American Express has launched a new prepaid travel product Yuan Travelers Cheque for international travelers visiting China.
American Express has also entered into a strategic partnership with Bank of China (BOC). With this partnership, BOC will become the sole encashment bank for Yuan Travelers Cheque product within China.
Beginning May 10, 2010, travelers to China from Canada, India, Japan Korea, Malaysia, Singapore, the UK and USA will be able to purchase American Express Chinese Yuan Travelers Cheques in their home markets. The cheques can be encashed at more than 2,000 Bank of China branches and 1,600 partner hotels in China.
With the introduction of Chinese Yuan Travelers Cheques, American Express Travelers Cheques are now available in 7 currencies including US dollar, Euro, Canadian dollar, Australia dollar, Japanese Yen, UK Pound Sterling and Chinese Renminbi.
Alpesh Chokshi, president of global prepaid at American Express, said: “We are delighted to provide travelers to China with the convenience of Yuan currency combined with the safety and security that only Travelers Cheques can provide. This partnership combines Bank of China’s extensive network and experience in foreign exchange with American Express’ expertise in payments and travel.”