Travel check

The travel check is one that abroad can be exchanged for cash or accepted as a means of payment . That way, transactions are facilitated when the user does not have the currency accepted in the country they are visiting.

The travel check was very popular among tourists a couple of decades ago. However, today it is more common to use credit cards  or ATMs affiliated with multiple financial institutions .

Features of the travel check

Among the features of the travel check include:

  • It can be purchased at airports, bus stations, travel agencies, hotels and various commercial establishments.
  • Its operation is similar to that of cash. When paying with it, it is possible to add extra money to reach the required amount.
  • If the value of the document exceeds the price of the product or service, the user can demand the corresponding return.
  • The denomination is normally in the main currencies of the world such as the US dollaror the euro.
  • American Express currently issues travel checks. Visa also does it and also offers a product called Visa Travel Money Card that is handled as a prepaid cell phone card but for purchases, and is rechargeable.

Advantages and disadvantages of the travel check

Among the advantages of the travel check are :

  • It is safer than cash. The document has the owner’s data, so no one else can use it.
  • A fixed amount and date of issue are recorded on paper. That way, the checkis recoverable in case of theft or loss through a claim.
  • It can be preserved for several trips.

However, there are also some disadvantages:

  • It is impossible to exchange in remote places without banking agencies.
  • Some sites charge high feesfor their use.
  • Each time travel checksare less accepted, having been displaced by cards and ATMs.

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