In the days before international ATM networks, this was a hugely important thing to business travelers. If you were on the road for a 3 week trip in Asia twenty years ago, you were generally forced to carry a large amount of cash -- or travelers checks. Therefore, being able to cash personal checks was a huge perk.

The limits on cashing harken back to those days. Can you imagine trying to do a full days worth of business, meetings, and meals with clients in Tokyo today for $150US?