Cardholders of all 3 local banks now able to withdraw cash from 7-Eleven outlets

Cardholders of all 3 local banks now able to withdraw cash from 7-Eleven outlets

AsiaOneMonday, Jun 13, 2016

SINGAPORE - Frustrated by long queues at the ATM? Customers of Singapore's three biggest banks now have the option of withdrawing money from most 7-Eleven stores.

In a statement on Monday (June 13), 7-Eleven announced that all DBS or POSB, OCBC and UOB debit or credit cardholders will be able to take out between $10 and $100 at no extra charge when they make a purchase at one of the convenience store's participating outlets.

There are also no limits to the number of withdrawals that a customer may make in a day, though the amounts withdrawn will be subjected to each individual card's withdrawal limit.

The service will be available 24 hours a day at 384 out of 450 7-Eleven outlets across the island. Only shops at Shell petrol stations and Changi Airport do not offer the service.

The cash withdrawal service was first introduced nearly three years ago to DBS and POSB account holders. It has now been extended to OCBC and UOB users on March 15 and April 29 respectively.

Mr David Goh, chief executive officer of 7-Eleven Singapore, said: "This simple process innovation is akin to creating close to 400 additional ATMs overnight for cash withdrawals from not just one, but all three local banks."

He added that the service will also help the store recycle their cash collections, and could potentially cut down tasks associated with cash handling.

The outlets will provide cash based on what is available, as dictated by cash-flows from day-to-day purchases at individual stores.

seanyap@sph.com.sg

- wong chee tat :)