Traveller’s cheques have been one of the most oldest and traditional forms of money exchange, as an alternate to physical currency. This cheque is similar to a normal bank cheque, as it receives a unique check number or serial number. In the occasion the cheque is lost or stolen, the provider can cancel the cheque, and get a new one.
Travellers normally use these cheques, specifically for vacations in foreign countries, as it was one of the safest ways to take a currency overseas. While plenty of individuals have moved onto banking cards and other forms of money transfer, these cheques are still in use in selected locations. Given below are a few instances where you can use the traveller’s cheques:
Locations where ATM’s are sparse: While the forex, debit or the credit card may be popular options for international travellers to access funds when abroad, it is convenient only if ATM’s are available. Even if the most isolated of destinations have a few financial institutes or banks, they will accept the traveller’s cheques. While it may take the time to complete the transaction, it is a better option that being completely cut off from any funding you may have.
When you are concerned about travel safety: Before the introduction of the ubiquitous ATMs, there was another reason why travellers opted for cheques. The main reason was safety. If you had a physical cheque, it could be cashed only if you penned a signature that matches the one where you wrote when you got the cheques. Unless your signature is copied to perfection, you need not worry about your funds being stolen. The same goes if the cheques have been lost or stolen as you can always cancel the cheque.
In the case of a true emergency: While there are plenty of benefits when it comes to traveller’s cheques, in the end, it boils down to one thing. It is safety, especially in the case of emergencies. In the case of the banking cards, the PIN can be stolen, your password changed, or even your card details compromised through a skimming device. Even more, your cards could be stolen and misused.
Eventually, you will be left with the little resource in finding your home, on such short notice. This is one wise reason why you should carry an emergency stash of traveller’s cheques. This will guarantee that funding will always be there, and it can be replaced quickly.
While there are several other financial options you can consider when travelling abroad. But when it comes to the traveller’s cheques, these are some of the important points you need to remember when you are looking for funding when travelling abroad.