Traveler's cheque

The traveler's check (also known as traveler's check, according to Engl. Traveler's check) is a means of payment that is used when traveling abroad the payment or obtaining cash.

History

An early form of traveler's checks were issued in 1874 Circular Notes of travel operator Thomas Cook. The first traveler's checks in its current form, with the countersignature was developed by American Express. After a trip to Europe is an employee of the company had complained that he could not exchange cash outside of the European capitals. Then, developed by American Express travelers' checks and the designed process on July 7, 1891 patented, which provided for the today's countersignature. William C. Fargo, nephew of American Express co-owner William G. Fargo, sparked the first traveler's check of this form in the amount of $ 50 on August 5, 1891 at the Hotel Hauffe in Leipzig. From 1957 he was offered standardized in Germany.

Legal nature

The legal nature of traveler's checks is controversial. The imperial court already counted him in its judgment of 10 May In 1912 the checks defined in the schg. The Article 12 schg (Exhibitor Liability: the value has already been paid by the customer), Article 29 schg ( for presentation ) and Article 32 schg ( withdrawal ) does not match the content as a traveler's checks. Dorothee Einsele, which has extensively dealt with the legal nature, comes to the conclusion that the obligations arising from the securities laws and classification of traveler's checks legal consequences on the traveler's check fit well. Another opinion about the securities law classification represents a major commentary on the German Commercial Code, who sees no objection to qualify him as a check.

Misunderstood is here that a check under Article 3 schg may only be redeemed by a bank as drawee, but the traveler's check knows no drawee.

Involved are the traveler's check issuer than the issuer of the travelers checks, the issuing bank, the bank customer and accepting the redemption location abroad. After today, the prevailing opinion of the travelers check is probably a commercial commitment form to order ( § 363 paragraph 1 sentence 2 HGB) and thus a gekorenes order paper. This has the consequence that a provided with positive order clause traveler's check after countersignature by the bank customers by endorsement on the back can be transferred legally.

Legal Issues

The issuing of travelers' checks is a banking business within the meaning of § 1 para 1 No. 9 of the Banking Act and therefore permitted as requiring a permit financial services only to banks. The traveler's check is not issued by a central bank and is therefore not legal tender. For this reason, there is at commercial banks and no obligation to contract; acceptance is voluntary. He is Redeemed at least at the contracting company of the relevant Issuer, the Issuer's have a logo visibly attached.

From his securities law design as gekorenes Order Paper be consequences for loss of travelers checks by theft or loss arising. According to § 935 para 1 BGB the owner of movable property is also irrefutable when her owner, unless these things have been stolen from the previous owner, lost or lost otherwise. This irrefutable presumption does not apply to cash or bearer shares ( § 935 para 2 BGB). As the travelers check is neither a legal tender for a bearer security, loss applies the provisions of § 935 para 1 BGB, so that the thief or finder of a traveler's checks therefore does not acquire ownership. If a not yet countersigned by the bank clients travelers check stolen, the thief commits at signature forgery a forgery in coincidence with theft (§ § 242, § 267StGB ) if he wants to cash the traveler's checks illegal. The loss or theft of travelers' checks must be informed immediately by the bank customers the exhibitor, and only with prior fulfillment special care obligations by the bank customers the exhibitor is obliged to pay compensation.

Use

The issuing bank is ordered by the bank clients traveler's checks purchased from the issuer and charged to bank customers immediately with the counter value plus fees on its checking account. However, travelers checks can also be paid in cash by way of board business. On output, the Institute monitors that the bank customer signs every traveler's check individually. The security consists in the fact that the bank customer countersign when paying or raising money during his trip abroad travelers checks a second time. The adopter abroad can now find out by checking the legitimacy of signatures if both signatures match. Here, the passport or identity card is required. Do the signatures match, the adopter can pay the equivalent of the traveler's checks or consideration otherwise provide ( sale of goods ). The issuing issuer may the redemption under these conditions, oppose any more objections in the value relationship. The traveler's check has no validity or expiration date and can therefore be used indefinitely. However, the bank customer can also unused travelers checks his bank return for credit to his bank account.

It is used to obtaining cash and primarily not as a means of payment, although it may be used for this purpose. The traveler's check is not cash, but cash compensation, because it was his exchange leads counter-signature with the signature on the delivery of cash. Traveler's checks are available in standard international currencies such as Euro, U.S. dollar, Canadian dollar, Japanese yen, Australian dollars or pounds sterling. Redeemed traveler's checks in foreign currencies shall be in the sense of Monthly Returns Regulation of the Deutsche Bundesbank as varieties (§ 5 MonAwV ).

With the introduction of the euro and by the proliferation of credit cards, the use of traveler's checks has been pushed back. Not all countries travelers checks are useful and acceptable: So they are not always accepted in countries like India, even in large banks for redemption. In 2006, the global net sales of travelers checks at American Express around 12.7 billion euros.

Austria

The legal nature of the Supreme Court had (OGH ) its position in Austria. The commitment of the Fiscal Agent to pay a certain sum of money to the buyer upon delivery of a license issued traveler's checks, constitute a promise on which - if the redemption would not take place by the Fiscal Agent - The provisions of § 880a Civil Code are to be applied. As far as the Fiscal Agent noble redeeming themselves, they realize their value proposition itself The traveler's check presented in the assertion must necessarily be supplemented by counter-signature, it constituted a security, but is not a check within the meaning of the Cheques Act, but most probably as a qualified legitimation paper call, in which the redemption incumbent the obligation to check the credentials of the person who requires the payment of that security.

Switzerland

In Switzerland there until November 2009, Swiss Bankers Travellers checks denominated licensed from American Express traveler's checks in the form of Swiss Swiss francs. Credit cards and the Travel Cash Card Swiss Bankers had supplanted him. But may be acquired continues to traveler's checks the renowned issuers.