1. Entrusted collection and discount services of foreign currency drafts
Foreign currency drafts that are currently popular include: traveler’s cheques, international money orders, banker's drafts, cashier’s cheques, private cheques and corporate cheques.
If you are holding foreign-currency drafts, you can take them with your valid travel documents to a BOCOM bank counter to apply for an exchange of these foreign-currency drafts. While making an exchange, the draft-holders are required to endorse the draft with their chop or signature on the back of the draft.
Foreign-currency drafts can be exchanged by two methods at BOCOM – by discount and entrusted collection.
2. Agency sales of travelers’ cheques in foreign currencies
Foreign-currency travellers’ cheques are a tool for consumption payment provided to international travelers for usage in lieu of foreign currencies while abroad.
Travelers’ cheques are handier, more hygienic and safer to use than physical cash. If you lose your travelers’ cheques, you will be able to obtain immediate compensation by producing your “purchase agreement”, hence saving you from embarrassment during your trip.
Cheque-buyers who happen to lose their traveler cheques can report their losses to the travelers-cheque agents in their place of travel by submitting their identity documents and “purchase agreement.” Cheque-buyers will then be required to fill out an application for compensation, and upon a satisfactory review and validation of the application, together with “purchase agreement” and identity documents, the agent will apply for an authorization of compensation from the cheque-issuing bank or company. Upon receiving the authorization, the agent will request the customer to fill out a fresh copy of the “purchase agreement” and subsequently issue a new set of travelers’ cheques.