Big change for FNB ATMs in South Africa
FNB ATMs will now show withdrawal amounts in a person’s home currency, extending the service already available on the company’s Speedpoint devices.
The South African banking giant has partnered with Fexco, a fintech company, to extend this service to its ATM network.
The rollout of this service is underway across the country, and FNB said it builds on its longstanding partnership with Fexco.
The company also noted that it will improve transparency and convenience for overseas cash withdrawals.
FNB said the new ATM service will “improve access to convenient and secure banking services while enhancing the overall customer experience.”
The service uses Dynamic Currency Conversion (DCC) to allow international cardholders to view a withdrawal amount in their home currency before completing the transaction.
DCC works by detecting a foreign card inserted into an ATM automatically and displaying the currency of the card’s origin.
The system has been adopted globally across several areas to ensure clarity for travellers when withdrawing money from their accounts.
FNB merchant services CEO, John Mlangeni, said: “International visitors want convenient access to cash and greater certainty when managing their money while travelling.”
“This enhancement helps customers better understand the value of a transaction before making a decision, while benefiting from the scale and accessibility of FNB’s network.”
FNB currently has 4,781 Point of Presence devices, which include ATMs, automatic deposit-taking devices, and statement-printing kiosks.
The company is also one of the only banks in South Africa which is increasing its number of physical devices in the country.
“We continuously look for opportunities to remove friction from everyday banking experiences,” Mlangeni said.
“Whether customers are making purchases, withdrawing cash or managing their finances while travelling, our focus is on providing simple, transparent and accessible solutions that make it easier for customers to manage their money.”
“By extending a service already available through everyday purchases to our ATM network, we are creating a more consistent experience for customers across different payment and banking channels.”
Fexco CEO Sean Crowe said the new service would help international cardholders in South Africa have consistency in their banking experiences.
“By bringing this capability to FNB’s ATM network, we are helping to create a more consistent experience for international cardholders travelling throughout South Africa,” he said.
Fexco is an international fintech company operating in approximately 60 countries, primarily focused on DCC services and multi-currency pricing.
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