Deposit cash to an account in another country within the Eurozone

Last time I was in Germany I noticed there are ATMs where it's possible to deposit cash to your account.

It made me curious to find out, whether it is possible to deposit cash to an account in another country in the Eurozone?

Basically like a SEPA-transfer, but with cash. For example to an account in Belgium from an ATM in Germany.

When you have the other persons bankcard it is possible not much else other then Sepa or wire transfered etc. There might be complex processes with many checks that depend on your bank to do that but otherwise there would be blatant money laundering issues.

Depositing cash into an ATM in Germany (mainly banknotes, some take also coins) only works if you have an account with that same bank or possibly a subsidiary of it. I have never seen an ATM taking cash and offering the possibility to send that to a third party's account somewhere in the same process. Of course if you have someone else's bankcard for the ATM it is as if you were that other person….

If I understand it correctly, in Germany you need a bankcard to make a cash ATM deposit and it can't be a foreign bankcard?

Ahoj.

In the Czech Republic, at some ATMs belonging to a specific bank, you can also deposit banknotes into your account outside of withdrawal.  However, it is an account with the bank to which the machine belongs and verification - the opening of the transaction is a code, card, watch code of the owner.  (can give card to son, friend, etc.)

So what foreign card, another country?

Perhaps as you go to choose, so does this machine - it allows you to press the butto,, insert,,

These deposit ATMs are usually located at the respective brick-and-mortar bank and are exceptional.

My son sometimes takes banknotes from me and puts them in his account - if I know that I will need his transfer - through his bank for non-cash payment (payment via code)

Ivan

MIMAEL

 

So what foreign card, another country?

Eurozone.

p100

MIMAEL

 

So what foreign card, another country?

Eurozone.

Ahoj.

I don't understand you somehow, or I think you don't know what you're talking about.

the account card is issued by my bank and it is either a VISA or MASTERCARD card

And it doesn't matter where I withdraw in the world, wherever an ATM accepts cards.  from Japan-via China to America.

We're still at ATMs - we're not confusing internet banking with that!

Why are you mixing the "Eurozone" into this, what does it have to do with withdrawing and depositing cash?

Ivan

I think you using machine translation for reading and replying is leading to quite the loss in translation.

p100 wanted ideally go to a bank in the eurozone, deposit cash directly into another bank account in another eurozone country. But that simply doesn't work for many obvious and not so obvious reasons.

p100

If I understand it correctly, in Germany you need a bankcard to make a cash ATM deposit and it can't be a foreign bankcard?

… you need a bankcard that was issued by the bank that owns the ATM you want to use. So no, it cannot be a foreign bankcard.

Ahoj.

Well, why so complicated?  Send me money to my account and I will transfer the money to the accounts where you want.

That is why in the past I proposed a free account for all collectors so that we could transfer any currency between us (perhaps you can have 20-30 world currencies on your account).   We were even able to take advantage of the "promotion" and get a free amount with the purchase of one silver coin . 

I don't want to advertise it but it was,, Revolut,,

But I don't know where it is and where it isn't yet??

Ivan

Not complicated at all.

someone is obviously sitting on cash Euros that are to be paid into an account somewhere and the intended solution via ATM in Germany will not work.

If that someone was able to send the money into your account to have it forwarded he would have the solution already at hand and would not need your support…

But maybe it was just a hypothetic question and there is no problem at all.

Bavariat

 

But maybe it was just a hypothetic question and there is no problem at all.

Exactly, hypothetical question. It's interesting that the EU has a free market - for products, not for finance.

p100

Bavariat

 

But maybe it was just a hypothetic question and there is no problem at all.

Exactly, hypothetical question. It's interesting that the EU has a free market - for products, not for finance.

I think the EU would have the free market also for a financial service like you describe it, but it seems there simply is no demand in the market for such service. 

There is even a European law on the protection of money laundering (crime, drugs...) taxes. when the bank freezes the account when it comes to a large unexplained payment, or a transfer between accounts. The bank will ask you to prove the origin of the money.

Ivan

That's a part of the equation too.

Basically, first priority of banks is credit - they are mostly interested in lending out money, because that's when they make the most profit.

Secondly, banks want you to spend the loan using one of their services that makes them the most profit, which is not cash money (cash is not one of their products, so they can't calibrate profit with that solution).

Finally, banks has to oblige to laws that previously were not their task. Cash money would make these procedures much to difficult and expensive that anyone would want to use the services. Hence, no interest from the banks in  providing such services.

What I don't understand is why the banks own all ATMs and that you must be a customer at the bank to deposit cash to their ATMs. This can be dealt with differently. The ATMs could be owned either by banks in a common company, by the national bank or by a separate company with no ties to banking.