7-Eleven outs ATMs where you can deposit and withdraw cash

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.

Photo from www.7-eleven.com.ph

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.

Also read

Marel Baluyos
Marel Baluyoshttp://www.sugbo.ph
"Cebu is my always."

Chemical Engineer / Associate Editor | Bantayan Island, Cebu

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