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.