Travellers cheques                    Home          Foreign currency drafts

 

 Travellers cheques (or checks in American English) are a convenient and safe way to carry money while travelling. They are recognized worldwide and can be used to pay for products, services (like hotel stay) or exchanged for local currency. If stolen or lost, they can be replaced worldwide in less than 24 hours. Hence they are safer than cash, for travellers.

 

American Express Travellers cheques are the most popular traveller cheques in India and are available in nine international currencies.These include U.S Dollars, Euro, Japanese Yen, Pound Sterling, Saudi Riyal, Canadian Dollar, Australian dollar, Swiss Franc and South African Rand. and other major currencies. Interpayment Visa and Thomas Cook MasterCard Travellers cheques are also available in major currencies

 

Travellers cheques can be purchased from associated banks, travel agents like Thomas Cook, and foreign exchange agents. Some agents may charge a nominal fee for purchase of travellers cheque. Since travellers cheques never expire, unused cheques (for amounts upto  US$2,000) can be retained for use for future foreign travel.

 

A  valid passport, ticket and visa are some of the documents required to purchase travellers cheques in India. When first purchased, travellers cheques should be signed in the specified place, in order to be reimbursable if  lost or stolen. In case of difficulty , you can call the following numbers

American Express: 1 800 331245

Visa/Mastercard  1800 119009

In case the checks are lost/stolen, it has be reported to the local police within 24 hours

For amounts less than Rs 50,000 (approx. US$1000), you can purchase travellers cheques by paying in cash. For amounts larger than Rs 50000, payment has to be made through cheque or demand draft .

When the cheques are cashed, the date is entered like normal cheques, and the cheque is to be signed in the presence of the acceptor in the designated place. If both the signatures are similar, the cheque is accepted.

Purchase of travellers checks in one year are subject to RBI regulations and are limited to US$10,000. 

 

References - American Express India - Travelers Cheques FAQ

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