An automated teller machine (ATM), also known as automatic banking machine (ABM), Cash Machine, or Cashpoint, is a computer
ised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. On most modern ATMs, 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 an ATM, customers can access their bank accounts in order to make cash withdrawals, credit card
cash advances, and check their account balances as well as purchase prepaid cellphone credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e.g.: Withdrawing Japanese Yen from a bank account containing US Dollars), the money
will be converted at a wholesale exchange rate. Thus, ATMs often provide the best possible exchange rate for foreign travel
ers and are heavily used for this purpose as well.