Transport for London (TfL) has teamed up with Raphaels bank to launch a network of cash points at underground stations dispensing both sterling and Euros.

The cash points will be installed at 70 underground stations across the London transport network and offer sterling withdrawals free of charge for UK cardholders, while Euros withdrawals will be commission free and at competitive exchange rates.

Beth Williams, head of ATMs for Raphaels Bank, said: "Building on our existing estate of ATMs in key London travel hubs, Raphaels Bank is delighted to be working with TfL to serve the 4m daily users of the Tube.

"Convenience is paramount for busy London commuters. With Euros now available at over 70 stations across the Tube network, users of the Underground have instant access to cash on the way to the airport, Eurostar terminal, home or work, rather than being limited to the usual opening hours of Banks and outlets for foreign currency."

A survey of 2,000 travellers commissioned by Raphaels revealed that as many as 38% do not buy currency before going on holiday.

Graeme Craig, director of commercial development at TfL, said: "As part of our ongoing plans to improve the services on offer for our customers, we have worked with Raphaels Bank to install these cash points at stations across our network.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"Millions of people use our network each year, including going to or from an airport, Eurostar and coach stations, and these machines have been installed to make it easier for people to access the currency they need."

Figures from the UK’s Office of National Statistics earlier this year said that London was now the most popular tourist destination in the world, with 17m visitors last year and it is hoped the new ATMs will also make it easier for visitors to the capital to access the currency they need.

However, the move may seem counter-intuitive when seen alongside some of TfL’s other recent manoeuvres.

The capital’s buses stopped accepting cash on 6 July, a move TfL said would save a cool £24m a year.

Passengers must now pay by Oyster card, contactless payment card, or a prepaid or concessionary ticket.

TfL said cash fares have made up less than 1% of bus journeys this year – down from around 25% a decade ago.

The government department is also rolling out the capability to use regular contactless payment cards rather than Oyster cards across the Tube, tram, DLR, Overground and National Rail services.


Related articles:

London buses turn cashless

London transport may accept payments via smart phones

The world is your Oyster: open-loop card payments hit London transport network