TRAVELER CHEQUES Meaning and
Definition
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Traveler's cheques, also known as traveler's checks or traveller's cheques, are prepaid payment instruments primarily used by individuals traveling abroad. These cheques are issued by banks or financial institutions, and their purpose is to provide a secure and convenient payment method for travelers.
Traveler's cheques are typically offered in fixed denominations and can be bought in the traveler's home currency. They can then be used like cash for purchases or exchanged for local currency at authorized establishments, such as banks or currency exchange offices. They provide a safe alternative to carrying large amounts of cash, offering protection against loss or theft.
One notable feature of traveler's cheques is that they require the bearer to sign them upon purchase and again when they are used in a transaction. This dual signature system adds an extra layer of security, as merchants or banks can verify the signature against the purchaser's identification. In case of loss or theft, the traveler can quickly report the event to the issuer, who will provide replacement cheques or issue refunds for the lost or stolen ones.
However, with the advent of electronic payment methods, such as credit and debit cards, the popularity of traveler's cheques has diminished over time. Many businesses, especially in developed countries, no longer accept them as a form of payment. Nevertheless, traveler's cheques can still be useful in regions with limited electronic payment infrastructure or for travelers who prefer the added security and control they offer.
Common Misspellings for TRAVELER CHEQUES
- rraveler cheques
- fraveler cheques
- graveler cheques
- yraveler cheques
- 6raveler cheques
- 5raveler cheques
- teaveler cheques
- tdaveler cheques
- tfaveler cheques
- ttaveler cheques
- t5aveler cheques
- t4aveler cheques
- trzveler cheques
- trsveler cheques
- trwveler cheques
- trqveler cheques
- traceler cheques
- trabeler cheques
- trageler cheques
Etymology of TRAVELER CHEQUES
The term "traveler's checks" or "traveller's cheques" originated from the combination of the words "traveler" and "cheques".
The word "traveler" comes from the Middle English word "travellour", which derived from the Old French term "travailleur". It ultimately traces back to the Latin word "trepaliare", meaning "to torment" or "to toil". Over time, the term evolved to refer to someone who goes on a journey.
The word "cheques" has its roots in the Old French term "eschequier", which meant "chessboard". It referred to the checkered pattern on a chessboard, which later inspired the design of financial instruments. In this context, "cheques" primarily referred to written orders for financial transactions.
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