , thanks to the added security of your chip card.

Prepaid cards

Like credit cards and debit cards, prepaid cards may be easier to carry around than cash. They may also offer some protection against loss, theft or fraud once you register them.

But with a prepaid card, you don’t “borrow” money like you do with a credit card—or use money from your checking account, like with a debit card. Instead, you typically add money to a prepaid card before using it.

According to the CFPB, there are a few ways you can add funds to a prepaid card. For example, you can transfer money from your checking account or load funds at some retailers or financial institutions.

You might be charged one or more fees for using a prepaid card. The CFPB notes that if you get your prepaid card from a retailer, you should find a summary of fees on the card’s packaging. If you get your card from a different provider—online or over the phone, for example—the provider needs to share this information on paper or electronically.

Mobile wallet

You’ll probably have your phone with you when you’re traveling, right? Using a mobile wallet to make purchases is another modern alternative to traveler’s checks.

A mobile wallet is essentially a digital version of your real wallet. Depending on the wallet, you may be able to store things like credit cards, debit cards, prepaid cards, boarding passes, hotel reservations, event tickets and other types of personal data. 

Mobile wallets can be convenient, allowing you to make quick and easy payments using your phone or other mobile device when you’re on the go. And they typically use advanced technology that prevents your actual account numbers from being stored in the wallet.

There are lots of mobile wallets to choose from. Researching your options could help you see which will work best while you’re traveling. Keep in mind, some merchants might not take mobile wallet payments.

Traveler’s checks in a nutshell

Traveler’s checks can be a helpful way to pay for things abroad, but there are also more modern options available today, like credit cards, debit cards, prepaid cards and mobile wallets. And with a travel credit card, you could earn rewards on your travel-related purchases.

Ready to upgrade the way you pay before your next trip? Compare Capital One travel credit cards today to find the best option for you, no matter where you’re headed. 

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Procedure For Collection Of International Cheques/Instruments - Customer Care

Procedure for collection of international cheques/instruments.

7. Procedure For Collection Of International Cheques/Instruments :

7.1 the bank handles, on behalf of its customers, at all its branches, collection of cheques drawn in various foreign currencies and payable at various foreign centers. the bulk of the collection instruments are: -.

a) US$ cheques {including Travellers Cheques (TCs)} payable in USA. b) £ cheques (including TCs) payable in UK. c) € cheques (including TCs) payable in Euro countries. d) Cheques denominated in US$ & €, payable in countries other than USA/Euro Countries. e) Cheques denominated in Australian Dollar, Canadian Dollar and Singapore Dollar payable in their respective countries. f) It is clarified that Travellers cheques issued by various Banks/Entities in various currencies will continue to be paid (by purchase) at designated branches as per bilateral arrangement in place, as advised by Global Markets (Foreign Department), Kolkata, from time to time. g) Sale of American Express Travellers Cheques (AMEX FCTCs) has been discontinued w.e.f. 01.09.2012.

7.2 Accordingly, the Policy for International Cheque Collection shall cover the following aspects:

i) Type of settlement process in foreign countries for collection of cheques. ii) Arrangement for collection of cheques/instruments. iii) Time–frame for collection of cheques. iv) Interest payment for delayed collection, and v) Collection instruments lost in transit.

7.3 Settlement Process in Foreign Countries for collection of cheque:

Collection of cheques at various foreign centers differs vastly from the process prevalent in India, both in advanced markets and developing countries and also from country to country within these two sub-groups. In some of the markets, clearing / settlement system can take more than 1 day, i.e. 2-4 days for return clearing and, therefore, for final funds settlement. Further, in some countries like USA the recall of funds from the collecting banker can occur even after the time for return clearing for an undefined period (normally up to one month), in cases where National Clearing involves more than one Fed Zone. There are also countries like Germany where cheques are no more the preferred mode of payments (replaced by online payments) and clearing takes place on a weekly basis. A brief description of different types of settlement processes prevailing in foreign countries has been given in Annexure III.

