On this day

Home » Latest News » On this day
Default

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

Post Office logo
Sat 18 Jan 1:13pm  |  hits: 1,408

Due to our technical difficulties with the phone lines being down and from a security aspect, Lllovely and Audlem post office will be closing at 1pm today.We hope that BT rectify this situation by Monday, and we apologise for the inconvenience it is causing our customers.Thank you for the support still being given throughout this...

ocean wave 2
Fri 17 Jan 6:08am  |  hits: 1,184

Thursday from January 23rdI am excited to announce that as of next Thursday I shall be in Audlem with my fantastic selection of fresh fish and seafood.I'm pleased to say that I've now got permission to use the Lord Combermere pub car park every Thursday 9.45-11.45 starting next Thursday 23rd.Thanks for all your help and I hope to be a great addition to your smashing villageKind...

joey
Wed 15 Jan 6:08am  |  hits: 1,101

While we watch, helplessly, at the devastation that the Australian fires are causing to the wildlife — some of us are picking up knitting needles, crochet hooks and sewing kits to craft emergency care items for the orphaned animals.I'm knitting a range of joey pouches, one of my pals has started knitting koala mittens, while another is sewing liners to go into the joey pouches. And who...