Halifax has become the first high street bank to enable customers to withdraw
foreign currency from its cash machines, while private bankers Raphaels Bank is
to do the same in selected Scottish locations.
Halifax is introducing multi-currency ATMs which will dispense euros and US dollars, the first of which has already been installed at Halifax's Old Broad Street branch in London. The bank plans to install a further three of these ATMs in London, with more to follow in Basingstoke, Chester, Dumfries, Southampton and Windsor, before the end of the year.
The cash machines are being provided by Travelex and will accept Visa and MasterCard credit and debit cards. Both Halifax and non-Halifax customers will be able to use them, although non-Halifax customers may be charged a fee, according to their own bank's terms and conditions. The currency is provided commission free.
Nigel Turkington, head of Travel Money at Halifax, commented on the new service: "Our customers have told us that the immediate availability of foreign currency would be a valuable addition to the wide range of services we already offer, and we plan to roll out more of these multi-currency ATMs in the near future."
Meanwhile Raphaels Bank has also teamed up with Scottish travel agent Barrhead Travel to offer customers commission-free currency around the clock.
The bank – which is a member of the LINK ATM scheme – has announced the installation of a foreign-currency dispensing ATM at Barrhead's Dundee location. The facility will initially dispense euros, with US dollars expected to follow shortly.
Raphaels' decision to introduce this service follows the success of similar initiatives at a number of airports. Mike Smith, the bank's group director of marketing & strategy says: "At present we estimate that around three in four people get their currency on the high street, often queuing and paying commission or having to order in advance. Others use ATMs overseas where bank and card charges can eat away sometimes up to ten per cent of the amount withdrawn. Now there's a new way to get euros and dollars which is quick, easy to use, convenient and good value."
Following the introduction of the ATM at its Dundee centre, Barrhead Travel intends to install the currency ATMs in all of its branches – which include several locations in Glasgow (including Glasgow International Airport), Sterling, Barrhead and Saltcoats – as soon as planning permission is granted.
For more information visit halifax.co.uk, raphaelsbank.com.
Report by Karen Eeuwens
