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.
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