News

London ATMs may not be up to Olympics cash demand

July 19, 2012

Following ATM outages during the four day holiday last month for the Queen's Diamond Jubilee, tourists bound for the London Olympics are being advised to be ready for more of the same.

An article by Newsday reported that ATM lines are already getting longer as tourists descend on the British capital in advance of the games, which run from July 27 to August 12.

Newsday also noted that only certain bankcards (i.e., Visa credit and debit) will be accepted in the Olympic Park and that the number of ATMs at the venue had been reduced from 27 to eight when long-time Olympics sponsor Visa replaced machines there with its own Visa-only terminals.

The U.K.'s Payments Council, which works with banks and other cash providers has advised tourists to bring plenty of British currency with them to cover high prices in London, and to have a "Plan B," in case they — or the city's ATMs — run out of cash.

"We've been working to make sure that there is enough cash to meet demand," Michelle Whiteman, spokeswoman for the Payments Council told Newsday. "But at any point in time, a cash machine may run out of cash. It's just that it will be more noticeable during an event like this."

For more on this topic, visit the vault cash/cash management research center.