More reports on: Banks general, American Express

American Express to issue world's first Yuan travellers cheque

news
24 May 2010

New Delhi: American Express Starting plans to introduce its pre-paid Chinese yuan travellers cheque in India from 1 June, this year, introduced in April this year.

Till last month pre-paid traveller cheques were available in US, Australian and Canadian dollars, euros, pounds sterlings and Japanese yens.

In April American Express and Bank of China (BoC) announced the introduction of the world's first Yuan prepaid travel product – the yuan travellers cheque for international travellers to China, with BoC being the sole encashment bank within China.

The yuan travellers cheques will be available in India through Thomas Cook, FCH CentrumDirect, VKC Credit & Forex Services, Weizman Forex, TT Forex, Prithvi Softech, Paul Merchants, Cox & Kings, Medpat Finance, and Pheroze Framroze.

The yuan travellers Cheque, available in a single denomination of 500 Yuan and can be encashed at approximately 2,000 Bank of China branches across th ecountry for up to 20,000 yuan per person, per branch, per day.

"We believe there will be strong demand for the new product, particularly as China is rapidly becoming one of the most significant international leisure and business destinations in the world," said Lakshman Pandey, director, global prepaid, American Express.





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