Statrys Payment Platform Ecosystem

5 Ways to Withdraw Cash from an Online Bank

Statrys Team
Published: 28 May 2021

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    With technology continuously becoming more and more advanced, many people are switching to cloud-based banking.

    There are many benefits to choosing this type of banking versus a traditional brick-and-mortar option. 

    Here are some reasons people are making the switch: 

    • Online banking is incredibly convenient
    • You can deposit checks with the push of a button
    • Many online banks offer 24/7 help via chat
    • There are higher interest rates
    • It’s better for the environment - less paper means fewer trees cut down
    • Online banks often have lower fees

    While all of these things are great, there are some downfalls when it comes to banking on the internet.

    One of the main issues is that you can’t withdraw cash straight from your smartphone, tablet, or laptop.

    There are plenty of ways, however, that you can still receive cash while online banking. 

    If you’ve been wondering how to do just that, you’re in the right place.

    Below we’ll deep dive into all of the ways online-only bank customers can get cash in hand, without too much hassle.

    5 Ways to Withdraw Cash 

    To put it simply, you can get cash with an online bank account the same way you would with a traditional account that you access in person.

    There are a few things you’ll have to do differently, but thankfully, we’re here to help. 

    Anyone can withdraw cash by: 

    • Using an ATM
    • Chatting with a bank representative 
    • Transferring funds from one account to another
    • Receiving cashback while shopping
    • Sending a wire transfer 

    1. Using an ATM 

    One of the most popular cloud-based banks is called Simple.

    They’re known for boasting about offering over 40,000 in-network ATMs for their clients. 

    Many online banks have a feature that allows you to pull up a map of ATMs near you that won’t charge a fee.

    If you don’t mind a $2.00 to $6.00 withdrawal fee, you can use any ATM of your choosing. 

    In order to use this way of getting money in hand, you’ll need a debit or credit card from the online bank establishment.

    Simply put it in the ATM and follow the prompts on the screen to get cash out quickly. 

    2. Talk With Your Bank

    Easily one of the biggest benefits of online banking is the many different ways you can connect with a representative.

    There are often 24/7 chat services, phone numbers, and even video chat options available. 

    If you need to withdraw cash, you can chat with an employee of your bank to see what your options are.

    They may suggest something as simple as visiting a nearby ATM or they could offer to send you a physical check. 

    It’s important to keep in mind that just because you do your banking online, doesn’t mean you have to sacrifice the personal touch that comes with traditional banking.

    The staff cares about your financial needs just as much as any other banking establishment. 

    3. Transfer Funds 

    Transferring funds is another major benefit of online banking.

    While you can conveniently send money to your friends and family as needed, you can also transfer money to yourself. 

    It’s not uncommon for those who have a cloud-based bank account to also have a separate account at a physical bank.

    If you need cash from your online bank, you can simply transfer it to your other account!

    All you need to get this done is your routing and account numbers.

    You can likely also move money around between your savings, checking, business, goals, and retirement accounts as well.

    Each bank is different, so be sure to ask how to move money if you’re unsure. 

    4. Take Out Cash Back While Shopping 

    If you’ve ever used your credit or debit card while running errands, you’ve likely been prompted with a cashback screen.

    While some people find the question of cashback an inconvenience, those with online-based bank accounts may see this as the opportunity that it is.

    Something to keep in mind is that while there are limits to how much cash you can withdraw using this system, there are typically no fees that come with it.

    Note that if you need a larger amount, you may have to make multiple transactions at that particular store. 

    5. Utilize Wire Transfers 

    Last but certainly not least, you’ll have the option to receive cash by sending a wire transfer.

    The best part about this method is that it’s one of the safest ways to move money around. 

    The majority of banks do charge a fee for using wire transfers, but it’s an amazing way to send cash around the world, no matter where you are. 

    Depositing Cash Into an Online Bank 

    When it comes to depositing cash into an online bank, it can be a little more complicated.

    Depending on the specific bank you’re working with, you may be able to use some of the same methods for depositing that you do for a withdraw. 

    If you need to put physical cash into your cloud-based bank account, you can: 

    • Find a deposit-accepting ATM
    • Transfer cash from a brick and mortar bank to your online-only account
    • Get a money order 
    • Give a friend or family member the cash and have them write a check 

    In Short

    Online-only banking is becoming increasingly popular.

    But there are still dozens of important uses for cold hard cash.

    Having cash on hand can be crucial while traveling, during emergencies, or just to put in a birthday card.

    Luckily, having a cloud-based bank doesn’t prevent you from having physical money on you whenever you need it. 

    Does your business want to join the virtual banking trend?

    Create an account with Statrys today and get a full digital banking experience in less than 48 hours.

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