Redeeming Damaged Banknotes

Before submitting a damaged banknotes claim you should familiarise yourself with the Claim Requirements.

How to Submit Claims for Banknotes Contaminated by Floods

If you have banknotes that have been contaminated by the recent floods in NSW and Queensland and are unable to be used, you can submit a damaged banknote claim. The Reserve Bank will then determine the value of the damaged banknotes and reimburse you the assessed amount. To make a claim for reimbursement:

  1. Collect all the banknotes, remove as much water and other material as you can, seal the banknotes in a bag, and label the bag ‘Contaminated – 2022 Floods’.
  2. Take the bag to your local bank who can assist you in making a claim. Write ‘2022 Floods’ and any additional relevant information about the contaminant (if known), in the damage reason field (Q11) on the claim form.

Please do not include any coins or foreign banknotes, as the Reserve Bank is unable to process them. For information about Australian coins, please visit the Royal Australian Mint’s website or contact info@ramint.gov.au. Please refer any questions about foreign currencies to the respective issuers.

Redeeming process

A claim form must be completed for all claims.

Claims for contaminated banknotes must be sealed in a bag and the bag clearly marked with details of the contamination.

The Reserve Bank recommends that people take damaged banknotes to their bank or another authorised deposit-taking institution (ADI). These institutions are encouraged by the Reserve Bank to accept all claims. The value of an incomplete banknote may be estimated using grids provided by the Reserve Bank, however, its assessed value will be determined by the Reserve Bank and may be different from an estimate made using the grids. Badly damaged and contaminated banknotes need to be forwarded to the Reserve Bank's National Banknote Site (NBS) for assessment. All ADIs will ensure the claim is securely delivered to the NBS on behalf of the claimant.

Where no other option is available, individuals may choose to send their claim by mail to:

Operations Manager
National Banknote Site
Reserve Bank of Australia
PO Box 249
CRAIGIEBURN VIC 3064

Banks and other ADIs should not send claims via the post and should use existing arrangements with their Cash-in-Transit (CIT) companies to forward claims to the Reserve Bank. Claims sent by mail are posted at the cost and risk of the sender.

The Reserve Bank accepts no responsibility for any claims sent by mail or for any claims until they are delivered to the NBS.

Identification requirements

The Reserve Bank verifies the identity of customers involved in claims of $1,000 or more presented to it. As a result, such claims must be accompanied by an Identification Reference Form (unless the claimant has previously completed one in connection with another claim and the details on that previous form have not changed) and the required identification documents.

Forms

Claim Forms

Identification Reference Forms

Tools