WORLD’S FIRST CHINESE YUAN TRAVELLERS CHEQUE AVAILABLE

24 May 2010, New Delhi – Starting June 1, the world’s first pre-paid travel product for the China market, the American Express Chinese Yuan Travellers Cheque, is available for Indians travelling to China. 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.

Chinese Yuan Travellers Cheques will be available in India through Thomas Cook, FCH CentrumDirect, VKC Credit & Forex Services, Weizman Forex, TT Forex, Prithvi Softech, Paul Merchants, Cox & Kings, Medpat Finance, and Pheroze Framroze. Once in China, travellers can encash them at approximately 2000 Bank of China branches across China up to CNY20,000 per person, per branch and per day.

“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 and growth in these segments is expected to continue.

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.” added Lakshman Pandey, Director, Global Prepaid, American Express.

Product Benefits:

The Yuan Travellers Cheque, available in a single denomination of 500 Yuan, will eliminate the need to carry large amounts of cash or foreign currency. Other benefits include:

§ Peace of mind and easy replacement of cheques within 24 hours if lost or stolen

§ Easily exchanged for cash at approximately 2000 Bank of China branches including encashment points at major international airports in China

§ A more favourable exchange rate which can be locked in before travelling to China

§ The American Express Yuan Travellers Cheque will never expire and can be used for future trips.

First issued by American Express in 1891, Travellers Cheques have been a popular and well-recognised payment option of travellers all over the world for the past 119 years. A safe alternative to cash, Travellers Cheques can be replaced if they are lost or stolen. In addition, Travellers Cheques never expire, meaning any leftover cheques can be saved for future trips.