Oct 10

Paper Money Takes An All New Turn With Travelers’ Checks

Articles

Paper moneyAre you planning to undertake a family trip and don’t know whether ATMs will be available at your travel destination? Well, then traveler’s check can be your most preferred option. After all it’s not always advisable to carry huge amounts of money in your pockets while travelling. It’s not always the risk of thefts which becomes a reason for worrying. Losses can come from various other quarters as well.

A traveler’s check is a particular form of prepaid money available in the form of a check, exchangeable in return for goods and services, on the basis of local currency. It is a rather safer option when it comes to making payments because while making payments through your traveler’s check, all you need to do is provide the payee with an identification and signature verification. If any case the traveler’s check is lost or stolen, the issuing company promises to replace it, thereby, adding to the imminent list of advantages.

Procuring the paper travelling source

These checks can be purchased from banks, credit unions or various traveler’s check companies. However, you need to buy them personally because of the verifications involved in the procurement procedure. Famous authorities offering such facilities include American Express, Visa and Thomas Cook. An additional 2% charge is levied on the purchase amount by the issuing authorities. This amount is taken in order to cover each Telegraphic Transfer. However, the commission differs from time to time. This exchange rate for transfer is generally determined at the time of fund transfer.

Flexibility to travel around the world: Currencies available

Traveler’s check can be bought in different currencies acceptable all across the globe. This includes Euro, Great British pound, US dollar, Canadian dollars and Japanese yen. The denominations are different for different currencies. It would however be ideal to get the traveler’s checks in the currency of the country that you are heading for. That way you won’t end up paying a fee to convert currencies when you use the traveler’s checks.

Exploring the unexplored: Features

Most travelers’ check issuing companies have used various features that have helped make these checks hack proof. The papers used for making these checks are special and have a certain raised texture like other paper currencies. The anti-counterfeit features include slicker, smoother and thicker designs, even better than usual paper currencies. Some of them even include holographic threads which are capable of producing an image. It might contain watermarks when held in front of a UV light source.

Claim what is yours

While making claims for a lost traveler’s card, you shall need the check receipt and the check numbers. If in any case the card is lost, you need to report it to the company and provide the missing check numbers in order to make new claims and redeem the lost one.

However, with the advent of facilities like ATM and credit card the importance of traveler’s check has mostly lost its value. Some Americans even feel that it is a way of getting ripped off your money and that is why it is advisable to avoid them. However, while travelling to places where ATMs are not as easily available, it could well become an ideal option.

 

Holly English is the author of this post. She loves to travel and write about it managing all her expenses through the website Paydayloansuk.org.uk.

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