Post Office cash transaction touches year-high level

Cash transactions totaled £3.35 billion at Post Offices in June – the highest level since last September (£3.35 billion, September 2022). Cash transactions were up partially month-on-month (£3.33 billion, May 2023), revealed new figures released today (10).

Business and personal cash deposits totaled £2.48bn in June (£2.48 billion, May 2023). Business cash deposits alone totaled £1.17bn, up 3.7 per cent year-on-year (£1.12bn, June 2022). The total volume of cash deposit transactions was up 2.4 per cent month-on-month, and up 12.3% year-on-year.

Post Office found that, in June, personal cash withdrawals were £836.21m, up 2.4 per cent month-on-month (£816.83m, May 2023) and 12.5 per cent year-on-year (£743.46m, June 2022).

The record cash transactions at Post Office branches have been driven by continued bank branch closures, highlighting the importance of Post Offices within communities. Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and over 500 bank branch closures have been announced for 2023 so far.

Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99 per cent of UK bank customers can access their accounts at their Post Office branch.

Martin Kearsley, Post Office Banking Director, said, “Postmasters continuing to handle well over £3 billion each month demonstrates just how vital being able to deposit and withdraw cash securely and conveniently is for millions of people. These figures clearly show that Britain is anything but a cashless society and people are reliant on cash as the tried and tested way to manage a budget.”

Between 01 July 2022 and 30 June 2023, Post Office collected a total of £1,878,547.50 for long-affiliated charities BBC Children in Need and the Disasters Emergency Committee. In addition to the national charities, many Postmasters also fundraise for causes important to them and their communities, all through their Post Office branch. Over 80 per cent of all donations were made in cash, highlighting the important role cash plays in charitable giving.

“I am delighted that despite the cost-of-living crisis, our wonderful customers continue to dig deep, giving close to £2 million in donations through Post Office branches for the charities we support over the last year. With over 80 per cent of those donations coming in as cash and coin, this shows just how important cash is to supporting charities and making sure everyone can provide financial donations to charities, however they want to pay,” Kearsley added.

Post Office Cash tracker data – June 2023

 Business cash deposits

Personal cash deposits

Personal cash withdrawals