DBS, POSB customers can withdraw more cash at more retail outlets

DBS Bank and POSB customers will be able to withdraw up to S$200 with any purchase at all Cold Storage, Market Place, Jasons and Giant stores in Singapore, the local bank announced on Thursday (Nov 5).

Customers can use the complimentary service with a DBS or POSB debit or credit card linked to a savings account. With the latest expansion, there are now around 800 Cash-Point locations islandwide, making it close to 2,000 places to withdraw money for DBS and POSB customers across the country.

Thursday’s announcement follows last year’s expansion, where customers were able to withdraw S$100 with any purchase at all Guardian Health and Beauty and Sheng Siong stores. The S$100 limit remains for these stores.

The service was introduced in partnership with 7-Eleven in July 2013, where there is also a S$100 withdrawal limit. The bank said that the average number of Cash-Point transactions every month has risen by 115 per cent since 2014, with the average customer withdrawing S$50 per transaction.

“As we ramp up our digital banking capabilities, we also recognise that our customers value having a ready withdrawal touchpoint nearby when they need cash,” said Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group Singapore.

“We have chosen to partner with places frequently visited by our customers so the act of withdrawing cash is integrated with part of their daily journey.”