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
Cheshire East Council has moved another step closer to realising its ambition to unlock the delivery of £180 million of investment into the regeneration of Crewe.A programme of interventions is being taken for engagement at a meeting of its environment and regeneration overview and scrutiny committee on Monday 19 October that aims to boost the local area's economy and to enable...
Cheshire East Local Plan (draft SADPD) Consultation This is to ensure that members of our community are aware that the Cheshire East Council process has now agreed to consult on what is a third version of the Draft Sites Allocation Development Plan Document (SADPD); the consultation is due to commence on Monday 26 October.This latest proposal now suggests removal of Local Service Centre...
Rodney Cottrell BEMIn taking a constitutional walk on Wednesday our roving reporter noticed a poignant reminder of the Audlem Lass / RNLI flag fluttering in the breeze, at half mast. near the Audlem Lass jetty at the Overwater Marina — marking Rodney's passing.We expect to be able bring you more details of the funeral arrangements in the near...
Tuesday 27th Oct
Monday 26th Oct
Sunday 25th Oct
Public Hall Annexe Thornton Room
Methodist Meeting Rooms
Hankelow Chapel Community Hall