Eurocheck

AAA

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."

INVESTOPEDIA EXPLAINS '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. Eurocurrency

    Currency deposited by national governments or corporations in ...
  2. Account Hold

    Deposits that are delayed before being credited to an account, ...
  3. Eurodollar

    U.S.-dollar denominated deposits at foreign banks or foreign ...
  4. Bank Giro Transfer

    A method of transferring money by instructing a bank to directly ...
  5. Eurobond

    A bond issued in a currency other than the currency of the country ...
  6. Automatic Bill Payment

    A money transfer scheduled on a predetermined date to pay a recurring ...
Related Articles
  1. Credit & Loans

    The Evolution Of Banking

    Banks are a part of ancient history. Find out how this system of money management developed into what we know today.
  2. Insurance

    Your First Checking Account

    This owner's manual will show you what to expect from your bank.
  3. Options & Futures

    Choose To Beat The Bank

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

    When Good People Write Bad Checks

    Overdraft protection can help when you overestimate your balance, but it will cost you.
  5. Savings

    Best Checking Accounts For Couples

    Being a couple, especially if you both have jobs, can help you qualify for benefits and fee waivers that would be tougher to get on just one salary.
  6. Personal Finance

    Budget Travel: Europe's Cheapest Countries

    Even with a strong dollar, Europe is pricey. Head east and you'll find four EU countries that deliver scenery, adventures and culture at bargain rates.
  7. Economics

    Are Greece’s Worries Almost Over?

    Last week ended with the news that Greece and the European Union (EU) finance ministers struck a deal to temporarily extend the Greek bailout program.
  8. Savings

    Mortgage Faceoff: Bank of America Vs. Wells Fargo

    Which bank offers the better mortgage deal? Here's how they compare on two popular types of mortgage.
  9. Budgeting

    Best Checking Accounts For College Students

    Student checking accounts avoid the high fees and minimum balances of some other accounts. Here's how to evaluate offers and find one with the best terms.
  10. Economics

    Why Is Ukraine At War? A Russian Rivalry With West

    Huge power games which are being played behind the Ukrainian conflict are rooted in a previous revolution, a past Cold War, and an old Russia-West rivalry.

You May Also Like

Hot Definitions
  1. Risk Averse

    A description of an investor who, when faced with two investments with a similar expected return (but different risks), will ...
  2. Fixed-Charge Coverage Ratio

    A ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. It is calculated ...
  3. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  4. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  5. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  6. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
Trading Center