What is the future of carrying currency? 50 years of cash machines

It was 50 years ago on Tuesday that the first ever ATM was unveiled. A Barclay’s branch in Enfield let customers take out money first time from the machine.

Fast-forward half a century and the cash machine is still an integral part of our society. Particularly whilst going overseas, transferring currency whilst in the visiting country has started to save tourists time.

While most bank transfers are now done on the internet and payments are taken out via contactless, 94% of UK adults still use cash machines according to Victoria Cleland.

Are the Bank of England concerned that bank notes and coins may be not needed anytime soon? The answer is no; the BoE are still preparing for a society that demands bank notes going forward.

Until recently it was always advised when going abroad to get your currency before you go. The traditional method was to go to a Post Office or bureaux de change in order to be well prepared for your holiday. This would enable you to avoid extortionate fees at the airport or difficulty in a different country.

Now though thanks to loaded prepaid currency cards, more people than ever are using the cards and cash machines whilst in a foreign country. Technology has made it easier than ever to get cash whenever whilst abroad.

Sometimes the offered exchange rates on the cards or better than buying currency from a provider. Be sure to check our website to compare rates and see if a currency card is the best option for you.

Of course, if you come back to the UK with currency you don’t want or need anymore, check our selling rates to see if you can money from leftover cash!

Posted by Matthew Weston

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