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Electrical Engineering/Foreign Currency Exchange Feature within Remote Banking.


Dear Cleggsan

Can Foreign Currency Exchange Program Feature be integrated within Automated Teller Machine ?. This features will be available only with Bank ATMS who are offering foreign currency exchange facility. Customer should have valid banking account with the Bank.

For this case to work, foreign currency notes to be deposited within the ATM System along with the Local currency notes of the country.

Example :

Banking Customer wants foreign currency exchange for Rs 20,000 in Euros.

Steps :

1. A menu link "Foreign Currency Exchange" is displayed to the Bank Account Holder once he/she is authenticated by the ATM System.

2. Different Exchange Currency conversions are available to the Customer. Examples : INR/EURO, INR/US Dollar, INR/GBP, INR/Yen etc.

Customer Selects INR/EURO link. System prompts for entering Rupees
to be converted. Customer enters Rs 20,000. After Entering Rs 20,000 the ATM System calculates the Current Exchange Rate i.e. Today by connecting to the Bank and displays 278 Euros. System also verifies whether Balance amount Rs 20,000 is available. System prompts for entering Rs 20,000 in a deposit envelope. Customer deposits Rs 20000 within the ATM Machine. ATM System gives the Bank customer 278 Euros from withdrawal slot. The Balance amount, Successful Transaction Hard copy is displayed to the Bank Customer.

If this feature is integrated within the ATM, Can it have Financial security concerns for the Bank account holders as well as Banks ?

Note :

INR = Indian Rupees.

Is this a Complex function to achieve within the ATM System ?

Segregation of Different currencies kept in different drawers and assigned a Number to each Box within the ATM System.

For example :

GBP : 2
Euros : 3
Yen : 4
Australian Dollars : 5
Indian Rupees : 6
Singapore Dollars : 7
Yuan : 8


A Sensor / barcode / rfid or any other receiver device assigned to each Currency box.

Once the Banking customer selects for example INR/EUR i.e for EURO Currency, this touch screen transmitted signal send/selected from the ATM Menu should be captured as 3 by the Receiver Box device, the "EUROS" Led Sensor Box should get activated while other boxes will remain in deactivated state.
The user should receive cash only from Box 3 i.e. EUROS. A Lifting mechanism for each cash withdrawal
drawer box to be designed for implementing the path to ATM Cash Withdrawal Outlet Door.

Mixing of all different countries currency notes within a single cash drawer box and then segregating the currency notes may be a complex function to achieve.

This ATMS would be most useful if installed in airport locations for foreign travelers apart from shopping malls, departmental stores, restaurants etc ?

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

First, I am not expert in banking systems or automatic teller machines.

However, all that you have proposed in your question looks very straightforward to accomplish. It will require some engineering of hardware and software, of course.

Two biggest items to conquer are:  1) connection to foreign exchange rates to give the proper exchange calculation and 2) security of the system so that scammers and hackers don't break the codes or hardware and get funds not entitled to.  

And, of course, modification of the hardware to issue the proper amount of currency is necessary.  Banking people have dealt with these issues for years and understand the measures that must be taken.  Completion of your concept may require your collaboration with experts in those fields.

Best wishes.

PS: I think I have seen such machines at some airports already.  Didn't I see one in the Helsinki airport last time I was there?  It may have been only for two currencies: USA to Finnish money but I don't remember.....

And, I think I have seen some similar machines in Singapore airport... maybe not.
Your wiki web pages show teller machines with dial up modems that connect through secure protocols to confirm bank transactions, etc....  It could also interrogate exchange rate information database, etc.  

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