Czech Post is preparing a revolutionary change in the field of cash transactions. In the near future, its counters should be able to withdraw and deposit money from accounts at all banks in the Czech Republic, regardless of which bank the client keeps his account with. Until now, only clients of ČSOB, which has an exclusive partnership with the post office in the field of financial services, had this option. But that should change as early as next year, when the new service could go into pilot operation.
How will the service work?
The principle of operation of the new service is quite simple. The client comes to the Czech Post branch and tells the operator that he wants to deposit or withdraw cash from his account. The operator then performs the necessary transactions and the client receives the money in cash.
Benefits for clients
The new service should bring a number of benefits to clients of all banks. The main benefits include:
- Availability: The network of places where clients can withdraw and deposit cash will be expanded. There are currently 2,900 branches of the Czech Post in the Czech Republic, so clients should have easy access to cash services even in smaller towns.
- Comfort: Clients will not have to visit branches of their bank to withdraw and deposit cash. This will save them time and money on travel.
- Low price: Czech Post has not yet disclosed prices for cash transactions, but it is likely that they will be low. The post office has to work with cash within the scope of its postal license and sees this as an opportunity to optimize its costs.
Photo: Shutterstock
Banks’ opinions
Some banks have already expressed interest in cooperation with Czech Post. Among them are Česká spořitelna, Partners Banka and Air Bank. Other banks, such as Creditas, are still rather skeptical about the new service.
Conclusion
The introduction of cash transactions at Czech Post branches could mean a significant step towards greater accessibility and comfort for clients of all banks. The new service could also lead to cost optimization for banks in the field of cash services.
Photo: Shutterstock, source: Money