7.4 Arrangement for collection of foreign cheques/instruments: -

7.4.1 We have a network of branches, link branches and Global Link Services Department of International Banking Group (IBG), which use services of different correspondent banks with large volumes, robust systems, suitable technology back up and country specific strengths to provide efficient service at competitive prices. Different Correspondent Banks are able to offer varied customized products to us for risk reduction, quicker collection, improved reconciliation etc. at various price points. When FCNR (B)/NRE TDR deposit receipt is to be issued, as delay in Nostro Credit will adversely affect the value date (value date is the date of credit in NOSTRO A/c) of the deposit, branches have to ensure that:

i) FCNR (B)/ NRE TDR Receipt should be mailed / handed over to the depositor only after the cooling period is over.

ii) As no protection against frauds on the face of cheques is available in such cases (a recall is possible within 1 year), the facility of loans, etc. against such cheques/instruments should be extended only where branches are satisfied with the bonafides of the transaction and availability of recourse, if required.

7.4.2 The USD, GBP,CAD & EURO cheques drawn on banks in USA, UK,CANADA and European countries respectively are accepted by Global Link Service, Mumbai for collection and cheques on these currencies drawn elsewhere as well as cheques of other currencies are required to be sent directly to the drawee bank.

7.5 Immediate credit of cheques to deposit accounts of individuals:-

7.5.1 Authorised branches of the Bank will offer immediate credit of cheques drawn in foreign currency for satisfactorily conducted accounts complying with KYC norms where they are satisfied with the scope for recourse, if required, and the customers are willing to pay the cheque purchase charges.

In value terms, cheque purchases for issue of Rupee TDRs may be authorized by Managers/Branch Managers in Scale III/IV incumbencies for a Rupee equivalent up to Rs. 50,000/- (Rupees fifty thousand only) and by AGM branch/ AGM Region for higher values in satisfactorily conducted accounts, as per paragraph 2.2.1 above, subject to their discretionary power. In all other cases, the discretionary power to purchase cheques, in aggregate for a particular customer, will be as per the laid down financial powers for clean instruments, subject to usual reporting to the next higher authority.

7.5.2 If a cheque/instrument, for which immediate credit has been afforded, is returned unpaid, the Bank shall recover interest at clean overdraft rate for the period the Bank remained out of funds and also cheque return charges and exchange loss, if any, subject to the following:

i) The Bank will charge interest from the date of credit of proceeds of the cheques in the account till reimbursement of money to the Bank.

ii) Where the cheque is credited to a Savings Bank account, such credits will not be reckoned for interest purposes if the cheque is returned.

iii) If proceeds are credited in an overdraft/loan account, interest would be recovered at applicable rate/clean overdraft rate, whichever is higher, on the amount of returned cheques/instruments.

7.6 Time Frame for collection of instruments:-

The time frame from the date of deposit of a cheque at a branch to the date of credit to the customer's account for USD, Euro, £ Sterling, Australian $, Canadian $, cheques/instruments payable in their home countries will be 10 days from the date of clear credit, including cooling period or 45 calendar days, whichever is earlier, and for all other instruments (i.e. for instruments drawn on other countries) it will be 10 days from the date of clear credit or 60 calendar days, whichever is earlier. The timeframe mentioned above is the outer limit and once the instruments are realized, subject to expiry of the relevant cooling period, if any, proceeds will be credited to the customer's account.

7.7 Interest payment for delayed collection:-

7.7.1 Delay in collection of cheques payable at foreign centres will be construed if the customer's account is not credited within 10 working days, excluding Saturdays, from the date of clear credit to the Bank's Nostro account, i.e. after taking into account the prescribed cooling period for that currency, with the correspondent.

