Business & Finance EFTPOS cash out query

[hawker92]

Just curious - does it cost you extra to get cash out?

E.g. I go to the bottle-o and buy something worth $30, and ask for $40 cash out.

Does the transaction go through as $70? Or is there a fee for getting cash out at a retailer?

 

[pepsi]

I have taken cash out with purchases from a number of different places and I have never had to pay a fee. Some places just don't do cash out though.

 

[Dan Moody]

Hey mate.
If you make a purchase using either cheque or savings on eftpos, and get cash out then there is no cash advance fee.
If you choose credit and get cash out, generally it will be charged as a cash advance fee on your credit card and a higher interest rate will apply.
In short, if you are using debit MasterCard/Visa, which is classed as using your own money, then select cheque or savings for cash out and you won't be charged extra.

 

[THRILLHO]

There's a small cost incurred to the store where you make the withdrawal, I'm fairly sure.

That's why smaller stores have a minimum spend for EFTPOS but the big two in Wesfarmers and Woolworths just cop the cost. They also allow you to make a withdrawal without a purchase. Much easier than trying to find an ATM that won't slug you the $2 fine. I make most of my withdrawals at Wesfarmers or Woolworths stores now, most of the time without purchasing.

 

[Dan Moody]

There's a small cost incurred to the store where you make the withdrawal, I'm fairly sure.

That's why smaller stores have a minimum spend for EFTPOS but the big two in Wesfarmers and Woolworths just cop the cost. They also allow you to make a withdrawal without a purchase. Much easier than trying to find an ATM that won't slug you the $2 fine. I make most of my withdrawals at Wesfarmers or Woolworths stores now, most of the time without purchasing.

So you just go up to the service desk, give them your debit card and say you want cash out without buying anything?
Cheeky bastard

 

[THRILLHO]

Any cash register.

I just walk up, say I'd like to get cash out and they process it.

 

[Selective Retention]

So you just go up to the service desk, give them your debit card and say you want cash out without buying anything?
Cheeky bastard

I've seen Woolworths/Coles advertise getting cash out without making a purchase as a way of avoiding bank fees. They would hope that would attract people and they would end up buying milk/bread/whatever anyway.

Also with the amount of EFTPOS they would generate surely they would play the banks and intermediaries that run the system off against each other and get a good deal anyway.

 

[JasRulz63]

It comes up as apart of the advertising on the Woolworths checkout screensavers (I work there, so constantly have to stare at it), that you can take cash out without making a purchase. Your other option is to use the self serve machines and hit "cash withdrawal" that will allow you to take cash out without buying anything either.

 

[Lensen]

Woolworths and presumably Coles actually get paid a small amount for each transaction

 

[Sarang]

For the majority of my purchases I use eftpos but I'll usually get $20 cash out just to leave in my wallet for the odd times I'm somewhere where they don't take eftpos or I need cash then I'll just get more cash out once I'm running low. Saves the hassle of going to the ATM all the time