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By Rachel Preece
Staff Writer, 2 July 2008
JUST in time for the summer holidays the Post Office has launched the first multi-currency ATM machines in the UK, and in true Post Office style they’ll be commission free - just like their over-the-counter services, credit card and prepaid debit card.
Slow-moving Post Office queues could soon be a thing of the past with the recent introduction of multi-currency ATM machines in thirteen Post Office branches across the UK.
The Post Office is piloting the ATM machines at branches in Ashford, Birmingham, Basingstoke, Fareham, Dartford, City of London, Stockport, Harrogate, Bristol, Trafalgar Square, Crawley, Harlow and Solihull.
If these new multi-currency ATM machines prove to be successful, the Post Office will roll out the machines nationwide.
The ATM machines enable Post Office customers to withdraw Sterling, Euros or US-dollars with their debit cards, commission-free and with the same exchange rate as over the counter.
The payments association APACS recently revealed that in 2007, there were 309m transactions carried out abroad using UK-issued cards, to withdraw a total of £7.1bn.
With the Post Office's installation of the ATM machines, travellers can plan ahead with ease, and make the most of the Post Office's commission-free exchange policy.
Post Office still best buy for use abroad
If planning ahead doesn't always pan out for you - or you're away for a longer time than the maximum amount of cash you're happy to carry - then there are still great commission free ways to access foreign notes through the Post Office.
Post Office credit cards are a great choice for spending overseas, as they completely waive the foreign transaction fee with an extension of their commission-free currency policy.
Most credit cards charge a 2.75% fee for transactions made abroad, so either the Post Office Classic credit card or the Post Office Platinum credit card are an ideal choice if you travel regularly.
There are even more enticing incentives with the Post Office credit card, such as 0% on balance transfers for the first 10 months, and free purchase protection against loss, theft or accidental damage for up to 90 days.
With a 24/7 helpline and online account management, the Post Office credit card really is tailored to those who are overseas often.
Travel Money Card from the Post Office
And... if a credit card isn't your thing (or you just don't want another one) a great alternative to credit card fees or traveller's cheques is the Post Office Travel Money Card (TMC).
The Post Office's Travel Money Card is another fantastic offer from the Post Office, and one of the easiest and safest ways of taking your money abroad.
Launched in June 2006, the Post Office has developed it over the past two years to make it as convenient as possible for travellers.
The Post Office offers Sterling, US-dollar or Euro based cards, and you can top up by phone wherever you are in the world.
The TMC used to cost £10, but it's now free and easily to get hold of online or in a Post Office branch. Simply top it up with any amount between £50 and £2,500 to begin with, and use it just as you'd use a credit card.
Unlike traveller's cheques you don't need ID to make a purchase or to withdraw money, and you can withdraw cash 24/7 from millions of ATM machines all over the world - wherever you see a Visa Electron symbol.
The TMC also offers extra security when you're abroad. As it's separate from your bank account it helps to protect your identity. Replacement cards can be requested immediately too using the Post Office's 24/7 helpline.
Overall, the Post Office remains in first place when it comes to exchanging currencies. Offering commission-free and easy exchanges, the introduction of the multi-currency ATM machines serve to make changing your money even easier.
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