'Small number' of ANZ branches cease handling cash in Victoria

A number of ANZ branches will no longer handle cash in a bid to focus on "more complex and big financial decisions", rather than everyday transactions.

The bank said that deposits and withdrawals will still be available at the "small number" of Victorian branches that have made the move, though the official number of outlets no longer handling cash has not been revealed.

"Our customers are changing how they bank with more than a 50 per cent decline in in-branch transactions across ANZ over the past four years," an ANZ spokesperson told 9News.com.au.

READ MORE: Australians tipped to move away from cash by 2025

"Today, many customers visit our branches to discuss more complex and big financial decisions, like borrowing for a new home or establishing business accounts for a new business.

"There are a small number of branches where we no longer handle cash at a counter.

"At these branches, cash and cheque deposits and cash withdrawals can continue to be made by using our Smart ATM and coin deposit machines and we have staff on hand to help customers that might be using them for the first time."

The spokesperson said "only eight per cent of our customers solely rely on branches for their everyday banking needs" with the majority opting to bank online.

Cash transactions around the country are on the decline, with Australians ditching the payment method at the fastest rate in history.

With the rise of contactless payments and the boom of buy-now-pay-later schemes, the use of physical money has also drastically reduced around the world.

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