Westpac has made a surprising move, as Commonwealth Bank and ANZ scrap over-the-counter cash transactions at certain branches.
Westpac customers can now visit any Westpac, St George, BankSA or Bank of Melbourne branch across Australia to make cash transactions, following the rollout of new technology connecting the bank’s branch network.
The change means customers can now deposit and withdraw cash - among other cash transactions - at more locations across Australia.
Westpac CEO Peter King said the move completed a major piece of work to integrate technology across the Westpac Group brands.
“We are simplifying and consolidating our operations so that we deliver better services for customers, no matter which Westpac brand they use,” King said.
“Westpac, St George, BankSA and Bank of Melbourne customers will now have more options to do their banking at any location across Australia as part of a more connected branch network.”
Westpac customers will have access to 176 additional banking locations nationwide. Meanwhile, BankSA customers will be able to access an extra 388 locations, Bank of Melbourne customers an extra 521, and St George customers an extra 438.
Banks go cashless
Westpac appears to be going against the cashless trend. Macquarie Bank announced it would phase out cash and cheque services by November 2024, as it transitions to “completely digital payments”.
The move means customers wanting to withdraw or deposit cash will only be able to do so via an ATM.
Macquarie said the vast majority of its customers already banked digitally, with less than 1 per cent currently using cheques or cash.
Commonwealth Bank has also opened several “cashless branches” where customers are unable to access cash over the counter. The specialist centres are located in Sydney, Melbourne and Brisbane and are focused on more complex banking needs.
ANZ also scrapped over-the-counter cash transactions at a small number of branches earlier this year. Like CBA, ANZ said staff at the branches would instead focus on more complex banking needs.
Customers can still withdraw or deposit cash through a smart ATM and coin-deposit machines.
Westpac customers will have a default cash withdrawal limit of $1,000 after the big bank said Aussies were turning away from using cash. On top of that, the major bank will also set a new transaction limit at a default of $8,000 when selecting a credit payment. This is a major change.
Australia, like many other countries, is moving towards a cashless society – around 96 per cent of all Westpac transactions are digital. However, it's not there yet and the bank is committed to making cash available to customers when and where they need it, Yetton said.
Westpac is Australia's first bank and oldest company, one of four major banking organisations in Australia and one of the largest banks in New Zealand.
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The amount of cash you can withdraw from a bank in a single day will depend on the bank's cash withdrawal policy. Your bank may allow you to withdraw $5,000, $10,000 or even $20,000 in cash per day. Or your daily cash withdrawal limits may be well below these amounts.
Our extensive of ATMs makes it easy to find one nearby. You can make fee-free withdrawals at any Westpac, St. George, BankSA and Bank of Melbourne, atmx or Precinct ATM (conditions, charges and other fees may apply).
The US is moving toward cashless payments, with a substantial increase in the use of mobile wallet apps and contactless cards. A report from the Federal Reserve Bank of San Francisco found that payments made using cash accounted for just 18% of all US payments in 2022.
India cannot become cashless unless this mammoth sector adapts to the digital payments. Incentivizing the people alone is not sufficient. The government needs to develop the supporting infrastructures and technologies for India to become a cashless economy while also providing awareness to its people.
Londoners are moving away from cash faster than the rest of the country, according to new data. Figures from Link, the firm behind the majority of the UK's cash machine network, shows the capital's residents and workers are taking out £500m less every month from machines compared to pre-pandemic levels.
In some instances, we may decline the cash withdrawal based on the information provided surrounding the transaction. This would only ever be in situations where we need to safeguard our customers.
For example, Chase Bank accepts coins at every branch nationwide and will exchange them for cash. The bank's policy requires all coins to be wrapped in paper rolls for exchange and does not charge customers for this service. However, fees may apply for noncustomers.
It's called a 'float'… and it's not 'left over cash'. The float - is a small amount of cash, that's in the register before the start of trading. It's there - so you have change to give a customer if they don't have the correct money for their purchases.
Cash advances are cash withdrawals from your credit card account at any ATM, merchant facility or any Westpac branch. A fee of 3% of the cash advance amount will be charged to your account.
You can also use Westpac, St.George, BankSA and Bank of Melbourne Cash Exchange Machines (CEM) to exchange notes for coins or smaller notes. Use our Find a branch or ATM locator to find your nearest CEM, making sure you select the 'Cash Exchange Machine (CEM)' filter in the Refine Search bar.
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