What is cardless cash?

If you want to use cardless cash, check that your bank offers this feature with the type of account you’re hoping to use it for. Some conditions your bank may apply to using cardless cash include: 

• You must have a debit card linked to your account
• You need to be a mobile banking customer
• Your bank's app is installed on your phone

Look for the cardless cash option in the mobile banking app, and enter the amount you need to withdraw. Be aware that your account may have a daily cardless cash limit on the number of transactions and the amount you can withdraw in a day or a week. 

Once you've put in the request, you’ll receive a unique code as a text message or in your banking app. This code is valid for a short time, likely around 30 minutes or up to 3 hours, depending on your bank. This unique code helps to ensure that cardless cash transactions are safe and secure as only you can access it.

You can now go to the ATM to get the cash out using the cardless cash feature. Most banks allow cardless cash withdrawals only from their own ATMs, so you’ll need to look for one that belongs to your bank. It makes sense to check that you have an ATM within a reasonable distance before initiating a cardless cash transaction, especially when the code expires. 

Select the cardless cash option in the ATM, and enter your unique code to get your cash. Once you withdraw the money, the code will no longer be valid.

Some apps offer a way to send cash to a friend or family member, using a feature that shares a unique code via SMS. Select this and enter the receiver’s mobile number in your app. The receiver can use that code to withdraw money from an ATM. It again probably has to be your bank's ATM.

You need to be careful while sending money this way. If you enter the mobile number wrong and the cash reaches the wrong person, your bank will not be liable, and you’ll have to bear the loss. There is also no way to cancel an active code either in the mobile banking app or by calling the helpline.

Most of the larger banks, like St.George, Bank of Melbourne, BankSA, Westpac, and CommBank, provide the cardless cash feature to their customers. There is no fee for using this facility, so you can use the feature without the fear of fees. Most other larger financial institutions will likely start offering this feature as it becomes more popular. Perhaps ask your bank about cardless cash if they don’t already provide it.

If you haven’t used this feature before, you could reach out to your bank and check whether you’re eligible. You may also want to ask them ‘how much cardless cash can I withdraw’ daily or weekly, then decide whether this will suit your requirements.