How to Deposit Cash in Canada (Complete Guide)

Depositing cash is simple at a bank with branches and ATMs, takes a workaround at an online-only bank, and comes with a reporting rule once a deposit reaches $10,000. This guide covers all three: branch and ATM deposits, the options for online banks, and the federal anti-money-laundering reporting that applies to large cash deposits.

It is one of the guides to deposits, cheques and transfers in the banking transfers section.

Branch and ATM Deposits

At a branch teller

Handing cash to a teller is the most direct method, and the deposit is credited while you are there. A branch also suits large sums, damaged bills, coins or foreign currency, and gives you a teller’s receipt. Deposits of $10,000 or more come with identification requirements and a report the bank files (see below).

At a bank ATM

The big banks’ own ATMs take cash deposits from their customers: you insert your card, choose deposit and feed in the bills, which most current machines count on the spot and show for confirmation before printing a receipt. When the money is available depends on the bank and the time of day.

ATM deposits have per-transaction and daily limits that vary by bank and account; the per-bank pages in the banking limits guides list the ones each bank publishes. For a sum above the limit, a teller is usually simpler than several machine sessions in a row.

Night deposit

Many branches have a night deposit box, used mostly by businesses to drop off the day’s cash in a locked bag. Night deposits are processed on the next business day.

Depositing Cash at an Online Bank

Online-only banks have no branches, so cash needs a partner network or a workaround.

Using a second account as a relay

For someone with an online bank who regularly receives cash, a common setup is a low-cost chequing account at a bank or credit union with ATMs. You deposit the cash there, then move it to the online account by Interac e-Transfer or an electronic funds transfer, which can take one to a few business days depending on the banks.

A money order instead

For an occasional deposit, a Canada Post money order is another route: you buy it with cash, then deposit it to the online bank. Not every online bank takes money orders by mobile deposit: EQ Bank, for example, asks for certified cheques and money orders to be mailed in (see EQ Bank’s mobile deposit limits). Each order is capped at $999.99 and carries a fee, so it adds up for regular use; the money order guide has the current fee and how cashing works.

The $10,000 Large Cash Transaction Report

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, banks, credit unions and other reporting entities must report large cash transactions to FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada. FINTRAC’s guidance says a large cash transaction “occurs when you receive $10,000 or more in cash in a single transaction,” and the report is due “within 15 calendar days after the day on which you receive the cash.” The bank files this Large Cash Transaction Report (LCTR); you don’t file anything yourself.

The 24-hour rule extends this to smaller deposits: the institution also reports when it receives two or more amounts of cash totalling $10,000 or more within a consecutive 24-hour window and knows they were made by or for the same person or entity, or for the same beneficiary.

When you deposit $10,000 or more in cash, expect the teller to ask for identification and some details about you and the transaction, which the bank records for the report. The deposit itself goes through normally. A report isn’t an accusation: business takings, the proceeds of a private car sale and many other legitimate deposits are reported every day.

Why splitting a deposit backfires

Breaking cash into smaller deposits to stay under the $10,000 threshold, often called structuring, is a classic sign of money laundering that banks watch for. A bank that suspects it files a Suspicious Transaction Report with FINTRAC, and FINTRAC’s guidance says “there is no monetary threshold” for those reports. Splitting a legitimate deposit turns a routine report into a suspicious one, so depositing the full amount and explaining its source (a bill of sale, estate papers or business records) is the straightforward route.

FINTRAC reporting on electronic transfers to and from other countries is a separate rule, covered in the guide to sending money internationally.

For Cash-Heavy Businesses

Restaurants, shops, market vendors and trades that handle cash regularly face the same rules on a larger scale:

• Regular deposits of a predictable size match a business’s normal pattern, while large deposits every few months stand out to a bank’s monitoring.
• Records that tie deposits to income (sales receipts, point-of-sale reports, invoices) answer a bank’s questions about where the cash came from.
• A dedicated business account keeps business cash separate from personal deposits, which simplifies both the banking relationship and the tax records.
• Cash income is taxable. The CRA treats it like any other business income.

Practical Points

• Cash deposits go through your own bank’s ATMs; ATMs run by other operators generally don’t take deposits to your account.
• Keeping the receipt until the deposit shows in your account gives you proof if anything is disputed.
• For a large deposit, paperwork showing the source settles the bank’s questions quickly.
• For a large payment where cash isn’t accepted, a bank draft bought at a branch is the usual paper alternative.

Related Pages

• Money Orders in Canada
• How Long Does a Cheque Take to Clear in Canada?
• How to Set Up Direct Deposit in Canada
• Best Online Banks in Canada
• How to Open a Bank Account in Canada
• How to Switch Banks