Don’t you wish your ATM can make deposits too?
Well, this might just be the future for there are now cash-recycling ATMs that accept cash deposits in select 7-Eleven stores in Metro Manila and very soon in Cebu.
Bank closer and safer 24/7 as these Cash-recycling ATMs, that are popular in Japan, accept cash deposits via high-speed bill readers and dispense the same bills for withdrawals.
There are only a few of these in the Philippines because its more expensive than withdrawal-only ATMs but there are now over 30 operational ATMs, and a total of 320 units will be active by June, including in Metro Cebu.
Cash-recycling ATMs advantages
- Reduces the need to deliver cash
- Provides a reliable and convenient experience for receiving deposits
- Allows several banks to share the ATMs so that more customers could use them without fees (Seven Bank’s model)
- BDO Unibank account holders can withdraw or inquire about their balances free of charge at ATMs in 7-Eleven, and will soon be able to use the deposit function that is currently limited to 7-Eleven store cash only.
- Other bank account holders through BancNet can also perform withdrawal and balance inquiry transactions subject to the ATM fees charged by their issuing banks.