How to Deposit Cash

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Despite technological advancements, individuals still prefer cash. Cash is still king for many consumers, whether withdrawing or depositing.

Using an online bank has many benefits, including lower costs and greater interest rates. But there is one major drawback: depositing funds into an online bank is difficult. Both traditional and internet banks have benefits and drawbacks. This contains how to deposit cash. Here’s how to deposit cash at any bank.

How to Deposit Money Online

Most online banks allow mobile or mail deposit of checks. You can also transfer funds to and from other banks. But depositing cash is more difficult. Mailing money is risky, and most internet banks don’t accept it. You also can’t go to a local branch to deposit your cash.

That means you don’t have to give up your online bank or never deposit cash. Depending on your online bank, you have several options. Here’s a look at them.

Linked ATMs

Some online banks have ATMs. When using an online bank, you can deposit cash at an ATM nearby. Once you’ve located an ATM, drop your cash into the deposit envelope and fill out a deposit slip with your account information. Then deposit with your ATM card.

When you use an ATM, you’ll get a receipt. Keep the receipt until your money arrives. Depending on your bank’s restrictions, this may take 48 hours.

Prepaid debit cards

Instead, you could get a prepaid debit card linked to your online bank account when opening an internet banking account in Malaysia. Prepaid debit cards can be loaded with cash at participating retailers. Once the funds are on your debit card, you can transfer them to your associated online bank account.

Prepaid debit cards come with fees to:

• Get a card

• Cash in

• Withdraw cash

You can avoid costs if you browse around for a decent card. Some prepaid cards, like Walmart’s, let you deposit cash for free. Those cards can then be used to transfer funds to a linked bank account, albeit this can take days.

Make a local deposit and wire

If you still have a local bank account, you can deposit and transfer funds. Regrettably, some banks impose a fee to transfer funds between accounts. Before you do this, check with your bank.

In this case, you’d still be dealing with a local bank and its related expenses.

You could ask a family member or close friend with a local bank account to help you make a deposit. You might offer them cash and ask them to send it to you using Zelle or Venmo. These services are free and connect to your online bank.

Buy a money order

No access to an ATM, no desire for a prepaid debit card, and no help from a friend or family member? Buy a money order.

The post office and retail stores sell money orders. Buying a money order costs a few cents. The cost is based on the money order amount. After purchasing the money order, mail it to the deposit location provided by your online bank.

This option is more expensive and takes longer since the mailed money order must be received by your bank before the deposit can be made. Still, if you only need to deposit cash occasionally, this may be a good option.