7.7.2 The Bank however, will not compensate the customer for delays in collection of cheques drawn on banks in foreign countries as the bank would not be able to ensure timely credit from overseas banks. It is the bank's experience that time for collection of instruments drawn on banks in foreign countries differs from country to country and even within a country, from place to place. The time norms for return of instruments cleared provisionally also vary from country to country.

7.7.3 For the sake of uniformity and clarity, the date of Clear Credit is defined as the date on which clear funds are available in our Nostro Account after an actual or notional cooling period – for actual credit to customers' account as per Bank's agreement with the concerned Correspondent Bank. Wherever there is no specific agreement on the cooling period or the funds are directly collected from a paying bank, the Clear Credit Date will be after observing a cooling period, as per the discretion of the Bank, for that specific currency/country/clearing system, but not exceeding 10 calendar days from the date of actual credit to Bank's Nostro Account.

7.7.4 The compensation on account of delay in collection of instruments in foreign currency will be paid in Indian Rupee, as detailed below:

i) At Savings Bank rate, if the period of delay is beyond prescribed collection period, i.e. after 10 days from the cooling period (as mentioned in Para 7.7.3 above) and upto 45 days, where proceeds of the instruments are to be credited to deposit accounts

ii) In case of abnormal delay, i.e. delays exceeding 45 days, interest will be paid at term deposit rate applicable for the period and for delays beyond 90 days, 2%above the applicable term deposit rate.

iii) In the event of the proceeds of cheque under collection being required to be credited to an overdraft / loan account of the customer, interest will be paid at the rate applicable to the loan account, if the delay is less than 45 days. For abnormal delays, i.e. beyond 45 days, interest will be paid at the rate of 2 % above the applicable interest rate to the loan account. Such interest shall be payable with a minimum of Rs. 25/-.

7.7.5 Compensation as detailed above shall be paid without any formal demand from customers.

7.7.6 No separate compensation is payable by the Bank on account of movement in the value of the respective currencies.

7.7.7 International Cheques/instruments lost in transit/in clearing process :

In the event an international cheque or an instrument accepted for collection is lost in transit or in the clearing process, the Bank shall, immediately on coming to know of the loss of an instrument, bring the same to the notice of the account holder so that the drawer can be informed to record stop payment. The Bank would also advise the correspondent/drawee bank all particulars of lost cheques/ instruments for exercising caution and provide all assistance to the customer in obtaining a duplicate instrument from the drawer of the cheques, if required. The Bank will endeavour to get payment of the instrument based on the photocopy/scanned image of the instrument, wherever the practice is prevalent. The Bank will bear the actual charges of recording Stop Payment instructions levied by drawee bank. The Bank will also reimburse the customer with actual charges levied by the drawer / bank in issuing duplicate cheques/instrument, subject to a maximum of Rs.250/-.

8. Force Majeure:

Bank shall not be liable to compensate the customers for delayed credit if some unforeseen event (including, but not limited to civil commotion, sabotage, lockout, strike or other labour disturbances, accident, fire, natural disasters or other "Acts of God", war, damage to the Bank's facilities or of its correspondent bank(s), beyond the control of the bank) prevents it from performing its obligations within the specified service delivery parameters.

Last Updated On : Tuesday, 25-07-2023

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What are the types of cheques in india.

Summary: Cheque payments are recorded with the bank and reflected in your bank account. There are mainly ten types of cheques in India. Click to know each type!

Although blank cheques and crossed cheques are common, they are not the only types of cheques you can issue. A cheque is written by an individual or an organisation for large payments. Unlike cash, cheque payments are recorded with the bank and reflected in your bank account. But what is a cheque?

Meaning of Cheque

A cheque is a paper instrument that orders the bank to transfer money from the sender’s account to another account. It is issued to a current or savings account holder to conveniently transfer money within and outside the bank. A cheque is a common method of money transfer among merchants and small businesses.

