Research On Legal Issues About Traveler's Check

With China's further opening to the outside world, China's participation in the WTO, the continuous development of economic and trade, continues expansion of the tourism industry, the Foreign Currency Traveler's check started to become importers and foreign tourists'tools of liquidation payment.A Traveler's's Check is a kind of bank transfer documents. It is sold by the commercial banks, printed by foreign banks or financial specialized institutions, with the publishing organizations as the ultimate payer. It is freely convertible currency as a settlement currency, and a kind of notes with a definite denomination.The civil law and the relevant legislation are unable to include Traveler's check of foreign currency in the Instrument Law. According to the civil law legislative documents of countries and regions, Traveler's check of foreign currency are not civil law countries (regions) regulated by the Commercial Instrument Law. In judicial practice, Traveler's checks were also excluded from the scope of adjustment in the Commercial Instrument Law. In order to make foreign currency Traveler's check and other aspects rule-based, solve the long-term disharmony of in the bank assessment criteria and procedures, further regulate foreign currency payment immigration, prevent illegal movement of foreign currency funds and facilitate foreign exchanges, recently, The Announcement on the Management of Foreign Currency Traveler's Check has been put forward by National Foreign Currency Bureau.Only two parties have the basic legal relationship with Traveler's Check, i.e. the purchase and the issuer of traveler's check. However, in many cases, people do not purchase directly with the issuer in direct contact, but traveler's check is sold by some deputies, and can be cash to be cashed through cashing institutions. It is a contract relation between the two sides. The basic obligation of the purchase is to pay the amount of money and commission charge, and the basic rights is to cash the checks at any time in the rest of the world in the bank (the issuer and its agencies pay). The basic rights of the issuers is to charge commission charge of money, and confirm and use the funds before selling, while the basic obligation is to ensure that purchase can cash the checks in the bank around the world at any time, and guarantee the purchase's capital security by under the premise the rules agreed, and to facilitate payment. Therefore, Traveler's check is not normal bills in the Commercial Instrument Law, but is portfolio claim vouchers published by the major banks, non-bank financial institutions or issuing travel agents, the use of international traveling. Its essence is a more secure tool for carrying cash to issue tickets provided for the purchaser. The issuer and payment agree on the procedure of purchasing, transferring and cashing. In fact, the rules are made by the issuer. Tickets were issued and agreed to buy the foreign currency Traveler's check, transfer and payment procedures, in fact is the rules established by the issuer. These rules have been formed with the unique nature of the international practice of the more unified norms. Particularly the cashing of traveler's check of foreign currency is paid by the holder after checking the sign. According to the second statue in Commercial Instrument Law, the Traveler's check of foreign currency is not suitable to be adjusted by Commercial Instrument Law.Traveler's check is essentially a more security tools for bringing cash provided. Generally, the notes in the present circumstances are not adjusted by China's Commercial Instrument Law. The sums on the bills are made according to the remitter, without any limitation.The purchaser of traveler's check, payment agent and the issuer relations between the rights and obligations of the general approach adopted by the lease (such as Traveler's check purchase agreement, distribution agent contract, etc.) settings, Traveler's check on the contents of records is not as rights and obligations of the parties basis. Traveler's check does not have the meaning of the bills.The parties of Traveler's checks, bills of exchanges, and checks are different. In traveler's check, the payer and the remitter is the same person, i.e. the issuing bank or institution traveler's check, check.Check payment has strict procedural requirements. When the Payment is requested by the holder, the holder must pay back the money when the bank to resume execution. Sign and resign are a process unique to traveler's check.Because of the nature of the cash traveler's check as a tool, Traveler's check has no Stop Payment. Traveler's check on the purchase contract clearly states:"Any check, regardless of any reason cannot be stopped."Also appear in bold words highlighted above, if Traveler's check is lost or stolen, people can only request refunds or replacement of the new compensation invoices.As Traveler's check in circulation process includes surrogate and transfer procedures, therefore, there are payer and the assignee between the foreign currency and Traveler's checks. In order to expand the scope of the circulation of check, check institutions generally commission many agencies, so that purchaser can buy them anywhere. The relation between the payment and the issuer are a kind of deputization. The payment serves as a deputy of the deputy. And the payment follows the rules of procedure in the contract, and its basic principle is both for the convenience of traveler's payment, but also ensures their security. This is an agreement between the payment and the issuer: payments pay under the rules of procedure that the two sides agreed is a contractual obligation. Therefore, the main foreign currency Traveler's check is suitable for the rules of procedure agreement between the issuer and the payment.