Depositing Cash at the Post Office

This used to be possible - last time I went on a stag trip I paid the chap who organised it by popping into a branch of his bank and depositing the money into his account - but banks have tightened up on procedures recently. A month or two ago big posters appeared in my local Natwest saying that they can only accept deposits from someone who isn’t the account owner if they have a completed (and signed, possibly) deposit slip from the account owner.

I can only presume this is related to trying to control potential money laundering, though I’m not sure if it’s directly related to any specific item of AML regulation or not.

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I think it’s also to reduce “lower value” footfall in branches.

NatWest (and other banks for that matter) can’t sell anything to third parties using branches to pay in cash - so in effect it’s a purely thankless task.

Trust me, I worked for a bank, and this is definitely true to some extent. Though of course, there may be AML considerations too :stuck_out_tongue:

A week ago I would have said that I hadn’t paid cash in anywhere for years. Then last week my daughter produced 2 old tenners and paying them into my First Direct Account became the only way of changing them for new notes (other than a visit to the BofE).

I found one last week but just walked into any bank and the guy gave me a new one for it. I think it was a NatWest branch, I definitely don’t have an account with them though :wink:

I love Munzo and ironically hate cash but occasional need to deposit some as not everyone loves online like me!!
I cannot see a thread where it is explored or answered but the team really need to get added to the post office banking system, if they want to attract more customers they need to cater for cash deposit and withdrawals

Hi @Kerrh100 :wave:

:monzo: are looking at the options and 3rd parties available for depositing cash. They recently ran a survey on it. More info in this thread:

Cash handling costs some serious amounts of money to do so there’s lots of options and decisions to be made about who to use and how it will be paid for

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I have wondered why many businesses still prefer cash over cards, when I would assume they have to pay a lot for cash handling from their bank where cards are now a small percentage fee and they have security issues with cash, I am probably missing something.

There’s probably various reasons. I’ve spoken to merchants who simply don’t trust cards, who won’t pay the interchange fees, who use most of the cash in the till to buy supplies in cash.

Some will be fiddling their tax, presumably.

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Brilliant thanks Andy

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Business accounts + Post Office deposits = :heartpulse:

I have paid in cash to both NatWest and the Post Office with Starling. Have to say that the Post Office is by far the more seamless service.

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It will be interesting to see what the cost will be.

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Excellent news and very welcome and i dont mind paying a small fee for depositing cash at PO. Although never had issue depositing cash via Paypoint i expect limits to be much higher at PO

Do you just hand over the cash and your Starling card?

Just hand over cash and put my starling card in the reader and press ok when it shows the amount u want to deposit

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You just say “can I pay this in”, hand over the cash and shove your card into the Chip and PIN machine on the counter. The amount appears in the screen and you press the Green button to accept. You’re then handed a receipt.

Same as with Santander and others.

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Ive just seen on the news Monzo are alking to the post office to allow customers to put money in using them

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It’s really interesting stuff! :smiley:

I think it’s a good time for Monzo to be looking into this, business accounts (which may or may not be) dealing with cash are likely to benefit from the greater amounts in which you can deposit.

They might already be using the Post Office for their cash deposits so the switch to Monzo would be even more seamless :sunglasses:

If it’s offered to all Monzo account holders I’m sure there will be complaints of fees :see_no_evil: but options are great, some people will use PayPoint > Post Office and vice versa :stuck_out_tongue: but having a choice & knowing what best suits your needs is important :slight_smile: So I hope the Post Office ‘deal’ goes smoothly for Monzo :smiley:

What are your thoughts on it? :slight_smile:

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I got a feeling it will be good for them and its more likely they will get more customers when they go with post office

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