News Column

London Underground plays host to euro-dispensing cash machines

July 15, 2014

Rupert Jones, theguardian.com



The 4 million daily users of London's tube will now have easier access to foreign currency after cash machines dispensing euros as well as pounds were installed at 70 London Underground stations.

The ATMs, provided by Raphaels Bank, have been put in at many of the locations one might expect King's Cross, Euston, Victoria and Waterloo as well as some perhaps less obvious international travel hubs such as Kilburn, Tooting Broadway, Bermondsey and Woodford.

Cash machines dispensing euros are not new. Halifax was the first high street bank to offer foreign currency ATMs in a few branches in 2007, and the Post Office and M&S Money are among the other institutions that have installed some in recent years, but this is one of the biggest rollouts so far, and the first time they have made an appearance on the tube network.

Transport for London (TfL), which teamed up with the bank on the project, said: "Millions of people use our network each year, including going to or from an airport, Eurostar and coach stations, and these machines have been installed to make it easier for people to access the currency they need."

Raphaels Bank said euro withdrawals from the ATMs were "commission free", with exchange rates "aimed at beating the largest currency exchange providers". At midday on 15 July the rate was 1.205 for 1, compared with Marks & Spencer's standard rate of 1.204.

The partnership will generate commercial revenue for TfL which will be reinvested back into the transport network.

The ATMs have been installed over the past three months, and TfL said they were already proving successful, with around 2.5m dispensed already.

A website has been set up to help people find their nearest euro ATM on the tube network go to cashpointcompass.co.uk


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Source: Guardian Web


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