Nowadays, ATM machines play a vital role in your society. A few years ago, you could only access your money in your account if you visited a bank. Back then, banks were scarce, and you had to go out of your way to get the cash you needed. This was especially inconvenient for full-time workers. That said, here are the benefits of ATM machines in our society:
- Travel convenience
For travelers, the convenience of having ATM machines are very important. When planning a trip abroad, people usually first plan out expenses daily. While you have your budget planned out, there’ll be instances when you’ll need cash suddenly. In these situations, an ATM machine will be your best friend.
Having ATM machines all over the world will benefit you in many ways. You can simply use your credit card or debit card on the ATM machine so you can get cash for emergency expenses.
In addition to that, it’ll also provide security since you won’t need to bring much cash around when travelling abroad. It can be scary to bring a large amount of cash when you’re on a trip.
- Business benefits
For many businesses, ATMs bring many benefits. ATMs help a lot in cafés, hotels, and retail stores to increase customer spending by providing security and less banking fees. Every year, the banks amp up their budget for technological updates for ATMs and other banking services to help relieve customers of inconvenience.
Moreover, it also helps in disbursing employees’ salaries. A company can just debit from their own accounts and disburse them to the ATM card accounts of their employees. Employees then will simply withdraw this money from ATM machines. Instead of employees lining up to get an envelope full of cash, ATM machines help you avoid this inconvenience.
- Favorable exchange rates
These days, everything moves globally. For this reason, there will be instances when you will need to get foreign currencies. For ATMs abroad, foreign exchange rates are usually more favorable than in banks and money exchange centers. With ATMs, you can now enjoy good exchange rates while your account debits your home country’s currency.
- Payment channels
ATM machines don’t only serve the purpose of dispensing or accepting cash. They can also serve as a payment channel for your bills. With this, you will no longer need to line up in payment centers or the bank to pay for your bills. It is a self-service terminal that will serve as an alternative satellite for payments of different kinds of billings. You can simply use an ATM machine to process various payments for utilities, internet, or real estate billings.
- Account balance inquiry
With an ATM machine, you can also check your balances without having to go to the bank. For other ATM machines, you can also get a mini statement of your bank account. This can help you keep your account in check.
- Request for new cheque books
Another feature that the ATM machine allows is requesting for new checks. If you miss banking hours or are far away from a branch, you can still request for new cheque books. You only need to go to the nearest ATM machine available and request for one. Then, in just a few days, you can already have one delivered straight to your home or office, which makes it very convenient.
- Transfer funds
There will be times when you will need to make payments. When you have an ATM card and find an ATM machine, you can already make transfers from one account to the other on a real-time basis. This makes it easier to pay for purchases and trades. This will also make remittances more convenient for everyone, especially for those in different cities or provinces.
- 24/7 banking services
ATMs are not bound by banking hours to perform a transaction. So, even at three in the morning, when you suddenly need cash, you can easily withdraw from an ATM. This also means that you can pay your bills any time of the day or night as long as you find an ATM machine. ATMs also do not consider holidays. So, even on a holiday, you can still do banking transactions with an ATM machine.
Given its convenience, it also comes with its own safety features such as a PIN code that prevents anyone else from accessing your account.
Conclusion
Now, you know how important ATMs are in our society. Benefits that an ATM can provide are indispensable. No one can deny that these machines are needed in our everyday lives and dealings.
