Withdraw Cash Without An ATM Card (SoCash Review)

SoCash Review

Have you wanted to withdraw cash, but the ATM queues are too long?

Or perhaps the nearest ATM is too far away from your current location.

You will not need have this problem with SoCash. It gives you an option to withdraw cash from shops in your neighbourhood!

Here’s how this app helps to make withdrawing cash more accessible.

What is SoCash?

SoCash is a FinTech firm started by its CEO, Hari Sivan. It allows you to withdraw cash from minimarts and supermarkets, just by scanning a barcode.

Hari believes that even when countries are going cashless, there is still a need for cash.

wallet

SoCash thus provides an alternative option for you to withdraw cash instead of ATMs.

This makes withdrawing cash even more convenient and accessible for you!

How does SoCash work?

SoCash allows you to withdraw cash from their partner merchants. After making a bank transfer to SoCash, you will receive a barcode that the merchant can scan. The merchant will then hand over the cash to you.

Here’s how SoCash works in detail:

#1 Select Your Payment Method

There are 4 payment methods you can select via the app.

These include:

  1. DBS / POSB
  2. ICBC
  3. OCBC PayAnyone
  4. DBS Bank (PayNow)
SoCash Payment Methods New

SoCash does not allow you to use UOB as a payment method at this time.

#2 Select the amount you wish to withdraw

You will need to select the amount you wish to withdraw.

SoCash Select Amount To Withdraw

You can only withdraw in multiples of $10.

Maximum withdrawal limits

SoCash has a maximum withdrawal limit of $500 per transaction.

However, the daily, monthly and yearly limits depend on each bank.

For example, here are the transaction limits for ICBC.

Type of LimitLimit Amount
Daily$600
Monthly$5,000
Yearly$10,000

#3 Select a merchant to withdraw cash from

Based on your location, you can choose to withdraw from nearby merchants.

SoCash Search For Merchants

Some of the merchants that SoCash partners with include:

  1. Sheng Siong
  2. Hao Mart
  3. UStars Supermarket
  4. Killiney
  5. 7-Eleven
  6. Buzz
  7. Phoon Huat
  8. Prime Supermarket

Some shops such as 7-Eleven may require you to make a purchase before you can withdraw cash from them.

SoCash Purchase Required 7 Eleven

#4 Transfer money to SoCash via iBanking

Once you’ve selected your merchant, you will need to confirm the cashpoint.

SoCash Confirm Cashpoint

You will then be redirected to your iBanking platform to transfer the money to SoCash.

I used DBS for my payment method.

SoCash Payment Method DBS

After successfully transferring the money, you will need to tap on ‘Scan and Collect‘.

SoCash Scan and Collect

You are also able to request for a refund if you wish to do so.

You will be given a barcode that you’ll need to let the merchant scan.

SoCash Barcode

I would suggest to do these steps before going to the merchant. The app can be a bit laggy, so you may want to have some extra buffer time!

#5 Collect your money from the merchant

After scanning the barcode, the merchant will pass you the cash.

SoCash Successful Withdrawal

You will receive a receipt in your email too.

SoCash Receipt

And that’s all you need to do to withdraw your cash!

Alternative: Standard Chartered mobile banking app

You aren’t able to use Standard Chartered as one of your payment methods in the SoCash app.

However, you are able to use the SoCash service in Standard Chartered’s mobile banking app.

SoCash Standard Chartered Mobile Banking App

Similar to above, you can choose the merchant to withdraw your cash from.

SoCash Standard Chartered Mobile Banking App 2

How does SoCash earn money?

SoCash is free to use for consumers, so how does it earn money?

Here’s a quote by SoCash’s CEO, Hari Sivan, in a previous interview:

Our business is primarily driven by the number of transactions, which in turn is driven by the size of our network and the number of banks or financial institutions partnering us.

Hari Sivan

SoCash earns revenue from the transaction fees they charge banks for each withdrawal. To ensure that consumers make more withdrawals, they will have to expand their network of merchants too. They attract merchants to their network by offering them increased footfall and a commission for each withdrawal made.

Here’s how SoCash’s business model works in detail:

SoCash earns revenue from banks

SoCash provides an attractive option for banks.

Currently, banks rely on ATMs and bank branches to distribute cash to consumers.

However, SoCash estimates that banks are paying around USD$200 million a year on ATM expenses!

As such, SoCash offers banks to use merchants as their virtual ATMs instead. Banks no longer need to maintain so many ATMs. This reduces their costs significantly.

For each withdrawal made by a customer, SoCash will charge the bank a transaction fee.

This transaction fee is how SoCash generates its revenue.

revenue  1

Expansion of merchant network

To allow customers to make more withdrawals, SoCash must expand their network of merchants. This will make SoCash more accessible for customers to make withdrawals.

