Long before credit cards came about, or ATMs of multinational banks grew out on every street corner of major cities, travelers abroad had to solve the problem of buying with local currency. The solution of London Credit Exchange was issuance of checks for fixed amounts in foreign currencies. Tourists could hand these over in lieu of cash, and receivers were unconditionally guaranteed payment.

On this day, January, 1, in 1772, the London Credit Exchange issued their first traveler’s cheques. Although these had the distinct advantage over cash by being less convertible into cash by thieves, they never achieved much of a popularity.

American Express brought traveler’s checks into wide use, starting in the 1890s, after the company’s president had trouble obtaining funds overseas with a letter of credit. More common today are debit cards, with a fixed amount pre-loaded on them – essentially the digital age equivalents of the old paper traveler’s checks.