Cheques are negotiable instruments covered under the Negotiable Instrument Act, of 1881. In a cheque transaction, three parties are involved namely, the drawer, the drawee, and the beneficiary or payee. The drawer writes the cheque in the name of the beneficiary, requesting the bank to transfer the mentioned amount to the beneficiary from their account. The banks are the drawer in cheque payments.

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There are mainly ten types of cheques in India that you should know about.” The ten types of cheques include:

1. Bearer Cheque  

A bearer cheque is the type of cheque that allows the person bearing or carrying the cheque to the bank to receive the payment specified on the cheque. These cheques have the words “or bearer” printed in front of the name of the payee. It means that the amount of the cheque issued can be either received by the payee or the bearer. It also makes a bearer cheque transferable, as anyone who is carrying it can receive the payment. The bank need not request the authorisation of the issuer to make the payment of this cheque.

2. Order cheque

The second type of cheque is the order cheque. An order cheque is the one that has the words “or bearer” cancelled out. It means that only the individual whose name is mentioned as the payee can receive the specified sum of money. In this case, the bank does not check the bearer’s identity before making the payment.

3. Crossed cheque

A crossed cheque is a type of cheque where the issuer makes two slanted parallel lines on the top left corner of the cheque, with the word ‘a/c payee’ written. It means that the specified sum of the cheque, regardless of who is handing it over, will only be transferred to the individual/organisation whose name is mentioned as the payee. A crossed cheque is also safer because it can be cashed only at the payee’s bank.

4. Open cheque

An open cheque does not have crossed lines, and hence, is also called an uncrossed cheque. An open cheque can be cashed at either of the banks, namely, the payer’s bank or the payee’s bank. Also, an open cheque is transferable by the payee, which means they can make someone else the payee. The issuer of the open cheque is required to sign on both the front and back of the cheque.

5. Post-dated cheque  

A post-dated cheque bears a date later than the date it was issued on. It can only be cashed after the date specified by the payer. The post-dated cheque can be valid after the mentioned date but not before it. Hence, even if it is presented to the bank, the bank will not process it until the mentioned date.

6. Stale cheque

A stale cheque has already passed its validity date and can no longer be cashed. Currently, a cheque is considered valid until three months from its issued date.

7. Traveller’s cheque

Issued by a bank, a traveller’s cheque can be cashed by the payee at another bank in another country. The payment will be received in that country’s currency. It becomes useful when you are heading on a foreign trip and do not wish to carry too much cash. A traveller’s cheque does not have an expiry date.

8. Self cheque

A self-cheque has the word ‘self’ written as the payee. It is used by the issuer to withdraw money from their  bank account . A self-cheque can be cashed only at the issuer’s bank.

9. Banker’s cheque

A banker’s cheque is issued by the bank itself. A bank issues a banker’s cheque on behalf of an account holder to issue payment to another person in the same city. Banker’s cheques are only valid for three months, however, post their validity period they can be revalidated if certain conditions are fulfilled.

10. Blank cheque

A blank cheque is one that has the sign of the issuer, and no other details are filled in. Blank cheques pose a high risk because if lost, anyone who finds it can fill in any amount and issue it to themselves.

A cheque is a document that tells your bank to transfer the mentioned amount to a person or organisation. There are mainly ten types of cheques in India that you should know about.

Features of a cheque

The following are the common features of a cheque

• An individual holding savings or current account can issue a cheque.

• The payee once mentioned cannot be edited or changed. A fresh cheque leaf needs to be issued in case of changing the payee.

• Similarly, the amount mentioned on the cheque cannot be altered.

• A cheque must be signed before submitting otherwise it is considered invalid.

• A cheque carries validity if it is signed and dated. They are usually valid from the date mentioned on them. A cheque older than 6 months is called a stale cheque however, they are still valid and can be used for transactions.

• Signed cheques without any amounts mentioned in them are known as blank cheques.

• A cheque consists of cheque number, MICR, and entries to mention the payee’s name, drawn amount, and signature of the drawee.

