It can be frustrating when you need to withdraw cash only to realise that your ATM card was left at home. Instead of borrowing money from your friends or colleagues, here are some ways to get cash without an ATM card.
soCash is a mobile app service that allows you to withdraw cash from over 1,000 participating shops in Singapore.
You have to select a withdrawal amount and the app will list down the nearest cashpoints based on your current location. The minimum and maximum withdrawal amount at one go are currently $20 and $500 respectively, though most participating shops limit you to $200. You can then proceed to the location to scan the QR code, make payment and collect your cash.
DBS and POSB customers can make payment using the DBS PayLah! app or via a direct debit from their DBS/POSB account. For the latter, you need to login to your mobile banking and enter the One-Time Pin (OTP) sent to your mobile phone.
Standard Chartered Bank customers can access soCash functionality from within the SC mobile app. Look for the 'Get Cash' in the menu and select soCash. Any cash withdrawal must be authenticated with fingerprint or login credentials and the amount will be debited directly from their bank account.
For users of other bank accounts, you can make payment via the DBS PayLah! app by registering as a non-DBS/POSB user, and then top-up your PayLah! wallet via FAST transfer from your bank account. Payments for soCash will be deducted from this PayLah! wallet.
soCash has a FreeCashprogramme, which rewards users for using soCash and referring their friends. FreeCash earned can be used to offset your payment when making withdrawals. If you have $5 in FreeCash, a cash withdrawal of $50 will require payment of $45 instead. Note that FreeCash earned will only be valid for 30 days and will expire if not redeemed.
2. UOB CONTACTLESS CASH WITHDRAWAL
UOB customers using smartphones with Near Field Communication (NFC) functionality will be able to withdraw cash at selected UOB ATMs.
Prior to using this cash withdrawal method, you need to link your UOB Visa or MasterCard Credit/Debit Card to your current or savings account. The card must then be added to your Apple Pay or UOB Mighty Pay. Android users also have the option to add their UOB ATM card to Mighty Pay for contactless withdrawals.
To withdraw cash at the ATM, tap your device on the contactless symbol on the ATM and select the card with ATM access. Once that is done, input your ATM PIN and make your withdrawal.
For convenience, you can input your preferred cash withdrawal settings to your card on UOB Mighty. This allows you to collect the pre-set cash amount once you enter the ATM PIN without going through the usual transaction screens.
3. CASH WITHDRAWAL USING A LINKED CREDIT CARD
For most banks, your credit card can double up as an ATM card. This can be done by linking your card to your current or savings account. Just like an ordinary ATM card, cash withdrawals will be debited directly from your account.
This should not be confused with a credit card cash advance, in which you take a short-term loan from the bank against your available credit limit. For cash advances, interest rates are compounded daily and the rates are usually higher than the usual credit cards interest rates. In addition, a cash advance fee may also be charged.
This article was first published in Dollars and Sense.