DBS and POSB customers can now withdraw cash at Guardian, Sheng Siong stores here

A screengrab of POSB's ad for the new service. -- PHOTO: SCREENGRAB FROM YOUTUBE
A screengrab of POSB's ad for the new service. -- PHOTO: SCREENGRAB FROM YOUTUBE

SINGAPORE - DBS Bank announced on Thursday that its DBS andPOSB customers will now be able to make cash withdrawals at all Guardian Health & Beauty and Sheng Siong stores in Singapore

By this expansion of its POSB Cash-Point facility, DBS said said in a press release it has increased its withdrawal touchpoints to close to 2,000 islandwide which is the most extensive in Singapore, "further solidifying its presence in town and in the heartlands."

With any item purchase at more than 140 Guardian Health & Beauty and over 30 Sheng Siong stores here, DBS and POSB customers are now able to withdraw up to $100, in multiples of $10.

Customers can tap this service using a DBS or POSB debit or credit card linked to a savings account.

From now till the end of the year, the first 500 customers every day who make cash withdrawals at these stores will also have an additional $5 credited into their accounts.

In July 2013, DBS/POSB announced its partnership with 7-Eleven, allowing customers to make withdrawals at over 500 stores islandwide. The implementation of POSB Cash-Point has seen strong traction with an increase of close to 50 per cent from the previous year in withdrawals made at these stores, DBS said in Thursday's release.

Over 40,000 transactions were conducted at SingPost outlets in the first half of 2014.

Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group Singapore, DBS Bank said, "While we have seen increased usage of online banking and mobile payments, we also understand some of our customers do have cash needs and our physical banking touchpoints remain an important part of our network to fulfill these needs. Over the years, through our strategic partnerships, we have increased our presence across Singapore to make banking even more convenient for our customers."

DBS said has the largest base of online banking customers in Singapore with more than two million iBanking users and 850,000 mBanking users. DBS PayLah!, a mobile wallet introduced in May this year to make peer to peer payments easier, has more than 180,000 registered wallets.

In October, DBS also introduced SMS Banking to its suite of mobile banking offerings, allowing customers to perform simple banking transactions including checking account balances, performing card payments and fund transfers to their own accounts outside of the internet banking environment.