Define: i. Poste restante. ii. Travellers’cheque. iii. Giro Services. – NABTEB QUESTION

Poste Restante: It is a temporary address operated by the post office for travellers and tourist. It last for a short period of time and payments are made for such services.

Travelers Cheque: This is a cheque purchased by travellers to other countries. It is usually bought from commercial banks to cover the basic travelling allowance of such travelers. The cheque is bought in foreign currency suitable for the country the traveler is going.

Giro Services: This is a service operated by Post Offices in developed countries. Once a Giro account has been opened in the post office, money can be transferred to another person’s account who also has a Giro account. It can also be transferred to someone who operates a commercial bank account on payment of little fee. All accounts are being coordinated by computers.