Advantages of Traveller's Cheques :
(i) Cash Equivalent : Traveller's cheques are viewed as a cash equivalent, which means they can be readily exchanged for hard currency from a bank in any other city. In addition, if traveller's cheques are issued in the local currency, they can be exchanged, on a one-to one basis.
(ii) Safety and Service : When properly recorded, most traveller's cheques are 100% guaranteed against lost or theft. They can often be replaced within 24 hours, nearly anywhere in the world at no cost. Traveller's assistance, including passport replacement and other travelrelated services, is often included as part of the package with a purchase of traveller's cheques.