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How do you deposit cash or change into your bank account?

Alex Ritchie avatar
Alex Ritchie
- 3 min read
How do you deposit cash or change into your bank account?

The days of needing to line up at your local bank to deposit actual cash and change is long gone. However, that doesn’t mean Australians aren’t frequently accruing coins and notes that they’d prefer to deposit back into their accounts.

Put simply, most banks will let you deposit change or cash into your bank account by:

  1. Visiting a branch and doing so in person; or
  2. Using a deposit ATM.

According to the Reserve Bank of Australia, many Australians may be storing their wealth by hoarding banknotes, with 38 $50 banknotes and 18 $100 banknotes on issue for every Australian. 

It’s less clear how many silver and gold coins may be gathering dust in biscuit tins, piggy banks, and swear jars around the country. A few may even be holding the old 1 and 2 cent coins, or paper banknotes that were switched for plastic money in the mid-90s.

So, if you’ve been using online banking or mobile payments for some time, or if you have never deposited currency before, this is your handy refresher of how this process works. 

How to deposit cash or change into your bank account

The simplest way to deposit cash into your bank account would be to visit a branch. Bank tellers often have access to automatic coin-counting machines that can sort shrapnel in seconds and calculate their total value. Then with a wave of your debit card (or by providing some account information and identification) you can have this sum added to your bank balance.

Some bank branches may also offer deposit ATMs. These machines often only accept banknotes, though a few will also accept coins. This could allow you to deposit your shrapnel directly into your bank account, without an awkward interaction with a bank teller - instead, it’s just the other bank customers waiting in line who’ll see your coins tumble into the ATM.

What if you don’t have a branch or deposit ATM nearby?

If your bank doesn’t have a branch or deposit ATM conveniently located near you, you may be able to use Bank@Post from Australia Post. By visiting one of 3500 participating post offices, you can receive basic financial services from over 80 participating banks, including withdrawals and deposits using cash or cheques.

If you don’t want to lug around a lot of heavy loose change, but still want to have cash on hand because we’re yet to reach a cashless future, you may be able to change your coins for notes. This service can often be done at a local branch of your bank.

You may also be able to get coins swapped for notes at branches of other banks or at Bank@Post offices, though fees may apply.

Can you exchange coins for cash?

You may also be able to exchange your loose shrapnel for more manageable banknotes at bank branches and some post offices, though you may be charged a fee.

Generally speaking, this money (yes, even the discontinued denominations) could be put to better use in a bank account than sitting in a half-forgotten pile - even if you have to pay a fee. 

Plus, money deposited in a bank may be safer than keeping it under the mattress, and may let you earn interest on your savings.

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Product database updated 19 Mar, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.