As you may be aware that the issuance or encashment of Travellers Cheques (TCs) has been discontinued in Bangladesh. There was a time (before the introduction of credit cards) when travelling meant rushing to the bank to get one's quota of TCs and cash foreign currency whatever was allowed.
TCs were very popular as they were secure and easy to carry – if by chance anyone lost them or they were stolen, a visit to the bank to report the loss and you would be guaranteed a refund (practically within 24 hours) provided you had followed the instructions of prior signing, keeping the purchase agreement, etc.
Expat Bangladeshis or foreigners travelling here, should know that they should come with cash currency or credit cards for their financial requirements. For Bangladeshi residents, in case you are holding travellers cheques, which were issued to you before this circular came into place please know that even though you cannot do anything with them here you can always use them overseas.
You can either encash them (there will always be a fee involved) or deposit them into an account, if you have one, or give them to your children. When you gift TCs please remember to sign them on the top and bottom (spaces provided) and print the name of the person you are gifting it to in the centre (space provided).
With the introduction of international credit cards and the increase in the quota of cash currencies TCs seems to be a thing of the past, a forgotten item though one does remember them with fond memories, the AMEX TCs or the Visa TCs, once such an integral part of our travel items.
A traveller's cheque does not have an expiry date so if are holding onto any do not despair; you can use them on your next trip overseas!
In the current situation the travel quota for Bangladeshis is USD 12000 – USD 7000 for non-SAARC countries and USD 5000 for SAARC countries. You can carry a maximum of USD 3000 in cash foreign currency and the rest can be reserved against your international credit card. With all the relaxation of the Central Bank rules travelling has become so much easier for Bangladeshis!