On this day

Home » Latest News » On this day

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

Williams (screen)
Fri 16 Mar 6:08am  |  hits: 971

This program is being broadcast from Monday 12th March for three weeks, going out on every week day at 6.30pm on BBC 2.The shop cash registerOur item, the shop register, will be featured in episode eleven which will go out on Monday 26th March.Judy, Derek & Megan Williams of...

Tue 20 Mar 6:08am  |  hits: 916

This is the appeal by the developers against the refusal of the original application (17/0339N).This appeal will take place on Wednesday March 21st and Thursday March 22nd at the Municipal Buildings at Earle Street in Crewe.It is a public meeting, classed as an informal hearing, before a Government appointed inspector — anyone can attend the appeal, and within procedural constraints we...

Sun 18 Mar 6:08am  |  hits: 741

New timetable from April 1stRoute 73 has an altered timetable from April 1st.You can see the new timetable by clicking here.In summary, (and assuming that your editor has read the timetable correctly) it appears that buses are scheduled to leave Audlem for Nantwich at 08.11, 10.26,. 12.26, 14.26, 15.51, 17.01 and 18.01. and leave Audlem...