18 October 2006 AIB notes decline of travellers cheques
Alongside tickets, passports and other travel documents, travellers cheques have been essential for many holidaymakers in the past, but tourists are reported to be moving away from this method of spending money abroad.
Figures from Allied Irish Bank (AIB), found a 95 per cent fall in sales of the cheques from 1998-2005 and a 40 per cent increase in credit card use abroad from 2002-2005.
The company believes that the convenience and security of cards together with the introduction of the Euro have played a part in the trend away from the use of travellers cheques.
In response to this trend, AIB will no longer sell travellers cheques from the end of the year.
John Irwin, head of FX products at AIB Bank ROI, said: "The withdrawal of travellers cheques is a response to clear preferences expressed by AIB's customers for new, efficient and secure means for managing money while abroad."
A recent survey by Halifax found that money was the most stolen item abroad, with credit and debit cards coming in fifth in the list and travellers cheques being eighth.
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