# Exchanging euros in Europe via ATMs; why can't I deposit them? **URL:** \ **Category:** Factual Questions\ **Created:** [August 28, 2015, 10:32pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229 "2015-08-28T22:32:33Z")\ **Posts on this page:** 16\ **Page:** 2
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [August 29, 2015, 6:35pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/21 "2015-08-29T18:35:51Z")
Actually, on second look, I think J.P. Morgan Chase _also_ has ATMs that accept cash for deposit. So all four of the largest US banks have such ATMs. ---
**Author:** ![Novelty\_Bobble](https://avatars.discourse-cdn.com/v4/letter/n/a3d4f5/32.png) [@Novelty\_Bobble](https://boards.straightdope.com/u/Novelty_Bobble)\ **Post date:** [August 30, 2015, 7:46am UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/22 "2015-08-30T07:46:43Z")
My advice, both for the OP and anyone else, is to do what we have done. Find a bank that gives out debit or credit cards that are widely accepted abroad and do a direct conversion with no penalty (for the record we have a Post Office credit card that does exactly this…ATM cash withdrawals have a small cost per transaction) Then just use your card as much as possible and keep cash to a minimum, life is so much easier that way. ---
**Author:** ![polar\_bear](https://avatars.discourse-cdn.com/v4/letter/p/ec9cab/32.png) [@polar\_bear](https://boards.straightdope.com/u/polar_bear)\ **Post date:** [August 30, 2015, 9:59am UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/23 "2015-08-30T09:59:39Z")
I know a couple atm’s here in Holland that accept deposits, but I think that only works if you have an account there. The only one I ever used was from my own bank. What the need for ATMs that accept deposits in the US is concerned, it might have to do with how well internet banking works. In much of Europe is is very, very easy and quick to transfer funds to other people or organizations… and absolutely free as well. I remember that a friend who lives in Canada would get money at an ATM and deposit it on the account of his “roommate”, since that was the easiest way to pay his share of the rent. ---
**Author:** ![Ramira](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ramira/32/344_2.png) [@Ramira](https://boards.straightdope.com/u/Ramira)\ **Post date:** [August 30, 2015, 11:48am UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/24 "2015-08-30T11:48:03Z")
> [@CC](#): > > If I can withdraw money - from my own account here - from an ATM in Europe, why can’t I make a deposit? as has been said, you are not withdrawing directly in reality, it is a complicated system of buy and sale of the currencies. It only seems simple. Ornery Bob has correctly stated but > [@Ornery\_Bob](#): > > Even if you could deposit Euros as cash at a European ATM, what would happen is that the bank would look at the amount of Euros you deposited and then they would figure the exchange rate (at that time) and fees and then they would credit your account the amount of dollars they decide is appropriate. Exchange rates change continuously. Whatever “direction” you go, it’s going to be figured as a stand alone transaction every time. this neglects also the cost of the transfer fees, which for the with the idea of the reverse - it is not that common to have the automatied currency reading deposit anywhere I am aware of, so there is the handling of any deposit manually to put in the price. > [@Ravenman](#): > > I was told by Citibank about 15 years ago that they could not act like a bank in several ways in countries they are not licensed to operate in. it is worth adding that even if your american bank has a legal banking license in a country, it is a separate legal entity under the national laws, and not one thing with the american partner. I have found frequently americans, who perhaps because size of their country are more naive about this, surprised that they can not simply transfer a citibank account to another country from america or similar. The local banks will operate under the local regulation and rules, are walled off in some ways from the parent in the capital and the resources and can not just transfer back and forth. In any case, the not accepting of a deposit at an automated machine from a person not holding account is a very standard thing becuase of the risk in taking the deposit for another entity and the risk of liability for an error. With the cost of the handling and that it is not common, it is just not something worth doing. ---
**Author:** ![CC](https://avatars.discourse-cdn.com/v4/letter/c/f1d935/32.png) [@CC](https://boards.straightdope.com/u/CC)\ **Post date:** [August 30, 2015, 12:50pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/25 "2015-08-30T12:50:08Z")
> [@Novelty\_Bobble](#): > > My advice, both for the OP and anyone else, is to do what we have done. > Find a bank that gives out debit or credit cards that are widely accepted abroad and \*\*do a direct conversion with no penalty \*\*(for the record we have a Post Office credit card that does exactly this…ATM cash withdrawals have a small cost per transaction) > Then just use your card as much as possible and keep cash to a minimum, life is so much easier that way. What does this mean, “Do a direct conversion”? What is this? Where would you do it? ---
