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Travellers Cheques are a great way of protecting your money when going abroad as if they are lost they can be replaced usually within 24 hours almost anywhere in the world.
They are very easy to use. When buying them, sign them straight away in case they get stolen, and keep a note of their security number in event that they are maybe stolen. Once you are ready to use one of your cheques, just sign your name in the bottom left hand corner in the presence of your acceptor.
Travellers Cheques are available in several currencies such as the Euro, Stirling, or US Dollar and they can be accepted at a variety of shops, restaurants, hotels, banks and foreign exchange bureaus.
Traveller’s cheques do not expire, so if you have any left over from your holiday, you can keep them for your next holiday, you just need to remember to sign them when you first receive them so that you are protected straight away.
Travellers Cheques were first issued in 1772 by the London Credit Exchange company for their use in 90 European cities. American Express was the very first company to develop the large scale traveller’s cheque system that we know today, and is still the largest issuer of Travellers Cheques today by their volume.
Holiday makers must be careful however as there is a black market for traveller's cheques where the thieves sell travellers cheques for 50% of their value. Once someone has bought, the criminal will then call the issuing company reporting those cheques stolen. They then get the full amount of the cheque, back, as well as 50% profit.
It is most important however when buying traveller's cheques from a company that you sign them straight away and keep a note of your cheque issue numbers so that you can fully protect yourself against fraud.
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