Advantages and disadvantages of a cheque

Cheques accompany several upsides and downsides. Here are some notable advantages and disadvantages of using cheques.

Advantages of using cheques

• They are a better alternative to carrying cash.

• With a unique number assigned to every cheque leaf, they are easier to track down if lost.

• You can issue cheques to other parties since they are negotiable instruments.

• Several bank digital kiosks also process cheque transactions digitally so, you don’t require to visit the bank always.

Downsides of using cheques

• Sometimes, banks may deny cheque processing for a few reasons, such as low account.balances, signature mismatch and more because they are not legal tenders.

• Digital money transfer methods are becoming popular since cheques are a bit time-consuming to process payments.

• Cheques are issued only to account holders, so anyone who wishes to use cheques first must open a bank account.

How to apply for a new chequebook

Applying for a new chequebook has now become convenient as you can get it through various online and offline channels. Use any of the below-mentioned methods to get a new chequebook.

• Online mode – You can log into your net banking account and navigate to the services section to request a new chequebook. After paying the required amount, you will receive it at your registered mailing address. If you are an IDFC FIRST Bank account holder, new chequebook issuance is completely free of charge.

• Mobile app – Like net banking, you can also use your mobile banking app to apply for a new chequebook. The process is similar to net banking and consumes hardly a couple of minutes.

• ATM – If you don’t have an active net banking or mobile banking service, you can visit your nearby ATM and access your account using the debit card and pin. Later, navigate to the services section, choose the ‘issue a new chequebook’ option and proceed as instructed.

• Bank branch – Alternatively , you can visit the bank branch during active hours and apply for a new chequebook.

What is a cheque number?

Every cheque carries a unique 6-digit number inscribed on the bottom of the cheque leaf. This number is known as the cheque number, and it is used to identify the status of the cheque. The cheque number is followed by a MICR number and a portion of the account number with which the account number is linked.

To find the cheque number, you can look at the bottom left corner of your cheque leaf. The first 6 digits that appear on the leaf are your cheque number. The remaining numbers denote the details of issuing branch, city, and the account linked.

How to write a cheque?

Specific steps are involved while writing a cheque. One must follow all the steps precisely when filling it out. Here are the quick and simple steps to write a cheque.

1. Begin with crossing the cheque. Crossing a cheque means drawing parallel lines at the left top corner. If it is an account payee cheque, write ‘Account Payee’ between the parallel lines.

2. Fill out the space provided for entering the date and payee’s name.

3. Subsequently, write the amount in words and end it with the word ‘only’. It marks the end of the amount that you have entered.

4. Now enter the amount in numerals and end it with ‘/- ‘.

5. Verify all your entries and sign at the bottom of the cheque to authorise the cheque.

6. For specific reasons, the bank may also ask you to enter your account name and number at the back of the cheque leaf.

Things to know before writing a cheque  

Banks take utmost care when processing cheque transactions for security reasons. So, individuals must be cautious when filling out details. The following are the important things to keep in mind while writing a cheque.  

• When filling out details, never leave spaces to avoid any chances of misuse.

• Do not overwrite or cross-mark on the cheque as unclear entries may reject your cheque.

• Never leave any column blank for security reasons.

• Mark your signature clearly and use the same signature as present in the bank record.

• Do not staple or fold the cheque as it may corrupt the MICR code.

Parties to cheque

Cheque payment includes multiple parties, and the payment processing takes place in chronological order.  Here are the various parties included.

1. Drawer – A drawer is a person who writes the cheque and authorises the bank to withdraw money from his/her account and pay it to the beneficiary. In simple terms, the drawer is the account holder who issues the cheque.

2. Drawee – It is the bank that initiates the cheque payment process. The cheque is drawn at the drawee bank.

3. Payee – It is another term used for the beneficiary. The payee is the person who receives the payment from the cheque-holder through the drawee bank.