To increase the number of merchant partners, SoCash provides these benefits to merchants:

  1. Increased footfall for merchants
  2. Receiving a cut of the transaction fee

Increased footfall for merchants

SoCash helps to increase the flow of customers into their merchants’ stores.

shopping cart

Most merchants do not require you to make a purchase before you can make a withdrawal. However, when you are at their store, you may decide to buy something else too.

This helps to increase the business for that merchant!

Receiving a cut of the transaction fee

Moreover, SoCash gives the merchant a commission for each successful withdrawal.

With these perks being offered to merchants, it is hoped that more of them will be a SoCash partner.

As such, this allows SoCash to expand their network of merchants.

Business model looks sustainable

SoCash’s business model looks pretty sustainable.

They mainly rely on 2 things:

  1. There must be a large network of merchants that act as cashpoints
  2. There must be enough withdrawals made by consumers

If there are enough withdrawals made, SoCash should be able to survive in the long run.

What are the benefits of SoCash?

Here are 4 benefits of using SoCash:

#1 Greater convenience in withdrawing cash

I rarely withdraw cash as the nearest ATM is rather far from my house.

However, SoCash provides me with greater convenience. I am now able to withdraw cash at nearby merchants!

undraw business shop qw5t

Moreover, the withdrawal process may be even faster than withdrawing from an ATM.

All you’ll need to do is present the barcode to the merchant to scan. You’ll be able to receive your cash right away!

SoCash does provide a lot of convenience when you are looking to withdraw cash.

#2 No transaction fees

Currently, SoCash does not charge consumers any fees for using this service.

As such, it provides a great alternative option to queuing up at ATMs.

Hopefully SoCash will continue not to charge us any transaction fees!

#3 Rewards

You are able to receive rewards when you make 3 withdrawals within a 7-day period.

SoCash Rewards

You will need to make 3 qualifying transactions (min $30) on 3 different days. Moreover, you will need to make the other 2 transactions within 7 days of your first transaction.

This will give you a $1 cashback on your 4th transaction!

If you are constantly in need of cash, this can help you to be rewarded when you make withdrawals.

#4 Promotions

There are promotions that are available when you withdraw cash from certain cashpoints.

These merchants will have the ‘Promotion’ label.

SoCash Promotion

Currently, the only promotion that is running is the 1.5% cashback.

SoCash Cashback Promotion

When you withdraw a minimum of $50, you will be eligible for a 1.5% cashback.

However, this cashback is capped at a maximum of $1.

Is SoCash safe?

Based on Crunchbase, SoCash has managed to receive their Series A and Series B fundings.

SoCash Crunchbase
Source: Crunchbase

If a company is able to receive funding, it shows that investors have confidence in their business prospects.

Moreover, SoCash was one of the few firms that received the Financial Sector Technology and Innovation (FSTI) Scheme Proof-of-Concept grant from the Monetary Authority of Singapore (MAS).

This grant also shows that MAS is keen to help SoCash in its developmental stage.

SoCash has received backing from both the MAS and investors. Moreover, their payment methods require you to use mobile banking platforms which are secure.

As such, SoCash is a rather safe service to use.

Conclusion

Here are the pros and cons of using SoCash.

ProsCons
Fast and convenient withdrawalsApp is a bit laggy
Able to transfer money via
different payment methods
UOB accounts are not
accepted for payment
Cashback and promotions available
No transaction fee for withdrawals

The major disappointment about this app is that it is rather laggy. Being a FinTech firm, I expected the app to have a better user experience.

Nevertheless, SoCash is a great alternative to ATMs. If you are ever in need of cash, you may want to consider popping into your nearby minimart!

SoCash Referral (Get $3 off your first withdrawal)

If you would like to use SoCash, you can sign up using my referral link. You will get $3 off your first withdrawal.

For example, if you wish to withdraw $10, you will only need to transfer $7 to SoCash.

Here’s how you can get your free $3:

When you click on my referral link, you will be redirected to download the app.

#2 Sign up for an account

You will be given different options to create your account.

My referral code should already be included too.

SoCash Referral Code 1

Alternatively, you can enter my referral code ‘GIDE2114‘ into the field if it’s empty.

SoCash Referral Code 2

#3 Receive your $3 referral bonus

Once you’ve completed the signup process, you should receive the $3 reward.

SoCash Receive Reward

You are able to claim this cashback when you make your first withdrawal!

SoCash 3 Cashback

undraw pcsocial 16rw

Do you like the content on this blog?

To receive the latest updates from my blog and personal finance in general, you can follow me on Telegram and Facebook.

2 Shares:
You May Also Like