**Author:** ![robert\_columbia](https://avatars.discourse-cdn.com/v4/letter/r/e79b87/32.png) [@robert\_columbia](https://boards.straightdope.com/u/robert_columbia)\ **Post date:** [August 30, 2015, 1:16pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/26 "2015-08-30T13:16:22Z")
> [@Mops](#): > > I never noticed a cash deposit option in German ATMs but on reading this thread I googled and it seems a number of the newer ATMs offer a cash deposit option **for customers of the bank operating the ATM**. Also some dedicated cash-deposit machines, also exclusively for the bank’s own customers, seem to operate in some of the larger self-service lounges of banks. (There is a separate facility for businesses; they fill a metal container with their excess cash at close of business and deposit it into a secured outside slot into an armoured container at their bank branch, to be counted and credited next bank business day.) > > Cash deposit via ATM seems to be a thing in the US, I wonder why. When I get cash from someone (say repayment of a small debt) I put it into my wallet to spend. PNC Bank, a Pennsylvania-based bank with branches in many East Coast cities, has some ATM’s that have a dedicated cash deposit slot that will count up your cash on the spot and submit it as a deposit. ---
**Author:** ![Hail\_Ants](https://avatars.discourse-cdn.com/v4/letter/h/dc4da7/32.png) [@Hail\_Ants](https://boards.straightdope.com/u/Hail_Ants)\ **Post date:** [August 30, 2015, 6:01pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/27 "2015-08-30T18:01:16Z")
> [@Dewey\_Finn](#): > > Citibank, Wells Fargo and Bank of America all have ATMs that accept cash or checks for deposit. I think they are the same model machine. The bills or checks are put in slots (a different one for cash than for checks) not in an envelope. They’re scanned immediately and the amount is read. I’ve found that they can read even hand-written checks and correctly determine the deposit amount. (If the machine is wrong about the amount, you can correct it and them presumably someone will double-check the amount you claimed. Also, you don’t need to bother signing the check.) > > As to why they exist, presumably the banks feel this is a convenience that their customers will appreciate. I know I do. My bank, TD Bank, now lets you deposit checks via their smartphone app. You simply take a picture of the front and (endorsed) back of the check, enter the amount, and hit ‘Deposit’. Once it clears (a day or two) I just tear up the original paper check. Very convenient\*!\* ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [August 30, 2015, 6:27pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/28 "2015-08-30T18:27:50Z")
Yes, that’s a very common feature. _Many_ banks let you scan checks via a smartphone app and deposit them that way. I believe that both that and depositing checks via the scanner in ATMs are consequences of the [Check 21 Act](https://en.wikipedia.org/wiki/Check_21_Act). I also believe this was a consequence of the 9/11 attacks. Prior to that date, checks were transported by air all over the country to be processed. So when flights were cancelled nationwide in the days after the attacks, check processing was held up. ---
**Author:** ![Desert\_Nomad](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/desert_nomad/32/177_2.png) [@Desert\_Nomad](https://boards.straightdope.com/u/Desert_Nomad)\ **Post date:** [August 30, 2015, 6:30pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/29 "2015-08-30T18:30:26Z")
I have never seen an ATM that will let you deposit cash here in the Czech Republic. ---
**Author:** ![Hail\_Ants](https://avatars.discourse-cdn.com/v4/letter/h/dc4da7/32.png) [@Hail\_Ants](https://boards.straightdope.com/u/Hail_Ants)\ **Post date:** [August 30, 2015, 7:41pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/30 "2015-08-30T19:41:17Z")
> [@Dewey\_Finn](#): > > Yes, that’s a very common feature. _Many_ banks let you scan checks via a smartphone app and deposit them that way. I believe that both that and depositing checks via the scanner in ATMs are consequences of the [Check 21 Act](https://en.wikipedia.org/wiki/Check_21_Act). I also believe this was a consequence of the 9/11 attacks. Prior to that date, checks were transported by air all over the country to be processed. So when flights were cancelled nationwide in the days after the attacks, check processing was held up. I remember being surprised reading years ago in an aviation thread that a very common entry-level job for new commercial pilots was transporting boxes of active checks all over the country. I had always thought that banks had to have had some kind of electronic network for this in place long ago, but apparently not. ---
**Author:** ![Ramira](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ramira/32/344_2.png) [@Ramira](https://boards.straightdope.com/u/Ramira)\ **Post date:** [August 30, 2015, 7:56pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/31 "2015-08-30T19:56:17Z")
> [@CC](#): > > What does this mean, “Do a direct conversion”? What is this? Where would you do it? the person seems probably to be confused. he may mean to select the payment value in your currency at the point of sale, the “dynamic conversion” - which often is not as good a exchange rate as the standard credit card processing which is supposed to be more efficient in volume. ---
