How to Obtain Traveler’s Cheques?

All banks are allowed to issue Traveler’s cheque. A traveler’s cheque can be bought from any bank by paying nominal handling charges. Sellers can accept the traveler’s cheque like having cash. These cheques can be exchanged just like cash. It is much convenient for someone to buy traveler’s cheque besides carrying cash.

The banks commonly sell the traveler’s cheques commission free as the purchaser of a supply of traveler’s cheques effectively gives an interest free-loan to the issuer. The commission charged on it is only 1% of the total face value sold. The traveler’s cheque is available in several currencies such as Canadian dollars, pounds sterling, Japanese yen, Euro, and U.S. dollars.

Traveler’s Cheque Denominations

The denominations of the traveler’s cheque are usually 20, 50, or 100 of whatever currency and they are usually sold in pads of five or ten cheques e.g. 5 x €20 for €100. The traveler’s cheques do not expire and so the unused cheques can be kept by the purchaser to spend it at any time in future.

What to do when your Traveler’s cheques are lost?

The loss or theft of the traveler’s cheque should be reported immediately to the issuer and the local police authority. The receipt issued when the cheques were purchased will speed up the refund process.