Traveler's Cheques Person Safe Bank Buyer Sign Present

Beore the1990s, "traveler's cheques" were a "convenient" (easy-to-use) and safe way for people to make payments while traveling far from home. Traveler's cheques are typically "purchased' (bought) at a bank in a variety of "denominations" (amounts shown on a piece of paper money, such as $20 or $50). The buyer is supposed to sign them right away. Then, when traveling, the buyer can present the traveler's cheque to a "vendor" (a person who is selling something) and sign it again in that person's "presence" (while the other person is standing there). As long as the two signatures "match" (are the same), the new holder of the traveler's cheque could "cash it" (present it in exchange for a cash payment) at any bank.

Traveler's cheques present a safe "alternative" (another way of doing something) to carrying cash, which can be stolen and spent by the "thief" (the person who steals something). In contrast, if a traveler's cheque is stolen, the thief cannot "convert" (change; transform) them into cash, because his or her signature would not be an exact match. And the "victim" (the person whose traveler's cheques were stolen) can request replacement traveler's cheques if he or she still has the "serial numbers" (the unique number assigned to each traveler's cheque).

Traveler's cheques were very popular until the 1990s, but then their use began to "decline" (reduce; become smaller) as other options like credit cards, debit cards and "ATMs" (automated teller machines; bank machines that provide cash) became more "prevalent" (more common; more easily found).

Today, traveler's cheques can still be purchased, but it has become more difficult to find stores and other businesses that will accept them as a form of payment. Most "establishments" (businesses) prefer to accept credit or debit card payments.