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
Saturday September 22ndat Kynsal Farm Coxbank form 11am to 3pm.Proceeds to be divided betweenAdderley C.E, Primary SchoolAudlem St James ChurchAnthony...
Cheshire East have announced that public consultation has begun on the next phase of their development plan.The finalised document will provide the approved framework for housing, employment, and other key infrastructure sites up to 2030.With the Local Plan Strategy adopted last year, the council has now launched a number of consultations, which will help identify further non-strategic sites...
At approximately 4pm yesterday a tractor allegedly swerved to avoid an oncoming car approaching the Weaver Bridge, Whitchurch Road as the tractor was going out of the village. The trailer with a 16 ton load of chopped maize rolled into the into the nearby field and appears to have considerable damage to the body work, whilst destroying some 25yards of hedge.The horses in the field owned by...
Sunday 23rd Sep
4 Kingbur Place
Audlem Car Park
The Methodist Meeting Rooms
Audlem Scout & Guide Hall