Visa is abandoning its travellers' cheques.
Like videocassette players, electric typewriters and tube television sets, the travellers' cheque has all but had its day.
Credit card company Visa has decided to stop issuing travellers' cheques.
The trend towards obtaining money while overseas with credit, debit and prepaid cards has led to a dive in
demand for the old-fashioned paper version, said director of communications Andrew Woodward.
"The number of people travelling internationally is on the rise, and the number of people using travellers' cheques is on the decline, so the decision was made - their time has come."
Travellers going to Australia, for example, were used to a seamless transfer.
"You stick your card in the machine, it works; you turn your mobile phone on, it works. It's all very borderless these days ... "
Cheques in circulation would be honoured, and outlets would continue selling them until supplies ran out.
A scan of bank websites yesterday showed cheques are still being recommended.
"Travellers usually find it pays to carry a proportion of their funds in travellers' cheques," ASB's site says.
The National Bank says: "Travellers' cheques are still one of the most universally recognised forms of international currency.
"It's wise to have them at least as a back-up for a credit card or foreign currency."
Mr Woodward doesn't expect these recommendations to endure.
"I think you'll find the banks will be updating that information in the near future," he said.
An American Express spokeswoman in Sydney said the company would keep selling travellers' cheques.
But bureau de change operator Travelex NZ, which sells American Express cheques, said demand for travellers' cheques had fallen about 50 per cent in the past two years.
Company official Kim Oswin said its most popular way of carrying cash overseas was now the "cash passport", a prepaid card that enabled travellers to withdraw cash from ATMs in foreign lands.
House of Travel retail director Brent Thomas said the market for methods such as prepaid cards had risen 100 per cent in the past couple of years.
"It's the ease of carrying plastic, and effectively it's just as secure."
But travellers' cheques were useful in countries without a network of compatible ATMs.
