What is cardless cash? Cardless cash means withdrawing cash from an ATM without a card. Spoiler alert – it’s done with your mobile phone. It’s safe and convenient – especially when you’ve left your card at home! How does cardless cash work? There are two main ways banks make cardless cash work. One method, used by Commonwealth Bank and the Westpac Group, is your mobile phone banking app sends a unique code – in the form of a text message or within the app itself – and then you take this code to an eligible ATM. You set the amount you want to take out within in the app, then look for the nearest cardless–supporting cash machine. The other way it works, at ANZ Bank, is that you use Apple Pay, Google Pay or another wallet or wearable payment device (Fitbit, Garmin etc) to make a contactless Tap and Pay confirmation at the ATM and get your cash. Here’s how you do it Choose a transaction account that supports cardless cash and make sure that your smartphone or your device is compatible with your bank’s app. Head to the cardless cash widget within the app and enter the amount you want to withdraw. Each bank will have different cashless withdrawal limits, in terms of amounts and the number of withdrawals you can make each day and week. Wait for your unique code to get to your device. For your security, this code will expire after a certain amount of time. Most Australian banks offering cashless hold the code open for three hours, but Commonwealth Bank gives you just 30 minutes. Locate and head to the nearest cardless–compatible ATM. Your banking app will probably be able to direct you and once you’re there you select the cashless option at the ATM and then enter your code. Which banks offer cardless cash? Several of Australia’s bigger banks offer cardless cash ATM withdrawals. Commonwealth Bank was the first bank to introduce cardless cash in Australia. Westpac Bank also offers cardless cash and that includes the Westpac subsidiaries Bank of Melbourne, BankSA and St George Bank. Last year, ANZ Bank became the first bank to offer cardless cash withdrawals using Apple Pay or other mobile wallets with contactless functionality. Westpac cardless cash vs Commonwealth Bank cardless cash vs ANZ cardless cash The two biggest banks in Australia, Westpac and Commonwealth, were years in front of rivals in introducing cardless cash. Both work via their mobile phone banking apps delivering one-time codes which are typed into the ATM. Once you select cardless cash in the app, the app gives you a code and you have a limited time to get to the ATM before the code expires. Westpac gives you three hours to use a cardless cash code. Commonwealth Bank allows 30 minutes. Westpac has a weekly cardless cash limit of $1,000. CommBank has a daily limit of $500. ANZ’s cardless cash is different because it operates on contactless technology via Apple Pay or other wallet so limits don’t apply and codes and time limits don’t exist. Can you share? Can you share your unique code with another person who can pick up the cash for you? How do you do this? Do you have to nominate the person and give their mobile number to the app? Do the daily or weekly limits work for you? If you travel a lot and you’re forgetful, will a weekly limit of $1,000 be enough? Or a daily limit of $500? Is the time limit enough? You might prefer the 30–minute CommBank limit or you may need longer. The advantages of using cardless cash The ability to travel without flashing cards about or having to remember your purse or wallet. You can still get to your money even if your cards are at home, lost or even stolen. You can share your money with the people you trust, which means you can help them even if you’re not in the same town. This increases your security and safety. You can gve money to a friend or family member, simply by sending them cardless cash codes. You can control the spending of your family thanks to the daily and weekly limits. There’s no way your spendaholic kids can go wild with your extra card because they don’t have it and you set the withdrawal amount! It doesn’t cost anything to use cardless cash. The apps work in exactly the same way as your card, so as long as you’re within your bank’s own network, there won’t be any fees for withdrawing the money. Using a different code each time you use cardless means you’re more secure. Your card uses the same code each time (unless you change it yourself on a regular basis), which can be a security risk. The disadvantages of using cardless cash Not all Australian banks are offering cardless cash yet and so you may not be able to use the facility if you’re with one that hasn’t adopted it. You can’t get cardless cash from any ATM. Just the ATMs owned by your own bank. How to stay safe and secure while using cardless cash You’re dealing with your money and your financial details, so you need to be just as careful with cardless as you are with every other transaction or activity. Make sure you: Protect your online and offline banking details Never divulge your online account password to anyone as people can get into your app and make cardless withdrawals without your knowledge or permission. Always look for unusual or unexpected activity on your account. If you see any withdrawals or payments you don’t recognise, report them to your bank immediately. Only share the unique code with people you trust; it’s great to be able to help friends and family when they’re in a fix, but make sure you know and trust them implicitly You can research and compare transaction banking accounts in Australia at InfoChoice. The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.