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These are specialized cheques which are made available to persons travelling overseas and which can be converted into the currency of the country visited at the traveller’s convenience. They are normally issued by the clearing banks but are also available from the national giro bank, building societies and indirectly through some travel agencies. They are issued in various denominations and may be obtained either in sterling or in the currency of the country of destination. Unused traveller’s cheques can be re-exchanged for cash, either at the place of purchase or through the Post Office. There is usually a small commission charged when cheques are exchanged, whether abroad or on return to country of origin.
Reference: The Penguin Business Dictionary, 3rd edt.
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