The American Express Chinese Yuan Travellers Cheque, claimed to be the world's first pre-paid travel product for the China market, will be available for tourists from Gujarat travelling to China starting June 1, 2010. The product provides a convenient, secure and readily available payment option in response to rapidly growing numbers of business travellers and holiday makers making their way to China annually, according to a press release by American Express.
Chinese Yuan Travellers Cheques will be available in India through Thomas Cook, FCH CentrumDirect, Weizman Forex, TT Forex, Prithvi Softech, Paul Merchants, Cox & Kings, and Pheroze Framroze. Once in China, travellers can encash them at the more than 2000 Bank of China branches across China up to CNY20,000 per person, per branch and per day, the release further stated.
"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. The Yuan Travellers Cheque is one of the most secure, cost effective and easily exchanged payment method in the market, and is particularly attractive for tourists travelling outside of major cities," said Lakshman Pandey, Director, Global Prepaid, American Express.
Last year, more than 4.49 lakh people travelled from India to China for business and leisure. According to the World Tourism Organisation, China is now tipped to become the number one travel destination in the world by 2015. In 2009, the China travel market experienced a fast but balanced growth, receiving 126 million inbound travellers who spent a total of US$39.7 billion in the country. Significantly adding to the numbers of inbound tourists, the Shanghai World Expo is expected to draw another 3.5 million international visitors to China from May to October this year.
"The travellers cheque remains popular as part of a mixed wallet of travel money which includes some cash and credit cards– for many consumers the main attraction is its value as replacement cash, if your travellers cheques are lost or stolen, American Express will replace them," Pandey added.