Cash withdrawals available at 7-Eleven stores
DBS and POSB customers can now make cash withdrawals from their bank accounts at over 500 7-Eleven convenience stores islandwide.
The partnership between DBS and 7-Eleven aims to increase the number of points in Singapore where people can withdraw money.
Customers will be able to withdraw up to S$80, in multiples of S$10, at one time.
The cash withdrawal service is free, but customers have to buy something from 7-Eleven first using their bank cards and PIN (Personal Identification Number).
There is no limit to the number of cash withdrawals with purchases in a day.
Ms Tan Sioe Lan, 7-Eleven marketing and business development manager, said: "We are the largest number in term of stores that are all over Singapore, be it in the heartland, commercial (areas). So, as and when consumers need cash, they can just go to our store. It's bright-lit, it's open 24-seven, and easy to find everywhere."
Customers make withdrawals over the Network for Electronic Transfers (NETS) payment platform.
DBS Bank's head for consumer banking group, Mr Jeremy Soo, said: "The cash withdrawal process is no different from a purchase that they've done at the store. And the payment system is one that's been tried and tested over many, many years and will conform to security requirements."
Consumers welcome the convenience.
Ms Josephine Koh, a secretary, said: "If I can get cash immediately, why not? I would go for it."
Mr Hambali Rasit, a deliveryman, said: "Yeah, it's some sort of convenience, because you can withdraw straightaway from the counter."
However, if stores run low on money, the service will not be available. Instead, the cashiers will point customers to the nearest ATMs or stores which offer the service.
And 7-Eleven is keeping security precautions of having limited cash in the wee hours of the morning.
Although cashback services have been available in Singapore, those who don't see the need for it include Cheers and FairPrice Xpress convenience stores, with ATMs already present within some of their premises.
The Sheng Siong supermarket chain also says the service is not presently suitable for its mode of operations, taking into account customer queues.
~News courtesy of Channel Newsasia~
DBS and POSB customers can now make cash withdrawals from their bank accounts at over 500 7-Eleven convenience stores islandwide.
The partnership between DBS and 7-Eleven aims to increase the number of points in Singapore where people can withdraw money.
Customers will be able to withdraw up to S$80, in multiples of S$10, at one time.
The cash withdrawal service is free, but customers have to buy something from 7-Eleven first using their bank cards and PIN (Personal Identification Number).
There is no limit to the number of cash withdrawals with purchases in a day.
Ms Tan Sioe Lan, 7-Eleven marketing and business development manager, said: "We are the largest number in term of stores that are all over Singapore, be it in the heartland, commercial (areas). So, as and when consumers need cash, they can just go to our store. It's bright-lit, it's open 24-seven, and easy to find everywhere."
Customers make withdrawals over the Network for Electronic Transfers (NETS) payment platform.
DBS Bank's head for consumer banking group, Mr Jeremy Soo, said: "The cash withdrawal process is no different from a purchase that they've done at the store. And the payment system is one that's been tried and tested over many, many years and will conform to security requirements."
Consumers welcome the convenience.
Ms Josephine Koh, a secretary, said: "If I can get cash immediately, why not? I would go for it."
Mr Hambali Rasit, a deliveryman, said: "Yeah, it's some sort of convenience, because you can withdraw straightaway from the counter."
However, if stores run low on money, the service will not be available. Instead, the cashiers will point customers to the nearest ATMs or stores which offer the service.
And 7-Eleven is keeping security precautions of having limited cash in the wee hours of the morning.
Although cashback services have been available in Singapore, those who don't see the need for it include Cheers and FairPrice Xpress convenience stores, with ATMs already present within some of their premises.
The Sheng Siong supermarket chain also says the service is not presently suitable for its mode of operations, taking into account customer queues.
~News courtesy of Channel Newsasia~
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