Templars Invent Medieval Travel Banking

In the Middle Ages, pilgrims heading from London to Jerusalem could deposit their money at London’s Temple Church with the Knights Templar and receive a written letter of credit instead of carrying cash. As they traveled, they could redeem this document for funds at other Templar houses along the route, which reduced the risk of theft or loss on the dangerous journey. This network of deposits and withdrawals effectively created an early form of international banking centuries before modern financial institutions.

Previous Fact Next Fact