DBS and POSB customers can now get cash from SPH Buzz newsstands

SINGAPORE - DBS and POSB customers now have 60 new places where they can get cash, with the addition of SPH Buzz newsstand outlets to the POSB Cash-Point network.

The POSB Cash-Point service lets customers withdraw up cash in $10 multiples, with any item purchase, using a DBS or POSB card linked to their account.

With the addition of some 60 SPH Buzz store - located at bus interchanges, bus shelters, MRT stations, shopping malls and heartland areas - there are now about 880 POSB Cash-Point locations islandwide.

At 7-Eleven, Guardian, and now SPH Buzz outlets, customers can withdraw up to $100. At Cold Storage, Giant, Market Place, Jasons and Sheng Siong outlets, the limit is $200.

And at SingPost branches, customers can deposit and withdraw up to $5,000.

Introduced in 2013, the POSB Cash-Point service has seen growing popularity, with the average number of monthly transactions rising 2.5 times from 2014 till 2016.

This year, the average customer withdraws about $85 per transaction, up from $50 last year.

Some 111,000 cash transactions were conducted at SingPost outlets from January to November 2016, up 13 per cent compared to the same period last year.

"Even as we pursue our digital agenda, we also understand the value of having a physical touchpoint nearby to fulfil our customers' cash transaction needs," said Mr Jeremy Soo, DBS Bank's managing director and head of consumer banking group, Singapore.

SPH Buzz Pods are run by Singapore Press Holdings' wholly-owned subsidiary SPH Buzz Pte Ltd.

Said Mr Chua Wee Phong, SPH's executive vice-president of circulation and chairman of SPH Buzz: "We are very pleased to partner DBS to add banking convenience to the suite of products and services currently available at the SPH Buzz Pod outlets."

More information can be found at www.posb.com.sg/cashpoint.