Travellers' cheques are another forex service provided by banks. Travellers' cheques are nothing but a cheque for a pre-fixed amount which is printed beforehand. It has to be signed and countersigned to be deemed valid. With traveller's cheques, you have a few parties involved.
To begin with, you have the "issuer", then the bank which is basically the middle man or agent, a person who buys it and a payee. This is how traveller's cheques work. To begin, you have received your cheques of predetermined amounts usually in pads of fives and tens. Once you receive them, you have to authenticate them with your signature in the mentioned area. If you want to cash your cheque, all you have to do is present the Cheque at the exchange or merchant location. Countersign the cheque and make sure the acceptor is a witness.
The great thing about travellers' cheques is that they are accepted worldwide, and you will not have a problem cashing them. Also, it is very difficult to steal a cheque since you need to authenticate with a signature and valid photo identification. They allow the traveller to take advantage of attractive rates of exchange. If you are lucky, then you will be able to purchase the cheques at a good price maybe even lower than you expected. So next time you are travelling think of travellers' cheques for added convenience and safety!
Cash transactions are even being avoided by businesses, you can see things clearly if you keenly observe things around you. Automatic Teller Machines are experiencing consistent robbery and incidents are increasing. Details of a credit or debit card may be cloned by way of false fronts fixed in the machines. Without your knowing it your credit card balance may have been used up or your bank account closed. There are viruses that are also capable of acquiring your bank details from your P. C. Or laptop.
This simply shows that payment and other financial transactions through Electronic method are not secured as claimed. And the use of business cheques should be continued. This is a debatable issue if the primary concern is financial safety and security from all kinds of robbery. International Monetary Fund and Financial Institutions seemed to be up to something.
Many people are concerned why the sudden changes are being pushed when it is clear that the alternative method is flawed. The convenience of electronic means will not be worth it if your banking details are virtually exposed and can be remotely manipulated without your knowledge.
Users of business cheques feel safer to use them than with any other means such as the electronic method. Cheques may not be convenient to use as compared to electronic methods. The processing of account validation may be longer. But the point is your money is not open to robbery, and you can better keep track of your spending.
Electronic means of making a business transaction may also have its own benefits, like fast transactions. However, when it comes to safety and security, it is flawed. And usage of business cheques is still justifiable.
When it comes to buying your traveller cheques the average person leaves it to the last moment by getting your holiday money at the airport or at their local bank. By getting your traveller cheques booked from compare travel money you can make considerable savings on exchange rates especially by the foreign currency brokers listed. Compare money transfer compares the latest rates of exchange from all the UK's leading traveller cheque providers and gives impartial advice for changing your travel money currency.
Travel Money Tips and Insight of Travel Money Cards
Travel money cards are one of the recent additions in the market. They cards provided gives you an ability to get a certain amount of a currency loaded on the card at a fair money conversion rate so that you can easily access to funds wherever you travel.
How can you apply?
You can apply for travel money cards online. There are numerous travel money providers whom you can contact. The transfer if funds can be made by phone or online as per your convenience.
Travel money cards v/s Credit cards
The greatest benefit you derive from travel money card is that you receive a favourable exchange rate from ordering online than to going on high streets or bureau exchange points.
Credit cards usually use the exchange rate that applies at that moment and you are never aware what you have spent until you see your monthly bill. There lower charge fees which can be applied in shops and eating outlets when you have a travel card. Whereas, the when you use a debit or credit card, the fees attached every transaction is extremely high. With a travel money card, there is no loading fee. Howsoever, in case you are over with the amount you had on your travel card, you can get it loaded from someone back in your country.
So approach a good travel money exchange provider in order to avail the true benefits of these cards. Don’t forget that getting forex travel cars is easier and if you are left with extra money then you can also return it back to the same provider. There are numerous online travel money exchange providers on the web. Look for the one that can offer you travel money at best forex exchange rates.
Secret fund: Keep a small amount of cash hidden away in most case for real emergencies. Familiarise yourself with local prices to avoid rip-offs. You may find haggling uncomfortable but it's a way of life in many countries.