A traveler's cheque is a medium of exchange that can be used in place of hard currency. Traveler's cheques are often used by individuals traveling on vacation to foreign countries. Traveler's cheques can be denominated in one of a number of major world currencies and are preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.