BANKING AFFAIRS

Detailed explanation-1: -A traveler’s check definition portrays it as a form of a check used by travelers in place of cash while traveling abroad. Tourists can use it to pay for things and obtain local money while they are overseas. Users can manage their transactions easily using it when they are on vacation or visiting foreign countries.

Detailed explanation-2: -Traveler’s cheque is a fixed denomination note issued by non-banking financial institutions (generally called traveler’s cheque issuer) for facilitating international travelers to carry and pay traveling costs safely in their travel.

Detailed explanation-3: -An open cheque is the bearer cheque. It is payable over the counter on presentment by the payee to the paying banker. While a crossed cheque is not payable over the counter but shall be collected only through a banker. The amount payable for the crossed cheque is transferred to the bank account of the payee.

Detailed explanation-4: -Traveler’s checks are another type of negotiable instrument intended to be used as a form of payment by people on vacation in foreign countries as an alternative to the foreign currency.

Detailed explanation-5: -How do I cash Travelers Cheques? Simply present the Cheque at the exchange or merchant location. Make sure the acceptor watches while you countersign the Cheque on the lower signature line. Photo identification may be required.