Just when you thought electronic banking couldn’t get any smarter, there is now a method of drawing cash by using your cell phone – no bank cards required.
Over the past two decades, South Africans have opted to pay by card or EFT for most purchases, with the cost of clearing cheques increasing and the safety issues involved in carrying large amounts of cash discouraging bank clients from making large withdrawals. However, there are times when you just can’t do without cold hard cash.
We Still Need Cash
Certain purchases are impossible without cash – supporting your local vendors, paying a parking attendant, or buying lunch from your favourite kiosk that is too small to have a card machine. Many small business owners still offer cash discounts which make cash an attractive option when making certain purchases, not to mention those times when the credit card system is offline and you need to make a purchase.
Cash From Your Phone
If you’d like the convenience of withdrawing cash without the hassle of carrying your bank card with you, or if you’ve just forgotten your wallet at the office, you’ll be glad to find out that RMB banking clients can now take advantage of card-less cash withdrawal technology. As part of your cell phone banking package, this facility allows you to withdraw cash from any FNB ATM by using a unique PIN sent directly to your phone.
Once you receive your PIN, simply head to your local FNB and you’ll be able to withdraw cash immediately. Banking clients should note that the PIN expires within 30 minutes of being issued and may only be used once, protecting clients from banking fraud.
If you’re an RMB client, you should already have access to this service. However, if you bank with any of South Africa’s major banks speak to your personal banker who will inform you of similar products and services available to you.