Traveller’s cheques were revolutionary in their time. They made spending money abroad easy and secure. Now, OneCard has taken these principles and improved them for the 21st century!
Remember Traveller’s Cheques?
Traveller’s cheques are pre-paid, pre-printed cheques sold primarily by banks. While travelling, cheque holders are able to pay for goods and services with a traveller’s cheque and receive change in the local currency. Since it is prepaid, there’s no chance of the cheque bouncing – making it attractive to merchants to accept and travellers to spend since it makes budgeting easy and secure. They were popular because each cheque had an individual serial number which allowed the holder to cancel or replace it if it was lost or stolen. This added security made traveller’s cheques more attractive than cash to some vacationers and tourists.
The popularity of traveller’s cheques declined for several reasons. The charge to buy a traveller’s cheque, and sometimes a cost to spend it, made it a more expensive form of payment than some other options. Plus, the uninformed exchange rates surrounding spending rendered the value of the cheque somewhat uncertain. For example, if your traveller’s cheque was in Canadian dollars and you were in Mexico expecting change in pesos, it would be difficult for you or the merchant to know exactly how much change you were entitled to. The cost and uncertainty combined with the rise of credit and debit cards with the same security features basically led to the death of traveller’s cheques.
OneCard: The Modern Traveller’s Cheque
OneCard has taken the idea and promise of the traveller’s cheque and revolutionized it for the 21st century. OneCard has more security than a traveller’s cheque, credit card, or debit card. With a quick call to our 24-hour line, or the touch of a button, you can use the app to freeze your card immediately if you lose it. No more remembering your serial number, calling your bank back home (that might be closed due to the time difference), or worrying about identity theft and your credit score.
Since OneCard is prepaid like a traveller’s cheque, you can’t spend more money than you have. Unlike traveller’s cheques, OneCard has adapted to life in 2019, so it’s easy to load more money to OneCard from wherever you are in the world. Another improvement from traveller’s cheques is that OneCard’s offers the best exchange rates. So, you can get cash at an ATM without worrying about you or the merchant miscalculating the exchange rate.
Traveller’s cheques paved the way for OneCard – now it’s time to retire them and let OneCard bring us forward.
Learn more about OneCard here.
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