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Travelers cheques go euro
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September 9, 1998: 12:26 p.m. ET
American Express to offer euro- denominated cheques in January 1999
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NEW YORK (CNNfn) - American Express will start issuing euro-denominated travelers cheques in time for the start of European Monetary Union on Jan. 1, 1999.
The cheques are expected to be the first euro payment device for consumers, as euro notes and coins won't go into circulation until January 2002.
The cheques feature a pastel-colored world map on the front and acceptance instructions in English, German and French on the back. Denominations are set at 50, 100 and 200.
The cheques will have the same security features as their U.S. counterpart.
The new euro travelers cheque
"We foresee it becoming one of the biggest volume travelers cheques in the world because it eliminates the need to carry multiple euro-zone currencies," John Ward, president of the company's cheque group, said.
American Express will continue to offer travelers cheques denominated in local currencies during the three-year transition period, in which national currency exchange rates will be fixed to the euro.
The euro-zone countries include Germany, France, Italy, Belgium, the Netherlands, Luxembourg, Austria, Spain, Portugal, Ireland and Finland. 
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American Express
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