Forgot your ATM card? Here are 3 ways to always withdraw money in Singapore, Singapore News
It can be frustrating when you have to withdraw money to find that your ATM card has been left at home. Instead of borrowing money from your friends or colleagues, here are some ways to get money without an ATM card.
soCash is a mobile app service that lets you withdraw cash at over 1,000 participating stores in Singapore.
You need to select a withdrawal amount and the app will list the nearest ATMs based on your current location. The minimum and maximum one-time withdrawal amounts are currently $ 20 and $ 500 respectively, although most participating stores limit you to $ 200. You can then go there to scan the QR code, make the payment and collect your money.
DBS and POSB customers can make payment using DBS PayLah! app or by direct debit from their DBS / POSB account. For the latter, you must connect to your mobile bank and enter the one-time PIN code (OTP) sent to your mobile phone.
Standard Chartered Bank customers can access the soCash functionality from the SC mobile app. Look for “Get Cash” in the menu and select soCash. All cash withdrawals must be authenticated by fingerprint or login details and the amount will be debited directly from their bank account.
For users of other bank accounts, you can make payment via DBS PayLah! app by registering as a non-DBS / POSB user, then top up your PayLah! wallet by FAST transfer from your bank account. Payments for soCash will be deducted from this PayLah! wallet.
soCash has a FreeCash program, which rewards users who use soCash and refer their friends. FreeCash earned can be used to clear your payment when making withdrawals. If you have $ 5 in FreeCash, a $ 50 cash withdrawal will require a payment of $ 45 instead. Note that the FreeCash earned will only be valid for 30 days and will expire if not used.
2. UOB CONTACTLESS MONEY WITHDRAWAL
UOB customers using smartphones with Near Field Communication (NFC) functionality will be able to withdraw money at certain UOB ATMs.
Before using this cash withdrawal method, you must link your UOB Visa or MasterCard credit / debit card to your checking 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 money from an ATM, tap your device on the ATM contactless symbol and select the card with ATM access. Once done, enter your ATM PIN code and make your withdrawal.
For added convenience, you can enter your preferred cash withdrawal settings on your card at UOB Mighty. This allows you to collect the preset cash amount once you enter the ATM PIN code without going through the usual transaction screens.
3. WITHDRAWAL OF MONEY WITH A LINKED CREDIT CARD
For most banks, your credit card can work as an ATM card. This can be done by linking your card to your checking or savings account. Just like a regular 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 out a short term loan from the bank against your available credit limit. For cash advances, interest rates are compounded daily and the rates are generally higher than typical credit card interest rates. In addition, a cash advance fee may also be charged.
This article first appeared in Dollars and common sense.