By Webteam - 1st January 2018 6:01am
First Travellers Cheques
Traveller's cheques were first issued by the London Credit Exchange Company for use in 90 European cities and in 1874, Thomas Cook was issuing 'circular notes' that operated in the manner of traveller's cheques.
American Express developed a large-scale international traveller's cheque system in 1891, to supersede the traditional letters of credit. It is still the largest issuer of traveller's cheques today by volume. American Express's introduction of traveller's cheques is traditionally attributed to employee Marcellus Flemming Berry, after company president J.C. Fargo had problems in smaller European cities obtaining funds with a letter of credit.
Between the 1950s and the 1990s, traveller's cheques became one of the main ways that people took money on vacation for use in foreign countries without the risks associated with carrying large amounts of cash.
The convenience and wider acceptance of such alternatives as credit and debit cards and the wider availability of ATMs has led to a significant decline in the use of traveller's cheques since the 1990s. In addition, security concerns of retailers has led to many businesses ceasing to accept them, in turn making them less attractive to travellers. This has led to complaints about the difficulty that holders have in using them. In much of Europe and Asia, traveller's cheques are no longer widely accepted and cannot be easily cashed, even at the banks that issued them.
In which year was the first Traveller's cheque issued?
Make your own guess, and then click to find the answer.
popular recent storiesAlso in the news
I would first like to thank the very kind people of Audlem for their kind acts during our families grieving of my brother Adam.I've visited Audlem a couple of times now since the very sad loss of my brother and it's comforting to see the cards and well wishes to Claire, Declan & Jordan.Please may I appeal to the kind people of Audlem to talk amongst yourselves about what happened that...
This horrendous action took place on the 25th May in the early hours. I am sure the whole village has read the posts that have been on the AudlemOnline web site by his family thanking all for their support and their words of comfort . The police carrying out their duties to the letter have appealed for any witness that can assist them with their enquiries and have published a dedicated and...
Ed: just a late reminder not to miss the concert in the Town Hall featuring the South Cheshire Orchestra on Saturday:Saturday June 16thIn Audlem Town Hall, starting at 7.30pmGuest Conductor — Ken SterlingLeader — Lewis GoodrichFeaturing the Music ofAnderson, Binge, Bratton, Coates, Duncan, Elgar, Gounod, Sullivan, Strauss and WoodTicketsAll tickets £5.00 from...
Sunday 17th Jun
Hankelow Methodist Hall
Audlem Car Park
Register at the Car Park
Register at the Car Park