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Traveller’s cheques no more

26 November 2013 04:55 am - 8     - {{hitsCtrl.values.hits}}

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The Sri Lanka Banks’ Association (SLBA) yesterday said the issuance of traveller’s cheques has been stopped with immediate effect.

Speaking to Daily Mirror, the Sri Lanka Banks’ Association Secretary General said that at a discussion held with the Central Bank all banks agreed to discontinue the issuance of traveller’s cheques.

“At a discussion held about a month back at the Central Bank, all banks came to an agreement not to issue traveller’s cheques with immediate effect,” he said.

The Secretary General pointed out the reason behind the decision is the usage of traveller’s cheques being unpopular. According to him, most of the travellers prefer to carry credit or debit cards or cash itself.

“Since people have the facility to carry credit or debit cards and also cash up to US $ 5000, there is hardly any need to use traveller’s cheques. Even in the world now the trend has changed and people have got away with the paper use,” he said.

De Silva stated that the SLBA has not taken any special measures to inform the public with regard to non-issuance as the Central Bank has undertaken the communication part.

“Banks will inform their customers if someone requests for traveller’s cheques. But in a very rare occasion a customer would request so,” he said. (Chathushika Wijeyesinghe)
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  Comments - 8

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  • Victim Wednesday, 27 November 2013 02:20 AM

    Carrying foreign currencies is much easier and more practical in trade than the TC.

    Sammy Wednesday, 27 November 2013 05:18 AM

    This is welcome provided there is easy access to ATM machines worldwide with proper network connections to local banks and it is important that the rate of exchange remains same. Up to now the exchange rate applied on ATM withdrawals from abroad is more (i.e. less favourable) to the user than that applied for purchase of TCs.

    Joseph von Bergheim Thursday, 28 November 2013 12:10 AM

    Will banks accept cheques that have already been issued?

    Cobra Tuesday, 26 November 2013 12:20 PM

    Well, we must move on with the times!

    Nostalgia Tuesday, 26 November 2013 12:38 PM

    Remember the time when the late actors Karl Malden and Robert Morley were depicted in Amex TC advertisements that came in magazines and theaters? But like Cobra says we must move on!

    Damith wick Tuesday, 26 November 2013 01:10 PM

    A good move..

    james bond Wednesday, 27 November 2013 07:28 AM

    now no need of travellers cheques.world is changing better for this case.

    T Wickramaratna Wednesday, 27 November 2013 01:48 AM

    Better educate the customer in advance


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