It said they could make credit card or other electronic payments or use "eurocheques
", the system that already allows Europeans to write cheques in multiple currencies.
It is necessary for these devious practices to be recognised as criminal offences in all the Member States, for the individuals and legal entities instigating or liable for such offences to incur effective, proportional and deterrent penalties and for the offences in question to be considered as falling within the scope of legislation to combat money-laundering."Under the draft Framework Decision, by "instrument of payment" is meant a credit card, an Eurocheque
card, a travellers' cheque or a bill of exchange, which is protected against imitation or fraudulent use, by its design, its coding or by a signature.
Twenty-seven million new cards carrying one or more brands from the Europay family - Eurocard-Mastercard, Maestro, Eurocheque
and Cirrus - were issued by European member banks in 1999.
Europay International, which represents the interests of the Eurocard-Mastercard and Eurocheque
network, has welcomed the Commission proposal, suggesting in a statement issued on July 1 that it will "help identify and correct any gaps or discrepancies in laws that fight cheque and payment card fraud, and will complement Europay's on-going efforts to make the payment card system as safe as possible".
These types of services are accompanied by a wide variety of other services such as currency exchange, payment of fines, fees and duty of deposits, Overnight deposits, executor, safes, deposit boxes, travel insurance, traveler's cheques, eurocheques
Granted, it was back in the 1980s that I arrived in Hungary with out-dated Eurocheques
obtained from my bank.
I think Travellers' Cheques have had their day - a bit like the old Eurocheques
You'll be able to pay cash in old currencies and make purchases in euros using credit and debit cards,and Eurocheques
. Bank cards will still work at cash machines.
For a two-week holiday I take two credit cards, about pounds 500 in cash - and I'm a great fan of Eurocheques
For Western Europe, you can get Eurocheques
from your bank and simply write them in the local currency.
Banks are to scrap the guarantee for Eurocheques
by 1 January 2002 which means that one of the easiest ways to make cross-border payments is to disappear.
An ideal mix is to have a little cash for immediate expenses, and travellers' cheques or eurocheques
and debit or credit cards for larger purchases.