S. Korean banks adding ATMs with coin acceptance

S. Korean banks adding ATMs with coin acceptance
Tags: Bank / Credit Union, Multifunction ATMs
June 27, 2004

SEOUL, South Korea - Major banks, including Kookmin Bank and Woori Bank, will install new ATMs through which customers can exchange coins for banknotes, in addition to depositing and withdrawing money.

According to a report in the Korea Times, Kookmin Bank plans to install ATMs with coin exchange capabilities at its 230 branches across the country.

Woori Bank plans to introduce the new ATMs this year at 50 branches located near marketplaces where coins are heavily used.

The two banks have been running the machines at selective branches on a trial basis.

Because the ATMs automatically sort and classify coins, users can deposit various coins at the same time regardless of the denominations, according to the Times report.