Many people travel abroad, either because they are going on vacation or for business. And in their eagerness to discover new places and territories, and to interact with other cultures, they need banking instruments to be able to pay their regular expenses on this journey, with the traveler's check being a fundamental element in all of this.
Financial well-being must be available to anyone who intends to travel, so the use of a traveler's check guarantees the carrying out of transactions, regardless of the country in which you are traveling.
What is a traveler's check?
The traveler's check is a document issued by banking institutions so that its bearer can exchange it for a monetary amount determined in the country where they are located.
It should be noted that the Traveller's check is personal and non-transferable, making it a safe way to keep your money safe even in case of theft or loss. In this way, they can be quickly refunded in these cases.
The traveler's check is issued by the customer's preferred bank, for exclusive use abroad, so it can be requested prior to taking a trip.
The use of a traveler's check avoids having cash, reducing the risk of losing it due to any circumstance, an aspect that is synonymous with safety and comfort during any trip.
Traveler's check features
Among the characteristics of the traveler's check we have:
- It has very high security measures, in case of theft or loss, since its owner should only contact the bank and when presenting the serial number of this trust document they will refund you with a new traveler's check after 24 hours. It should be noted that only the owner is the one who can collect it.
- A traveler's check can be redeemed for cash in the local currency of the country to which the holder has traveled, with a wide variety of commercial establishments that accept it as a means of payment.
- You don't need to have a bank account to use, so you simply have to go to the bank and request them for the desired amount and in the currency in which they are required.
- They work like cash, because every time you deliver it, it serves as an instant means of payment, with which you can even complete with cash to reach the amount you must pay, and even order back in case the value of the check exceeds the price of the good or service purchased.
- The amount for which a traveler's check is issued is decided by the holder, which will depend on the amount of money to be brought, as well as the regulations of the bank where you request it and the country you will visit.
- It is a verifiable payment instrument, because if the holder wants to redeem their traveler's check, they must prove their identity.
Example of a traveler's check
We can take as an example of a traveler's check those that are issued by BBVA Mexico and by American Express.
Where can I change a traveler's check?
- The traveler's check can be exchanged for cash, even for the legal tender of the country to which the holder traveled.
- The establishments where you can change are: Exchange offices, banks, or commercial premises located in bus terminals, airports, shopping centers, among others.
- They can be used as a means of payment in boutiques, shops, restaurants, hotels, among others.
The versatility of a traveler's check lies in how easy it is to request it at the bank, because a few days before taking a trip, the customer can order them at the banking institution of their choice and receive them without any problem, with the required monetary denomination.
.jpg)
