Eurocheck

DEFINITION of 'Eurocheck'

An alternative to the traveler's check, the Eurocheck was issued by a European bank and available in a number of currencies. Eurochecks could be issued in a number of currencies and could be cashed at over 200,000 banks around the world displaying the "European Union" crest. Also known as "Eurocheque."

BREAKING DOWN 'Eurocheck'

First introduced in 1969, eurochecks were hugely popular from the 1970s through to the 1990s. They were no longer issued as of January 1, 2002, which led to a precipitous decline in their usage and popularity. Banks decided to stop issuing eurochecks for a number of reasons, including their higher cost of processing, the increasing usage of other forms of payment such as credit cards and ATMs, and the growing incidence of eurocheck fraud.

RELATED TERMS
  1. Traveler's Check

    A medium of exchange that can be used in place of hard currency. ...
  2. Crest

    CrestCo Ltd. is the central securities depository for the U.K. ...
  3. European Central Bank - ECB

    The central bank responsible for the monetary system of the European ...
  4. Currency Union

    When two or more groups (usually countries) share a common currency ...
  5. When Issued - WI

    A transaction that is made conditionally because a security has ...
  6. Currency

    Currency is a generally accepted form of money, including coins ...
Related Articles
  1. Investing

    Travel Smart By Planning How You'll Pay

    With a little pre-trip planning, you can avoid being stranded without adequate funds.
  2. Markets

    Choose To Beat The Bank

    From internet banking to credit unions, it's in your power to cut fees and maximize service.
  3. Trading

    The Cheapest Ways To Get Your Currency Exchanged

    Travelers have a number of options when it comes to exchanging currency. Find out the cheapest way to exchange.
  4. Personal Finance

    Traveler's Checks Vs. ATM Cash: Tips for Tourists

    Traveler's checks were once the preferred way to make purchases overseas, but most tourists now get cash at an ATM – or use credit or prepaid debit cards.
  5. Personal Finance

    Top 5 Reasons Banks Won't Cash Your Check

    Learn the top reasons that a bank won't cash your check, and find out what steps you can take to prevent those scenarios from happening.
  6. Personal Finance

    Is Cash Or Credit Better For European Trips?

    If you're traveling to Europe, make sure you have a widely accepted credit card that uses chip technology. It doesn't hurt to have some cash, too.
  7. Retirement

    Tired Of Banks? Try A Credit Union

    These nonprofit organizations can provide a range of services for lower fees.
  8. Personal Finance

    The Worst Place to Exchange Currency

    Exchanging currency is a necessary part of traveling, but not all currency exchanges are created equal.
  9. Personal Finance

    Don't Get Ripped Off at the ATM

    As our dependence on automated teller machines rises, so do those nasty little charges for using them. Here are some tips on bypassing fees.
  10. Markets

    Why the Euro Failed to Become the World's Reserve Currency

    Examine the current state of the U.S. dollar as the world's reserve currency; learn the major reasons why the euro has failed to replace it in that capacity.
RELATED FAQS
  1. When and why did the euro make its debut as a currency?

    On January 1, 1999, the European Union introduced its new currency, the euro. Originally, the euro was an overarching currency ... Read Answer >>
  2. Are eurodollars related to the currency called the euro?

    Eurodollars have little to do with the official currency of the European Union, the euro (EUR). In 1999, the euro was implemented ... Read Answer >>
  3. Can you do a life insurance to life insurance 1035 exchange after the new life insurance ...

  4. How do I find out my bank's bid-ask spread for currency conversions?

    Learn how to find your bank's bid-ask spreads for currency conversions, and understand why you should consider alternative ... Read Answer >>
  5. What is a currency converter and how do I use one?

    A currency converter is a calculator that converts the value or quantity of one currency into the relative values or quantities ... Read Answer >>
  6. What are the different types of cash advances?

    Find out the different types of cash advances along with their different features to determine which option, if any, is best ... Read Answer >>
Hot Definitions
  1. Glass-Steagall Act

    An act the U.S. Congress passed in 1933 as the Banking Act, which prohibited commercial banks from participating in the investment ...
  2. Quantitative Trading

    Trading strategies based on quantitative analysis which rely on mathematical computations and number crunching to identify ...
  3. Bond Ladder

    A portfolio of fixed-income securities in which each security has a significantly different maturity date. The purpose of ...
  4. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  5. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  6. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
Trading Center