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Pilot program offers euro-dispensing ATMs in UK stores

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by Elaine Frei

Pilot program offers euro-dispensing ATMs in UK stores

The euro is about to make an appearance in the UK via automatic teller machines in Tesco (LSE: TSCO) stores. Tesco has already installed ATMs that dispense funds in euros at four stores located near airports and international rail terminals as a test to determine whether there is a market for such a service. The four locations are in Ashford, Kent, one near the rail terminal there and one near Gatwick airport; in Long Eaton, Derbyshire, near East Midlands airport; and in Altrincham, near Manchester airport.

One advantage of having the ATMs located in stores, according to a spokesman for cash machine network LINK, is that customers going on holiday can make shopping for travel necessities and picking up euros a one-stop affair. The spokesman also said that the exchange rate and equivalent values in sterling will be plainly displayed on the machine. He said that the rates offered will be competitive.

Not to be left behind, Royal Bank of Scotland (LSE: RBS; NYSE: RBS PRM) has said it will install similar euro-dispensing ATMs at a number of its RBS and NatWest branches this summer. RBS has not said where or how many of the ATMs will be installed, but they will be put in places where there is high demand for the single currency from business people and those on holiday. The machines will not charge an ATM or foreign currency loading fee, but the customer will be asked to accept the exchange rate before receiving euros from the machine.

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News posted: March 9, 2007

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