Cashless Countries Europe Edition

• The UK has seen ATMs deplete 14% since 2010
• The UK still has the 10th most ATMs per capita in Europe
• Lithuania is the country in Europe with the highest ATM depletion, with numbers decreasing 43% from 2010 – 2020
• Norway comes in second, with ATM numbers depleting by 34% since 2010
• The Netherlands comes in third place, at 33% ATM depletion
• Austria has the most ATMs in Europe at 144 per 100,000 people

Following the contact-free payment increase during the coronavirus pandemic, plus the recent announcement that old-school £20 and £50 notes will be obsolete by September 30th 2022, bank notes and coins are continuing to be phased out. But what does this mean for ATM usage?

Top 10 European Countries with highest ATM depletion 

Our personal finance experts looked into the number of ATMs in 2010 and again in 2020, in individual European countries, to work out the percentage decrease in ATMs for each one.

Ranked: European Countries With The Most ATMs Per Capita

Using UN population data for each European country along with IMF data stating the amount of ATMs per country in 2020, our personal finance experts worked out how many ATMs there were per capita, and per 100,000 people.

What are the advantages of ATMs?

24-hour service: The ATM provides service round the clock, meaning people can visit an ATM any time day or night.

Convenience: The ATM gives convenience to bank customers since they are often located in places such as airports and train stations, meaning customers don’t always have to be near a bank to obtain their cash.

Reduced workload: ATMs reduce the pressure and workload of bank tellers, which in turn reduces queues at bank premises.

What are the disadvantages of ATMs?

Security:  Unlike bank tellers, ATMs do not require the person performing the transaction to present a picture identification, they simply need the card and a pin number. This means if a bank card is stolen and the pin number somehow obtained, the criminal can get access to funds. Check out our guide on how to keep your bank details safe here.

Basic transactions: ATMs cannot perform complex transactions e.g moving money between accounts or sending money abroad, making them obsolete to some people. 

Privacy: Unlike banks where premises are monitored by security guards, ATMs leave the user open to privacy leaks e.g someone behind them attempting to steal their pin number, or even cameras being placed above the ATM for the same purpose. For this reason, always shield the pin pad on an ATM with your hand while entering your pin number. Find out the four ATM scams you need to look out for here.

Fees: When using an ATM that isn’t part of your bank’s network of machines, the machine sometimes notifies you about a fee charged by the bank or company that operates the ATM. You can avoid this by only using ATMs that are part of your bank’s network, but this takes away the convenience factor.  ATMs also often charge fees when you are using a credit card rather than a debit card – find out more here.

Difficulty of use: For those who are unfamiliar with technology, using an ATM might cause some issues. An ATM is incapable of providing personalised instruction to the user in a way that a human teller can.

Eating a card: On occasion, an ATM may malfunction and swallow the user’s card. This will result in them having to contact their bank to retrieve it, and they may be left without a card for a period of time.

What is the future of the Atm?

Personal finance expert Salman Haqqi has shared his thoughts on the longevity (or lack of!) of the ATM, saying:

“The global pandemic saw many countries encouraging the use of contactless payments rather than cash, which saw ATM depletion in some countries across Europe. The UK has seen a 14% depletion in the past 10 years, which essentially means more than 1 in 10 have disappeared. 

However, The new Financial Services and Markets Bill, announced in the Queen’s Speech at the state opening of parliament, is designed to shore up the country’s cash infrastructure for the long term. 

This means ATMs will be protected and not allowed to become redundant in the UK, however, they may not remain as we know them.

Like most technology such as smartphones or computers, experts have predicted ATMs will evolve to include built-in finger-print or facial recognition, and they may give us access to financial advice. Furthermore, they could take on more of a traditional bank teller’s job, potentially allowing us to open new accounts, transfer money between existing accounts or make secure payments.”

Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.