4. Endorser – If the payment rights are transferred to a third party, the payee, in this case, becomes the endorser.

5. Endorsee – The endorsee is the party to whom the payment rights are passed from the payee (the endorser).   

So that was everything about the types of cheques that you can issue and receive. To know more about cheques, head over to the IDFC FIRST Bank  website , where you can find detailed explanations pertaining to  different kinds of cheques they offer. To know more about applying for new products, you can reach out to IDFC FIRST Bank  Customer Service  on  1800 10 888 .

Frequently Asked Questions

Can i write a cheque if i don’t have a bank account.

No, only the account holders receive cheque book which they can use to transfer money or make payments. However, you can encash a cheque drawn in your name even without a bank account. 

Can I use a cheque instead of cash for payment?

Yes, a cheque can be used instead of cash payment if the merchant or the shop accepts cheque payments. 

When does the bank refuse to make cheque payments?

There are certain situations in which the bank may refuse to process the cheque payments, such as those mentioned below.

• If the date is missing on the cheque leaf, including mandatory details such as the beneficiaries name, issuer’s sign and more, a cheque may be rejected.

• If the cheque was issued before 3 months.

• If the post-dated cheque is issued before the mentioned date on the cheque.

• If there are overwriting and unclear details.

• Mutilated and damaged cheques also lead to rejection. 

What happens if my cheque gets misplaced during the clearing process?

In case the cheque gets misplaced from the bank side, the bank is held responsible. It informs the issuer immediately and compensates them as per the bank’s prevailing rules and regulations. 

Who has the authority to sign the cheque?

The drawer or the cheque holder has the authority to sign the cheque. An individual impersonating the cheque owner’s sign is considered an offender under the law. 

How much time does the bank take to clear a cheque?

Usually, the banks take 1-2 business days to process and clear the cheque payment. The time may increase depending on the day of the week since it is a manual clearing process. 

What is a bounced cheque?

A bounced cheque is a cheque rejected by the bank for not maintaining enough balance in the bank account to initiate the payment process. To avoid cheque bounce, individuals must ensure they have adequate money in their bank account. Several banks also charge a cheque bounce penalty for the same. However, IDFC FIRST Bank follows the zero-fee banking notion, where the issuer is not charged any fee if their cheque gets bounced for some unavoidable reasons. 

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

Disclaimer:

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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The top 10 visa-free countries for Indian passport holders in 2024

Visa-free countries for indians in 2024: discover the top 10 best global destinations that indian passport holders can travel to visa-free in 2024..

Many countries worldwide are currently offering visa-free entry to enhance their tourism industry and attract more visitors, including those from India, ensuring a seamless travel experience and eliminating travel obstacles. This initiative has led to a surge in new explorers eager to venture out and discover these countries.

Thailand and Sri Lanka have recently extended their visa-free entry provisions for Indian visitors. Thailand’s extension is in effect until November 11, 2024, while Sri Lanka’s lasts until May 31, 2024. However, in some instances, it is crucial to note that travel to visa-free countries is usually limited to a specific duration and additional documents, such as proof of onward travel or payment of airport taxes might be required.

Indian passport holders currently benefit from visa-free access to 62 countries, simplifying travel and exploration. Visa-free travel allows entry into a country without the need for a prior visa and only requires a passport to clear customs, eliminating the complexities of visa procedures and associated fees.

So, as the summer vacation season approaches, it’s an ideal time to travel. If you hold an Indian passport, there are several destinations you can visit without the hassle of obtaining a visa. Below is the list of the top 10 best global destinations that Indian passport holders can travel to visa-free.

1. Bhutan: 14 days

Bhutan is a neighbouring country of India and is considered one of the top visa-free destinations for Indian passport holders. They can travel for up to 14 days without needing a visa. Often referred to as the Land of the Thunder Dragon, the country is located in the Himalayas and is renowned for its snow-capped peaks, vibrant monasteries, and spiritual culture.

