traveler's check (TC) |
|
Definition
Bill of exchange designed specially for a business or vacation traveler, it is actually a sight draft with the security of a letter of credit. Issued by major financial service firms (such as American Express and Thomas Cook) and sold through banks and other outlets, TCs are available in several fixed denominations in all major currencies. They are readily accepted as cash by most banks, hotels, merchants, etc., and are insured by the issuer against damage, destruction, loss, or theft.
email to a friend
print this definition
cite this definition
link to this page
traveler's check (TC) is in the Banking, Commerce & Finance subject.
This content can be found on the following page:
http://www.businessdictionary.com/definition/traveler-s-check-TC.html