Customers at a major Australian bank will be stopped from withdrawing and depositing cash and cheques from branches this month, as it shifts towards “completely digital” payments.
Macquarie Bank last year announced it would phase out its cash and cheque payments for customers from this year, citing a shift in customers’ banking habits.
From May 20, Macquarie customers will not be able to access over-the-counter services at Macquarie offices or order new chequebooks.
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Chequebooks for new cash management accounts were the first to go when the bank ditched the service in January.
Then in March, Macquarie ceased its automated telephone banking service, meaning customers can no longer make payments over the phone.
Come November 1, customers will not be able to write or deposit personal cheques, request or deposit bank cheques or make a super contributions or payments via cheques.
Macquarie will also end its partnership with NAB branches, meaning no depositing cash or cheques over the counter at NAB either.
Digital banking was a “safe, quick, and more convenient” way to transact, Macquarie said.
“As a digital bank, we’re committed to transitioning to completely digital payments, and continuing to ensure our customers can access secure and reliable digital payment options,” Macquarie said.
Customers will still be able to withdraw cash at an ATM.
The shift follows other major banks as they transition towards digital-focused banking.
ANZ, Commonwealth Bank and NAB have already begun phasing out cheques.
Bankwest is moving to a digital bank this year, as the bank prepares to shut 45 branches in Western Australia by October.
While the bank faced backlash over the move, it said the decision was influenced by customers’ preferences, with 97 per cent of transactions completed digitally, while less than 2 per cent of customers visit a branch regularly.
Australians are using less cash for day-to-day payments, with consumers increasingly choosing to pay for things electronically, according to the Reserve Bank of Australia.
In 2019, 27 per cent of in-person transactions were made with cash but by 2022 this more than halved to just 13 per cent.
The use of ATMs has also been declining since 2008, with the number and value of withdrawals falling by about 60 per cent and 40 per cent, respectively, the RBA reports.
While cash is no longer king, there has been a small comeback in withdrawals.
The RBA’s Retail Payments report, published last month, revealed Australians withdrew $9.5 billion in total from ATMs in February 2024 — a growth rate of 9.5 per cent over the year from February 2023.
The report showed Aussies made 30.9 million ATM withdrawals — a 3.7 per cent rise over 12 months.
FAQs
All branches of a major Australian bank are set to become fully cashless, in a push towards "completely digital" payments. Customers of Macquarie Bank will no longer be able to withdraw or deposit cash, or use cheques at any branch from May 20.
Are Australian banks going cashless? ›
Are other major Aussie banks going cashless? Westpac, ANZ, CommBank and NAB have ruled out going cashless, but the banks have shuttered branches across regional Australia, leaving some customers without the option to bank with cash.
What is the most trusted bank in Australia? ›
“Bendigo Bank is consistently recognised as Australia's most trusted bank because we continue to put our customers at the centre of everything we do. We are dedicated to building even stronger relationships with our 2.6 million customers by prioritising integrity, reliability, and customer-centricity,” Ms Baker said.
Which Australian bank has international branches? ›
Commonwealth Bank has offices in Asia, Europe, New Zealand and North America offering a range of financial services.
Does Australia have a digital bank? ›
in1bank | A new Australian digital bank.
Will Australia go cashless in 2024? ›
She estimates that Australia will enter into a cashless society by 2030, slightly later than Commonwealth Bank's prediction of 2026, and argues for government regulation of digital payment services to help navigate the transition.
What Australian banks do cardless cash? ›
With Cardless Cash, you can simply generate a 6-digit cash code in our Mobile Banking App and use it to withdraw cash at any St. George, Bank of Melbourne, BankSA, Westpac or select Westpac Group partner ATMs.
What is the most secure bank account in Australia? ›
Which Australian Bank is the safest by credit risk?
| Rank | Bank name | S&P Rating |
|---|
| 1st | Commonwealth Bank of Australia | AA- |
| 2nd | ANZ Group | AA- |
| 3rd | National Australia Bank (NAB) | AA- |
| 4th | Westpac | AA- |
5 more rowsMar 15, 2024
Macquarie Group, known as the millionaires factory, is better known for its investment banking mystique and the huge riches it showers on executives, rather than the less racy business of making home loans and accepting household deposits.
What bank is the most honest? ›
Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023.
Branches for JPMORGAN CHASE BANK, N.A., SYDNEY BRANCH in Australia. Below you can find the local branches for JPMORGAN CHASE BANK, N.A., SYDNEY BRANCH in Australia.
Which bank is best for international transactions in Australia? ›
Which bank is best for international transfers?
| Provider | International wire fee |
|---|
| Wise | Low fee which varies by destination |
| OFX | No fee |
| ANZ | 9 AUD transfer fee + any relevant intermediary fees Fee waived for high value payments |
| NAB | Transfer fee waived – any relevant intermediary fees will still apply |
4 more rowsFeb 21, 2024
Best Bank Accounts for International Travel Benefits
- Ally Savings Account.
- Bask Bank Mileage Savings Account.
- Capital One 360 Checking.
- Schwab Bank High Yield Investor Checking® Account.
- SoFi Checking and Savings.
- Revolut Account.
Keeping it short and sweet the answer is yes, it's possible for non-residents to open an Australian bank account. The longer version is that while not all banks and account types are available for non-residents, there are a number of options out there provided you meet the criteria.
Are online banks safe in Australia? ›
Online banking security FAQ
Online savings accounts may be safe. They are typically offered by banks that employ security measures such as encryption, fraud monitoring, and authentication. However, it can be important to choose a trusted institution and follow recommended security practices.
Which Australian bank has no fees? ›
NAB Classic Banking account. Meet your everyday bank account. Easy access to your money everyday with no monthly account or overdrawn fees.
Will banks stop using cash? ›
Cash is still alive and well, and no pandemic can take it down. Like it or not, there are plenty of people who like and rely on using dollar bills. And as long as those people are around, no, we won't be moving to a cashless society anytime soon.
Is cash still accepted in Australia? ›
Legal tender laws: Australian banknotes and coins are legal tender throughout Australia. Generally, a business is obliged to accept cash for transactions, unless an alternative payment method is clearly specified before the transaction takes place (such as in online purchases).
What happens to my money if a bank goes bust in Australia? ›
Essentially, this means that if an Australian bank collapses, APRA (on behalf of the Government) gets first preference over the bank's assets to recover amounts paid out to depositors under the FCS (the $250,000 guarantee) and other expenses incurred in operating the FCS.
What are the new cash laws in Australia? ›
1.1 This Bill introduces offences for entities that make or accept cash payments of $10,000 or more. 1.2 This ensures that entities cannot make large payments in cash so as to avoid creating records of the payment and facilitating their participation in the black economy and undertaking related illicit activities.
