By : Scott Millar
September 02, 2014 07:08 PM
ATMs have become a versatile and important part of life in all circles. For example, some currency exchange dealers and financial institutions offer Foreign Exchange ATMs–commonly located at hotels, airports and shopping malls– which are positioned to deliver convenient access to foreign currency where and when you need it.
There are many ways in which to offer this service. The most fundamental service offering requires the insertion of a domestic bank card, where you are typically exchanging your local currency for a foreign currency. You can select to withdrawal from multiple currency options provided by the ATM, however each currency is typically limited to one denomination to dispense. An alternative approach is where the ATM would physically accept many types of currencies through an automated deposit device and exchange the value for the comparable local currency. This foreign exchange offering can be a cardless transaction and is a convenient method to convert your cash to the local currency.
Ultimately, it just comes down to the ATM software and how it enables a transaction to take place. Traditionally, ATM transactions were limited to cash only deals, but increasingly banks and providers around the world are testing the boundaries about what's possible with an ATM as they become an increasingly important interaction point for consumers with their banks.
Here are five of the most unusual ways people can use an ATM, which I lovingly call the simple “hole-in-the-wall.”