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Traveler's Cheque


 

Name

Traveler's cheque

Introduction

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. It can be widely used around the world and is the best choice for safely carrying and paying daily costs and tuition and incidental expenses by travelers who travel abroad privately and on business.

Features

Safety-- safer than cash: if the traveler's cheque is lost or stolen accidentally, report of loss, settlement of claim and emergency compensation can be transacted; if there is something unexpected happen, you may apply for the emergency rescue service provided by the issuer of the traveler's cheque.

Ease of use-- applicable globally: it can be exchanged into cash at various large banks and exchange outlets worldwide; it can be paid at international hotels, dinning halls, schools and other consuming sites without any fee being charged.

No expiring date-- permanently valid: the traveler's cheque is permanently valid without expiring date. If once purchasing is not used up, the remaining can be used when departing the country next time.

Multi-currency-- for option: travelers can choose different currencies according to different countries and regions of destinations.

Cost-effective-- foreign exchange rate is more favorable than cash: foreign exchange rate of exchanging traveler's cheque is generally more favorable than the rate of exchanging cash.

Optional brands of traveler's cheque

American Express traveler's cheque issued by American Express International Inc. Main currency includes USD, JPY, CAD, AUD, GBP, EUR and CHF.

Target Customers

Entities or individuals who have needs of traveling abroad.

Process

Individual customers can purchase traveler's cheque of a certain amount of foreign currencies at the outlets designated by Bank of China with personal valid identity documents, passport with visa from the destination country or HK and Macao laissez-passer and relevant proof materials using individual foreign exchange account/foreign currency cash and RMB account/RMB cash.

Charges

The charge on the traveler's cheque purchased at Bank of China is usually 1% to 0.5% of the purchased amount. If it is bought with foreign currency cash, the price difference of the foreign currencies should be paid.

Cashing Service for Traveler's Cheque

There are many outlets. In almost 2000 domestic branches and most overseas branches, the cashing service of traveler's cheque can be transacted. The domestic foreign currency cashing institutions of the Bank of China also provide cashing RMB service for traveler's cheque.

There are many accepted brands. Bank of China can accept 149 types of traveler's cheque issued by 17 traveler's cheque issuance institutions, among which traveler's cheque of American Express, Travelex, Visa and MasterCard, can be cashed at Bank of China.

Acceptance method is flexible. Generally, the traveler's cheque holder should carry valid identity documents and complete and non-damaged documentation with the same initial and second signatures, and Bank of China will transact purchasing foreign exchange business of traveler's cheque of under a certain amount at designated outlets; if the specified quota is exceeded, Bank of China will transact clean collection for you.

The acceptance fee is low and the cashing handling fee is 0.75% of the cash amount (deducting in the original currency). Collection fee is 0.1% of the collection amount, with the lowest of RMB 50/collection and the highest RMB 250/collection and the postage is charged separately. The returned draft fee is RMB 10/time.

Kind Reminder

1. Carrying traveler's cheque with currency type of the destination

2. Traveler's cheque purchasing agreement and the traveler's cheque should be kept separately.

3. When purchasing a traveler's cheque, the customer should initially sign the traveler's cheque face to face with the bank teller right away.

4. When traveling abroad, please do remember to bring the purchasing agreement with you so that in emergent occasion the report of loss and satisfaction of claim can be transacted.

5. Report of loss and compensation of traveler's cheque

If your traveler's cheque is lost of stolen, please call the issuance institutions of the traveler's cheque or go to the local bank to report the loss as soon as possible in order to obtain corresponding compensation.

The loss report and compensation telephone numbers of the traveler's cheque of the American Express Company:

10800 440 0106  service area of China Telecom (free service)

10800 744 0106  service area of China Netcom (free service)

6. When the foreign currency traveler's cheque of an equivalent value of USD 5,000 (inclusive) to USD 10,000(exclusive) or the foreign currency traveler's cheque with collection amount exceeding an equivalent value of above 10,000 USD (inclusive) are to be cashed, the traveler's cheque holder needs to provide purchasing contract, consumption voucher or purchasing receipt in addition to personal identity documents. If the cashed amount exceeds the equivalent value by USD 10,000(inclusive), please transact collection; Bank of China does not accept transferred traveler's cheque.

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