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." |
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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. |
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