**Author:** ![md2000](https://avatars.discourse-cdn.com/v4/letter/m/73ab20/32.png) [@md2000](https://boards.straightdope.com/u/md2000)\ **Post date:** [August 31, 2015, 5:45am UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/32 "2015-08-31T05:45:04Z")
> [@Desert\_Nomad](#): > > I have never seen an ATM that will let you deposit cash here in the Czech Republic. No cash? They prefer to do business with Czechs? But seriously - almost any Canadian ATM for your home bank (typically the ones attached to branches) will allow you to do deposits, as mentioned. The deposit is an envelope. You can deposit cheques or cash, AFAIK. It’s been years since I deposited cash in a bank. Also, beware. The TD Bank, for example, would charge customers (except for the ones who paid really high service charges) $5 per transaction for overseas withdrawals (less - $2 I think - for USA withdrawals), so one large withdrawal was better than multiple small withdrawals. Debit and credit cards would give you the best exchange rate typically, but there was still a spread between the buy and sell rates. IIRC, it was about 3% for US Dollar conversions, so they were making an extra 1.5% on each transaction too. Check your bank (debit) or credit card holder agreement for fee details. It still beats those kiosks at airports, etc. where the rate spread could be 10% or more. I look at my credit card statement for a series of USA purchases Aug 1, posted Aug4th. The rate varies during the day from 1.34184 to 1.34266.(?) That’s about 74.5 cents US to the northern peso, on a day when the dollar was IIRC about 76 real cents. Buyer beware. ---
**Author:** ![Ramira](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ramira/32/344_2.png) [@Ramira](https://boards.straightdope.com/u/Ramira)\ **Post date:** [August 31, 2015, 9:17am UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/33 "2015-08-31T09:17:16Z")
> [@md2000](#): > > I look at my credit card statement for a series of USA purchases Aug 1, posted Aug4th. The rate varies during the day from 1.34184 to 1.34266.(?) That’s about 74.5 cents US to the northern peso, on a day when the dollar was IIRC about 76 real cents. > > Buyer beware. 76 is likely the wholesale rate and may be the selling rate, the other side of the transaction not your side. If you look at this date range on the [oanda.com](http://oanda.com) historical data, and look at the bid rate for credit card purchases - this is the estimate for such operations - you see the rate is in fact in the range of the 74 centimes, and even lower if it posts on the 4 august. It is typical mistake, people do not understand that the reference rates they find are often the wholesale rates for large volumes of the institution to institution sales, which are not the rate of any of the real world retail availability. customer beware of mistaken ideas ---
**Author:** ![Spoons](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/spoons/32/3141_2.png) [@Spoons](https://boards.straightdope.com/u/Spoons)\ **Post date:** [August 31, 2015, 9:32am UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/34 "2015-08-31T09:32:49Z")
> [@md2000](#): > > I look at my credit card statement for a series of USA purchases Aug 1, posted Aug4th. The rate varies during the day from 1.34184 to 1.34266.(?) That’s about 74.5 cents US to the northern peso, on a day when the dollar was IIRC about 76 real cents. “Norhern peso”? “Real cents”? Gee, **md2000** , are you a real Canadian? Or do you just wish you were American? Real Canadians do not denigrate their currency, and use it with pride. I’ve been able to use Canadian dollars in Europe, Africa, Australia, and even the US. It trades on world markets, and it is a reserve currency for many world powers. It is more powerful then you think. Treat the Canadian dollar with respect. “Northern peso” indeed"! ---
**Author:** ![md2000](https://avatars.discourse-cdn.com/v4/letter/m/73ab20/32.png) [@md2000](https://boards.straightdope.com/u/md2000)\ **Post date:** [August 31, 2015, 1:20pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/35 "2015-08-31T13:20:40Z")
> [@Ramira](#): > > 76 is likely the wholesale rate and may be the selling rate, the other side of the transaction not your side. > > If you look at this date range on the [oanda.com](http://oanda.com) historical data, and look at the bid rate for credit card purchases - this is the estimate for such operations - you see the rate is in fact in the range of the 74 centimes, and even lower if it posts on the 4 august. > > It is typical mistake, people do not understand that the reference rates they find are often the wholesale rates for large volumes of the institution to institution sales, which are not the rate of any of the real world retail availability. > > customer beware of mistaken ideas Thanks and very interesting… but this reinforces my point - the exchange rate often quoted on the news is not the rate that foreign ATM transactions and credit card purchases are made at. ---
**Author:** ![Doughbag](https://avatars.discourse-cdn.com/v4/letter/d/aeb1de/32.png) [@Doughbag](https://boards.straightdope.com/u/Doughbag)\ **Post date:** [August 31, 2015, 1:38pm UTC](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229/36 "2015-08-31T13:38:20Z")
> [@Peremensoe](#): > > Huh? Every bank-attached ATM I’ve ever used in the USA could accept enveloped deposits (checks and cash for later counting), if not instantly-read non-enveloped ones. Accepting deposits? Not a problem. I’ve done exactly that in Ireland, UK, France, Germany & Switzerland, however you can only lodge it to an account with that specific bank and not every branch has the facilities. Depositing funds into your foreign account via an ATM - no can do - virtually anywhere. However, you can go to many banks and do this at the counter - for a fee. [Previous page](https://boards.straightdope.com/t/exchanging-euros-in-europe-via-atms-why-cant-i-deposit-them/729229.md?page=1)