The Bank of N.T. Butterfield & Son Limited unveiled the island’s first multi-currency ATM in the refurbished international departure lounge at L. F. Wade International Airport. A press release announcing the installation of the ATM, which is located airside, or past security, and outside the British Airways Lounge, explained the machine dispenses Canadian dollars, Great Britain pounds and euros.

Sean Lee, executive vice president and head of retail banking at Butterfield was quoted saying: “We are pleased to be introducing Bermuda’s first multi-currency ATM, which offers our customers the convenience of obtaining foreign currency in Bermuda for use while travelling in Canada, the UK or Europe before departure without the need to visit a banking centre.”

Butterfield explained the ATM, which will only accept Butterfield ATM cards, will allow customers to withdraw up to C$/€/£600 from their Butterfield accounts, denominated in C$/€/£50 notes. The same foreign exchange rates that are in place at Butterfield banking centres, along with the foreign currency purchase tax (FCPT) will be applied to foreign currency withdrawals at the airport.

Butterfield said: “Obtaining foreign currency before leaving Bermuda is generally cost advantageous for customers versus withdrawing cash whilst abroad,” and quoted Mr Lee, who explained: “When you withdraw cash from an ATM overseas, you incur the overseas bank ATM and FX fees on top of local bank fees and FCPT, which makes it a costly transaction.

“Using our new multi-currency ATM before you travel to Canada or Europe is an opportunity to save on those additional overseas fees.”

Aaron Adderley, general manager of L.F. Wade International Airport was also quoted and he said: “We are glad to be working with Butterfield to help make travelling more convenient for our customers. In addition to Butterfield adding the multi-currency ATM, we have made some cosmetic changes in the International Departures Lounge, to make it a more comfortable waiting environment.”

Butterfield is working with Airport authorities to install a US dollar ATM in the US Departures Lounge for customers travelling to the US.