What is a Cash Recycler? What Differentiates it from an ATM?
When Automated Teller Machines were first unveiled to the public, they marked one of the biggest changes in the banking industry. They provided a convenient alternative for cash withdrawals and also reduced the overhead in the banks. However, now cash recyclers have emerged on the surface as a better alternative.
What is a Cash Recycler?
Simply put, a cash recycler is an ATM machine with the provision of cash deposits. In other words, while you can withdraw money from a cash recycle like an ATM, you can also deposit cash as well. What’s more- the cash deposited is reflected in your account instantly because the transaction takes place in real time.
How does it Work?
For Cash Withdrawal
You can use a cash recycler to withdraw money from your bank account in the same way you use an ATM. So, you can just swipe your ATM card, enter your PIN, enter the amount, and then withdraw.
For Cash Deposit
When it comes to cash deposits, then one of the most important things to remember is that you can only use a cash recycler that is run by your bank. In other words, you are not free to use any cash recycler machine, unlike ATMs which can be used irrespective of whether they are run by your bank or not.
To deposit cash, you can place the currency notes in the feeder. The machine will count the notes, calculate the total amount, and display the same on the screen denomination-wise. If the amount is correct, you can confirm it and approve the transaction.
Note: Most cash recyclers accept currency notes of Rs. 100, Rs. 500, and Rs. 2,000 denomination only.