Online banking is on the rise. According to the Canadian Bankers Association, 78% of Canadians primarily use digital channels to conduct their daily banking needs. And while online banks and mobile banking apps have a lot of benefits — higher savings interest rates, lower fees, overdraft protections, and robust digital tools — there’s one major drawback: depositing cash.
It’s possible to deposit cash even if you bank online, depending on the bank or credit union you choose. But it’s not as easy as depositing cash at a traditional big bank in Canada. In some cases you can deposit cash at an ATM, but you might have to find more creative ways to transfer your cash into an online bank account.
Do ATMs offer cash deposits?
Yes, ATMs in Canada can accept cash deposits, but not all of them do. ATMs owned by big banks are the most likely to allow a cash deposit. You can typically find these ATMs outside of your bank’s branch locations, but they also might be available in stores or other public areas.
If you have an online bank account, you aren’t out of luck. Some online banks partner with ATM networks like the Allpoint ATM network to provide you with a way to add cash into your online bank account, quickly. But not all online banks offer this service. And some may not allow you to deposit cash at all.
Does it cost money to deposit cash at an ATM?
Depending on your bank, it may be free to deposit cash at an in-network ATM, but it will likely cost you to deposit cash at an out-of-network ATM. Your bank should specify which ATMs are in-network. Out-of-networks may also charge you for using their machine, so it’s possible to pay multiple fees for a depositing cash.
Most Canadian bank ATM charges range from $1 to $5 per transaction. But every bank sets its own fees — you may pay more depending on your bank account and the ATM you decide to use.
How much money can you deposit at an ATM?
There’s not a set rule for how much money you can deposit at an ATM in Canada. Deposit limits vary by bank and ATM.
Here are a few daily ATM deposit limits from popular banks in Canada:
Bank
ATM deposit limit
Royal Bank of Canada: $500,000
BMO: $25,000
CIBC of Canada: $250,000
Scotiabank: $500,000
Even if your bank lets you deposit a large sum of money, you may not want to. Depositing large sums of money can be time consuming. You might want to find a physical bank location where you can deposit the cash instead and then transfer it to your bank account of choice.
If you do choose to deposit a large sum of money, you may need to declare the source of your funds. All deposits over $10,000 Canadian dollars must be reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Do ATMs have withdrawal limits?
Yes, in addition to a cash deposit limit, most banks limit how much you can withdraw from your account via ATM at once. This limit will vary by bank and account type. Each ATM may also have its own daily withdrawal limit.
When will cash deposited at an ATM be available?
Cash deposits at an ATM may be available right away, but could take 1-5 business days to clear, depending on your bank. CIBC, for example, can take up to four business days to clear ATM deposits, while TD Bank usually clears the deposit on the next available business day.
The time it takes to clear can also vary depending on your deposit amount. Larger sums of money may take extra time to become available. If you deposit cash at an ATM and aren’t seeing your funds reflected in your account, it’s best to reach out to your bank to find out when you can access your money.
Which bank ATMs accept cash deposits?
If you’re looking to open a bank account with a financial institution that will accept cash deposits, here are some of the most common Canadian banks that let you add cash to your account via an ATM.
RBC Royal Bank - Cash deposits accepted at RBC Royal Bank® ATMs
Toronto-Dominion Bank (TD Bank) - Cash deposits accepted at TD Branch ATMs
Bank of Montreal (BMO) - Cash deposits accepted at BMO ATMs
Scotiabank - Cash deposits accepted at Scotiabank ATMs
CIBC - Cash deposits accepted at CIBC ATMs
HSBC Canada - Cash deposits are accepted at HSBC ATMs and THE EXCHANGE Network ATMs
Simplii Financial - Cash deposits accepted at qualifying CIBC ATMs
Tangerine - Cash deposits accepted at qualifying Scotiabank ABMs (automated banking machines)
Not every bank in Canada offers a cash deposit at an ATM. EQ Bank and NEO Financial are a few online banks without ATM deposit access.
How to deposit cash at an ATM
If your bank does let you add cash to your account via an ATM, here’s how the deposit process generally works:
Insert your debit card to access your account. Once you insert your bank card into the ATM, you’ll likely be prompted to enter your PIN (usually a four-digit code) to confirm your identity.
Choose your account. Next, you’ll be brought to your accounts screen. If you have multiple accounts as a bank, like a chequing account and savings account, select the one you wish to deposit cash into. Not all savings accounts allow ATM deposits, so be sure you know your bank’s rules ahead of time.
Select ‘deposit cash.’ Your ATM may word this slightly differently, but each ATM that allows deposits will have a "deposit" option to select once you’ve clicked into your account.
Insert your bills. Now you can begin inserting your Canadian dollars. Most ATMs have instructions or drawings depicting how you should insert your bills (face side up, left-to-right, etc). Follow the instructions to start funding your deposit.
Confirm your deposit. The ATM will count your dollar bills and show your total deposit amount on the screen. You’ll likely need to confirm the dollar amount to move on.
Print your receipt. Even if you prefer to go paperless, getting a copy of your deposit receipt from an ATM is a good idea. It can offer a paper trail for your transaction in case anything goes wrong.
What to do if your online bank account doesn’t offer cash deposits
If your bank doesn’t let you deposit cash at an ATM, you have options.
First, you can open a chequing account at a bank that does accept cash deposits at an ATM. Once the money is deposited, you can transfer it to your online bank account. Alternatively, you could open a chequing account at a bank with physical branches and deposit the money in-branch, then transfer it to your other bank account.
If you’re trying to deposit money from a paycheque, you could also ask your employer to submit your paycheque directly into your bank account via direct deposit. Or you could ask for a paper cheque. Nearly all banks in Canada that offer online banking allow mobile cheque deposits. You’ll just need to take a picture with your smartphone to get started.
Lastly, if your bank account doesn’t offer the features you need, consider switching to a bank that suits your money needs.
Alternative banks to consider
If you’re looking for an alternative bank account that combines your spending and savings into one high-interest savings account, consider KOHO. KOHO offers up to 5% back on your savings and even offers 5% cash back on select purchases.
KOHO’s bank account comes with various features like debit card access, virtual cards to make shopping online easier, and overdraft protection. This low-fee account can also help you build your credit with its line of credit options and free credit score access.
You can’t deposit cash into your KOHO account through an ATM, but you can transfer funds into your account. And you can withdraw cash from your KOHO card at an ATM if you decide you need physical currency in a hurry. KOHO also offers services for businesses.
For more banking news, learn about these prepaid Mastercard myths and brush up on your money terms with KOHO’s personal finance glossary.
