What is Eurocheck?

Eurocheck, also called "Eurocheque", is an alternative to inspect the traveler - a piece of paper that can be replaced with the amount it specifies. It is similar to the appearance and function of the North American traveler checks and accepted by banks that depict the ridge of the European Union. This type of control can be written in different currencies and is accepted through the European borders. The money represented by Eurochecks is considered safe because it can be obtained, even if the check is stolen or lost. While Eurocheck has been very popular since the beginning of the 70s to the end of the 90's.

There are several reasons why Eurocheck has dropped out of use. First, the processing of these checks was costly for banks compared to other forms of payment, such as a debit card. In addition, fraud was a serious problem that cost retailers and banks. When he was first introduced, Eurocheck was widely used for both costs of fraud and processing. In the endHowever, using this type of control seriously reduced when people started paying by credit card or cash downloaded from automated Teller Machines (ATMS).

The warranty card of the check often accompanied by Eurocheck. This card was basically a short accreditation, a document from a financial institution stating that they are willing to lend money to individuals if they exceed their purchase available on the account. Eurochecks were usually not accepted unless an individual had a warranty card. In 2002, this warranty card was no longer considered valid and Eurocheque International, a cooperative company, merged with MasterCard®. The merged companies issued a Maestro® card, often considered the Internationally received debit card as the successors of the Eurochecks and the check -up card.

originally introduced for international use of passengers, Eurochecks were quickly admitted for home use. In fact was on mLess than five percent of Eurochecs used ezobody payments. At the end of the popularity of Eurochec, almost 50 countries received this form of payment and about two dozen countries were released by Eurochecks. Unlike general beliefs, Eurochecks are not related to Eurodollar. Both the similarity of the name and the fact that Eurochecks were terminated on the same day that the Euroměra was introduced by a net coincidence.

Eurocheck has largely out of extent, but can still be found in circulation. Companies such as MasterCard® warn against eurochecs from foreigners because they are already supported by financial institutions if the customer does not have enough money in their account. Given the risk of non -payment, Eurochecs should only be accepted as a payment when the customer is known and even in special circumstances.