Travelers Cheque by American Express

Travelers Cheques were first issued on 1 January 1772 by the London Credit Exchange Company for use in ninety European cities and in 1874 Thomas Cook was issuing ‘circular notes’ that operated in the manner of Travelers Cheques

James Fargo, president of American Express on trip to Europe carried traditional letters of credit that wealthy people used to get cash while travelling.

However he found out that many of the smaller European banks wouldn’t accept them, even though he was the president of American Express. Incensed, he returned home and told an America Express employee, Marcellas Berry to create a solution to his problem.

1n 1891, American Express was the first company to develop a large scale Travelers Cheque system. Marcellas Berry combined the money order with an ordinary chequebook. The result was the first travelers cheque.

American Express Travelers Cheque was born. Travelers Cheque established American Express as a truly international company.

In 1914, at the outbreak of the First World War, American Express offices in Europe were among the few companies to honor the letters of credit (issued by various banks) held by Americans in Europe, despite other financial institutions having refused to assist these stranded travelers.
Travelers Cheque by American Express  

American Express Company

In 1850, Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company), and John Warren Butterfield (Wells, Butterfield & Company) consolidated their delivery services into American Express Company, capitalized at $150,000.

Henry Wells and William Fargo, the president and company secretary respectively, created what was to become one of the country’s largest shipping and financial services firms.

Accordingly by 1862, the company had nearly 900 offices and more than 1,500 employees.

American Express extended its reach nationwide by arranging affiliation with other express companies, railroads and steamship companies.

In 1882, American Express started its expansion in the area of financial services by launching a money order business to compete with the United States Post Office’s money orders. As American began to travel overseas in ever growing numbers, American Express was there offering services throughout Europe and Asia.

The turn to credit cards in 1957 was a natural progression for American Express. The company had already been in the business for extending credit in the form of travelers checks and money order and has a national as well as an international network of offices.

By the 1980s, American Express was hailed as a ‘financial supermarket’ one of the strongest diversified financial companies in the world.
American Express Company