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Because unlike in an ATM withdrawal where you take money out from your bank, you just paid the merchant a bunch of money, and the merchant is giving some of tha
by PeterisP 4y ago
Because unlike in an ATM withdrawal where you take money out from your bank, you just paid the merchant a bunch of money, and the merchant is giving some of that payment back to you as cash.
- simondotau 4y agoIn Australia, a retailer will only hand you cash if you pay using EFTPOS (analagous to debit in USA parlance, but is a domestic bank network) which has a very low fixed fee per transaction. That is, if the transaction is happening anyway, an additional "cash out" component has zero bank fees and thus zero cost to the retailer; it may even be desirable if it lowers their cost/risk involved with banking cash. [0] https://en.wikipedia.org/wiki/EFTPOS#Cash_out https://en.wikipedia.org/wiki/EFTPOS#Cash_out