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A new kind of ATM

There was an interesting article in the morning paper about a new "banking facility" in this area.

The first multi-currency ATM is now in operation in the Okanagan, conveniently located just outside a Travel Agency in Kelowna. The ATM is capable of providing Cdn. or U.S. dollars, Euros and UK Pounds and clearly displays the exchange rate, how much the debit or credit card will be charged and the amount of the service fee. There is a $1.50 service charge for using the multi-currency ATM, which is apparently a "standard" charge for non-bank ATM's.

There are reportedly only six multi-currency ATM's in use in Canada so far (Toronto, Mississauga, Barrie, Ottawa, Saskatoon and now Kelowna). All are "attached" to branches of the same travel agency. The ATM is labelled as Instabank Extra and is a product of Thomas Cook Financial (which also owns the Travel Agencies where these are located).

The same agency can provide other currencies on demand (usually next day), everything from Croatian Kuna to Thailand baht, but that service comes with a $13.50 fee for "expedited delivery". They made it very clear that they do NOT "buy back" currency that is left over from vacations.

Now that the recession seems to be subsiding and travel increasing, I'm surprised these haven't been introduced before now. It's also a bit surprising that they've chosen a mid-sized market for the first of these ATM's in B.C., rather than a larger centre such as Vancouver or Victoria (especially with the Winter Olympics fast approaching - visitors might want to top-up their home currency before heading back across the pond).

Posted by
873 posts

I was just going to say it's a bit surprising they're putting one of these in Kelowna and not Vancouver. Would've come in handy on my annual Vancouver trip this spring!

Posted by
9110 posts

These multi-currency ATMs have been around for a while. I've seen them at Newark and Schipol airports.

Posted by
32349 posts

Michael,

The multi-currency ATM's don't seem to be too common in North America yet, as this is the first time I've seen one.

Is Newark a major stop for trans-atlantic flights? Seems like an odd location for a multi-currency ATM.

Cheers!

Posted by
5678 posts

Yep, Newark has lots of translatlantic flights. And, it's easier to catch the train to NYC from Newark than take the long cab ride from JFK. Pam

Posted by
9110 posts

Newark's an international airport and a hub for Continental Airlines. They even have direct flights to Beijing, Shanghai, and Hong Kong.

Posted by
300 posts

Since the ATM is operated by a travel (and currency exchange) company, expect the exchange rates to be along the lines of exchanging cash into destination currency. You'll get a better exchange rate by using a bank ATM at the destination to withdraw local currency.

Posted by
32349 posts

Peter,

Yes, that's a good point. The ATM reportedly discloses all fees during the withdrawal process, so that's a good feature.

I suppose it's more a matter of convenience and "one stop shopping". After travellers book their flights and so on at the Travel Agency, they can pick up some "travelling money" at the ATM at the same time.