What Is a Eurocheck?

European check card refers to a payment instrument with a uniform settlement standard based on European checks issued by some European countries. European checks were started in 1968. They were originally issued by British banks and can be cashed at banks in other European countries. Later, the major banks in 15 European countries agreed to replace the various check withdrawal bilateral agreements implemented at the time with a unified set of check withdrawal reciprocity rules. Euro check is a simple and convenient inter-word payment tool. Various transaction amounts within 300 Swiss francs or equivalent in other currencies are settled by European checks and paid by bank guarantee. This guarantee is based on a cheque guarantee card. This type of guarantee card enables cardholders to withdraw cash from banks in any country in the European checking system, or to pay within the guarantee amount by check in local currency. Since 1974, banks in some countries have decided to transfer their Cheques and premium cards are standardized and unified European cheque and check premium cards are issued. This approach greatly simplifies the work of bank staff, reduces the burden on retailers, and also enhances their competitiveness with credit cards such as Visa and Mastercard ^[1] .