Jul 17, 2013

    Bank with DBS and POSB? Draw cash at 7-Eleven

    DBS and POSB bank customers are now able to withdraw cash with their purchases at more than 500 7-Eleven stores islandwide.

    The service, which has been operational since last Thursday, was announced by DBS yesterday.

    Customers will be able to withdraw up to $80, in multiples of $10, with any purchase at 7-Eleven stores, excluding stores at Changi Airport and Shell stations, DBS said in a statement.

    "This fulfils customer demand for withdrawals of small amounts of cash, especially in the heartland. (It was) a need which we identified after careful studies," a DBS spokesman told My Paper.

    The POSB Cash-Point initiative expands DBS and POSB's network by one third.

    DBS and POSB, both of which are part of DBS Group Holdings, now has more than 2,000 physical touchpoints in their network, including branches and ATMs.

    Mr Jeremy Soo, DBS managing director and head of consumer banking, said: "This partnership with 7-Eleven is a continuation of a journey we have embarked on to innovatively expand our customer touchpoints islandwide."

    Last year, the bank worked with SingPost to provide cash-deposit and withdrawal services at its branches. Customers are able to withdraw amounts ranging from $200 to $5,000 at Singpost outlets.

    DBS said reception has been good and over 33,000 cash transactions were conducted at SingPost outlets in the fourth quarter of last year.