Citibank first Aussie bank to go cashless

Citibank will soon be the first Aussie bank to stop dealing in notes and coins entirely and go completely cashless, according to Business Insider.

The bank recently notified its customers that from November 24, its branches would no longer be dealing in cash.

Citibank head of retail bank Janine Copelin justified the move by saying, “We have seen a steady decline in the demand for cash services in our branches — in fact less than 4% of Citi customers have used this service in the last 12 months.”

Copelin said the decision to go cashless was not a sign that Citibank branches would be closing down any time soon, but instead a reflection of Citibank’s digital business model and customers favoured ways to access their money.

“This move to cashless branches reflects Citi’s commitment to digital banking and we are investing in the channels our customers prefer to use,” she said.

“While the number of customers visiting our branches to access cash handling services has fallen, the branch network remains an important component of how we serve our high-net worth customers.”

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In its email announcement to customers, Citibank said that “cheque requests and other teller services” will still be available at branches, while customers who do want to access cash can do so via ATMs or Australia Post branches. The agreement that allows Citibank customers to use Westpac Group ATMs is still in place.

Customers with deposit accounts, like savings or bank accounts, as well as home loan customers may also use NAB branches for cash transactions.

Although Citibank is the first bank in Australia to get rid of cash, the move isn’t unheard of in the rest of the world - as of June this year, 900 out of 1600 bank branches in Sweden reportedly don’t accept cash.

Other Nordic countries are also at the forefront of this trend, with Icelandic shoppers able to use their credit cards at curbside hotdog stands.

If you’re a fan of the cashless trend, make sure you’re ready for it with a killer debit card in your pocket. You can find one in our debit card comparison table.