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Foreign currency 'will be available from cashpoints'

Published 15 March 2012 by

Currency specialist Moneycorp has joined the LINK ATM Scheme, meaning you'll soon be able to withdraw foreign currency from your bank account at selected LINK cash machines.

Moneycorp is the largest foreign currency provider in the UK, which traded billions of pounds of foreign currency last year alone. It currently has 27 bureau de change branches in the UK, but this new collaboration with LINK will allow bank customers to withdraw foreign currencies from LINK cash points.

Withdrawing foreign currencies from a cash machine is arguably more convenient than visiting a bureau de change or bank. It could work out safer for customers too, as people tend to make smaller withdrawals from cash machines than over the counter. Carrying a large amount of foreign currency around with you isn't really advised, in case you become the victim of a crime.

The potential for the collaboration is huge - over half (56%) of payments in the UK in 2010 were with cash, the equivalent of around 20.4 billion payments. 70% of that cash came from the LINK ATM network.

A spokesperson for thinkmoney commented: "Paying for goods and services with cash can be a really helpful budgeting tool. If you want to limit the amount of money you spend when you go out, simply take an amount of cash that you're happy to spend with you, and leave the debit card at home."

"If you'd like to find out about other ways to budget, read about how our budgeting bank account can help you to manage your bills."

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