The importance of traveller’s cheque has reduced. Give reason.

1.	The importance of traveller’s cheque has reduced. Give reason.
Answer» A traveller’s cheque is a medium of exchange that can be used instead of currency. It is very useful when a person is travelling within country or even abroad. Since the traveller carries cheques he is safe from the danger of hard cash getting robbed or stolen. However, today the banking has become much advanced. Banks today offer centralized banking, ATMs, e-banking and even mobile banking. Using these facilities one can withdraw cash, transfer money to another account from anywhere. In case a person is travelling and he becomes short of money he can ask his family members to deposit money in his account which he can withdraw anywhere from the world using ATM. On the other hand to obtain traveller’s cheque one needs to go the bank, complete the formalities and then carry and preserve the cheques. Owing to all these reasons people have stopped using traveller’s cheques.

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