Which bank introduced the first modern traveler’s cheque in 1891?

American Express introduced the first modern traveler’s cheque in 1891. The product gave travelers a safer way to carry spending money than transporting large amounts of cash during international journeys.

American Express built on earlier travel-payment ideas associated with Thomas Cook, but its cheques became widely recognized and accepted through the company’s growing travel and financial network. Customers signed the cheque when buying it and countersigned it when using it, allowing merchants to compare signatures.

Traveler’s cheques were useful because they could generally be replaced if lost or stolen, subject to the issuer’s procedures. They became especially popular before credit cards, ATMs, and global electronic payments.

Their use declined sharply in the late twentieth and early twenty-first centuries as cards and digital banking became more convenient. American Express discontinued its traveler’s-cheque business in several markets as consumer habits changed.