A sudden need for money arises as you walk around town only for you to realize that your wallet, which has your ATM card, is not in your bag or pocket as it should be.
This is usually one of the most frustrating experiences. It gets worse if you are too far to go back and grab your ATM card.
But, lo and behold, the wonders of technology. Technology came to make life easier and better, and it proves itself useful in such scenarios. It takes this whole mess and turns it around into something workable in the form of a simple solution.
Using Technology To Your Advantage
Many people are used to the brick-and-mortar establishment of banks and rarely go beyond using the ATM. Banks have adapted to the growing needs of their clients and have devised ways to keep clients well served and able to use their services whenever possible.
This is why you should explore these 3 avenues you can take the next time you don’t have your ATM card with you.
1. A Linked Credit Card
Most banks have their credit cards operating as ATM cards. All you have to do is to link the credit card to your savings or current account.
This can be done using the option the bank offers, whether at your designated branch, online, or the bank’s app. All withdrawals will then be debited directly from the linked account.
This is different from a credit card cash advance. A credit card cash advance is ideally a loan based on your credit limit. The interest rates for this are much higher and are compounded daily. A cash advance will also attract a cash advance fee.
With this information, you might wish to consider linking your credit card just in case and for convenience’s sake as well.
The wonders of a smartphone are limitless. When you’re out, you’ll most probably have your smartphone out with you, and this gadget can save you in a bind.
Using your phone and the soCash app, you can withdraw money from any of the participating shops in Singapore. That gives you a choice of more than 1,000 shops.
The app shows you a list of the nearest cashpoints based on your location. The minimum withdrawal amount is currently set at $20 and the maximum at $500 on the app. Most of the participating outlets will, however, only allow a limit of $200.
Once you choose the amount and pick a location, all you have to do is go to the said location, scan the QR code, make the payment, and receive the cash.
Customers banking with DBS and POSB can do a direct debit from their account or use the DBS PayLah! app to make the payment. If making a direct debit, you will need to log in to your bank’s mobile banking app and enter the one-time pin (OTP) generated and sent to your phone.
If you bank with Standard Chartered Bank, you only need to go to the SC mobile app, and you will find soCash amongst its functions. It is under the ‘Get Cash’ menu. Remember that for security reasons, every cash withdrawal will require authentication and authorization using login credentials or a fingerprint. The amount withdrawn will then be directly debited from your account.
If you bank with other banks, you can still use the DBS PayLah! app. There is an option to register as a non-DBS/POSB user. Once registered, use FAST transfer to top up the PayLah! wallet from your bank account and you can then use the money in your PayLah! wallet to make the payment.
Apart from the ability to use it regardless of whichever bank you use, soCash has another significant advantage: it offers you rewards whenever you use it and refer your friends.
Any free cash earned can be used as part of the payment when you make your next withdrawal. Once earned, it is only valid for 30 days and expires upon the expiry of this time frame.
3. UOB Contactless Cash Withdrawal
If you are a UOB customer and your smartphone has the NFC (Near Field Communication) functionality, you can use this method to withdraw money at designated UOB ATMs.
Using this method requires linking a UOB MasterCard or Visa Debit or Credit card to a savings or current account first. You will then need to add the card to UOB Mighty Pay or Apple Pay. If on Android, you can add your UOB ATM card to Mighty Pay.
For the actual withdrawal, tap on the contactless symbol on the ATM using your device and choose the card that is linked to your account. Key in your ATM pin and complete your withdrawal.
You can make it even easier by inputting the settings in advance on UOB Mighty. You will only need to key in your ATM pin the next time you want to make a withdrawal.
Accidents happen, and sometimes people forget their ATM cards. Having these options available ensures you never have to panic when you do. It’s simple, quick and can be a huge life saver.