The Knights Templar invented the modern traveler's check to protect pilgrims from bandits
The Knights Templar developed the precursor to the modern traveler's check, allowing 12th-century pilgrims to deposit gold in Europe and withdraw it in the Holy Land using encrypted letters.
Beginning in 1162, the Knights Templar leveraged their vast network of 1,200 commanderies to provide the world's first secure international money transfer system. Pilgrims headed to Jerusalem would deposit their physical gold at a Templar preceptory in Europe in exchange for an encrypted letter of credit. Upon arrival in the Holy Land, they could present the letter to withdraw an equivalent value in local currency, minus a small handling fee.
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