What is ATM?
A cash machine, also known as an automated teller machine (ATM, American, British, Australian, Malaysian, South African, Singaporean, Indian, Maldivian, Hiberno, Philippine and Sri Lankan English), automated banking machine (ABM, Canadian English), cashpoint, cashline, minibank, bankomat or colloquially hole in the wall (British English) is an electronic telecommunications device that enables the customers of a financial institution to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller.
According to the ATM Industry Association (ATMIA), there are now close to 3 million cash machines installed worldwide.
On most modern cash machines, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).
Using a cash machine, customers can access their bank deposit or credit accounts in order to make a variety of transactions such as cash withdrawals, check balances, or credit mobile phones. If the currency being withdrawn from the cash machine is different from that in which the bank account is denominated the money will be converted at an official exchange rate. Thus, cash machines often provide the best possible exchange rates for foreign travellers, and are widely used for this purpose.