ATM Bank

New ATM Technology Makes Banking More Efficient

Recent developments in banking technology and ATM software are ensuring a new range of convenient banking options for customers.

From online banking to contact-less credit cards, there have been many huge advances in banking technology designed to offer people the convenience they crave. Another area many banks have investigated includes multifunctional ATM machines, which offer a number of time-saving devices for customers and banks alike.

As the functionality of ATM machines has improved, it has become possible for banks to allow customers to carry out a growing number of transactions in places where there are no physical branches of the bank. By combining two of the attributes customers most desire when it comes to their finances, a personalised experience and extreme convenience, new technology could have found the perfect solution for banks wishing to both save money and create happy customers.

1: Credit cards are taken in some places but invariably I found many establishments will not accept foreign credit cards.

2: Even some banks will not let you draw money out with your credit cards. I found that the most reliable bank was The Bank Of China. I was able to draw cash out from their ATM machines with my credit card and my Nat West debit cards when no other bank would allow me to. 3:ATM's Beware: If you do use ATM machines to draw out cash you will get quite a large fee for doing so. An ATM transaction fee and a foreign exchange fee. 4: If your stay in China is long enough I would recommend opening a Chinese bank account. I did this with just my passport and 10rmb and i had my bank book and union pay atm card within twenty minutes.

With The Bank Of China you can then arrange transfers of your money from your UK bank into your China bank. Union Pay is accepted at all Chinese establishments and will make paying for your goods or services that much easier.

Today, the electronic network for debit and credit card transactions is vast. The first ATM cards appeared in the early 1970s and were limited to allowing people to withdraw money from a checking account, but could not be used for purchases. By the 1980s debit cards emerged as an alternative to checks for making purchases with money out of one's personal checking account. Over the past decade, "prepaid debit cards" have become increasingly popular. Also issued by banks, they work like traditional debit cards, but are not connected to a checking account.

The signature payment method runs on a credit card network. The PIN payment method runs on a debit network. This fee is slightly lower in the case of PIN transactions, which is why some retailers like WalMart and CVS Pharmacy encourage debit card users to pay by PIN.

The real difference between credit cards and debit cards has more to do with the funds being transferred. When you buy something with a credit card, you are not spending your own money but rather borrowing money against a credit line that the bank issuing the card has extended to you. The only limit on your spending is the limit imposed by the credit card company. So, when you make a payment towards your outstanding balance you are paying back the credit card company for earlier purchases.

Here's what happens behind the scenes when you make debit card purchase. You are actually accessing your own money that is sitting in a bank account. As the transaction happens, money is transferred out of your account, travels across the network, and is transferred into the merchant's bank account. So what's the difference between a prepaid debit card and a bank debit card or ATM card? For both kinds of cards, you deposit your own money with the card account and withdraw it as you see fit, either by making ATM cash withdrawals or by using the card for purchases. A bank card or ATM card (sometimes called a check card) is connected to a checking account. Typically, there are no fees associated with purchases, or when using an ATM within the bank's network. For example, each purchase may generate a dollar fee, or the card holder may pay a flat $10 per month for using the card. A prepaid card is a good choice for people who would like to get a debit card but have trouble opening a bank account.

They are also a convenient alternative to credit cards, because prepaid cards that bear the Visa or MasterCard log are accepted worldwide like credit cards.