Nepal is a country famous for having Mount Everest, which is the highest mountain in the world. The country is an ideal destination for adventure enthusiasts and nature lovers as it offers a unique and enriching experience with ancient temples, breathtaking landscapes, and amiable locals. Indian passport holders do not require a visa to enter Nepal, as the country shares a friendly relationship with India.

3. Mauritius: 90 days

Mauritius, an island nation surrounded by the Indian Ocean, is a picturesque tropical paradise famous for its pristine beaches, crystal-clear waters, and coral reefs. While many visitors come to Mauritius to experience nature and indulge in luxury resort stays, it can also be an excellent destination for Indian solo or group travellers who want to explore the cities, visit tourist attractions, and try delicious local cuisine. Furthermore, Indian travellers can stay in Mauritius for up to 90 days without a visa, making it an attractive option for those seeking to travel hassle-free.

4. Kenya: 90 days

Starting January 1, 2024, Kenya will allow visa-free travel to Indian passport holders to promote tourism through its electronic travel authorization programme. Exploring its vibrant wildlife and marine reserves, with over 50 national parks to choose from, Indians can travel to Kenya visa-free for 90 days to experience its world-renowned safari experience.

5. Malaysia: 30 days

Malaysia is a magnificent travel destination that offers a blend of ancient rainforests and a multicultural city-life experience. The capital, Kuala Lumpur, boasts the iconic Petronas Twin Towers, one of the tallest buildings in the world. The country is renowned for its exceptional food, historical vibe, gorgeous beaches, and wildlife-packed national parks. Indian passport holders can now travel to Malaysia visa-free until December 31, 2024, as per the latest update. It permits a stay of up to 30 days for each entry and visit to the country.

6. Thailand: 30 days (till November 11, 2024)

Thailand, a gem of Southeast Asia, is famous for its exquisite beaches, delicious cuisine, and lively culture. From the busy streets of Bangkok to the grand temples of Chiang Mai and the tranquil beaches of Phuket, Thailand offers a perfect combination of cultural immersion, adventure, and relaxation. As per the latest update, Thailand has extended its visa-free travel for Indian passport holders until November 11, 2024, which was previously May 10, 2024.

7. Dominica: 6 months

Dominica is a mountainous Caribbean island nation, also known as “Nature Island.” It boasts tropical and balmy weather, natural hot springs, and tropical rainforests. The Morne Trois Pitons National Park is a must-visit place, where you can find a 1,342-metre-high volcano. The country’s best features include the 65-metre-tall Trafalgar Falls and the narrow Titou Gorge. Indian passport holders can easily book flights to Dominica from India to enter this beautiful country. The good news for Indian nationals is that they do not require a visa for either tourism or business purposes for six months.

8. Qatar: 30 days

Qatar is a Middle Eastern country known for its impressive infrastructure and futuristic capital, Doha, with its towering skyscrapers. The country is also recognised as one of the wealthiest nations in the world and is currently in the spotlight for hosting the FIFA World Cup 2022. Indian passport holders can enjoy 30 days of visa-free travel in Qatar.

9. Sri Lanka: 30 days (till May 31st, 2024)

Sri Lanka is the latest addition to the list of visa-free countries for Indians. This South Asian island is rich in history and boasts stunning landscapes, diverse cultures, and incredible wildlife. Visitors can experience beautiful weather and indulge in delicious cuisine. Indian passport holders can travel visa-free to Sri Lanka until May 31st, 2024, as per the latest update. The hospitality of the locals is great, and the country is famous for its sweetmeats.

10. Seychelles: 30 days

The Seychelles are renowned for their stunning waters, coral reefs, sea turtles, and underwater rock formations teeming with beautiful fish, whale sharks, and shipwrecks. The beaches in the Seychelles offer a calm, peaceful, and secluded environment, and Indian passport holders can visit visa-free for 30 days.

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