Cash in transit: the meaning
Cash in transit (CIT) is the secure collection, transport and delivery of cash and other valuables from one place to another, carried out by licensed security officers. A typical example is collecting a shop's or venue's takings and delivering them to a bank or cash processing centre, so staff don't have to carry the money themselves.
CIT covers more than banknotes. It can include coins, cheques, change orders, jewellery, precious metals, documents and other high-value items.
What CIT means in banking
In banking, CIT refers to the movement of cash between bank branches, ATMs, cash processing centres and businesses. Banks and ATM operators rely on CIT companies to replenish ATMs and move cash to and from branches. For a business, "CIT banking" usually means a security company collecting your takings and banking them for you.
How a cash-in-transit collection works
- Assessment. The CIT company assesses your premises, the amount usually carried, the route and the risks, then agrees procedures with you in writing.
- Preparation. Your staff count and seal the cash in tamper-evident bags, recording the amount and bag number.
- Collection. Licensed officers arrive at a scheduled time, confirm their identity, check the seals and sign for each bag.
- Transport. The cash is carried securely to its destination, such as your bank or a cash centre. Times and routes are varied where possible.
- Delivery and records. The bags are handed over and signed for, so every movement of your money is recorded from start to finish.
Who uses cash in transit
- Retail and franchise stores, including multi-site groups
- Pubs, clubs, hotels and hospitality groups
- Events and festivals with cash bars and ticketing
- Automotive, service and trade businesses that take cash payments
- Car parks, vending and amusement operators
- Banks, ATM operators and cash centres
Why businesses use CIT instead of banking it themselves
Walking or driving the takings to the bank is one of the riskiest tasks a business asks of its staff. A predictable person, at a predictable time, carrying a predictable bag is an easy target. CIT moves that risk to trained, licensed officers, gives you a clear record of every handover, and frees your staff from a job they shouldn't have to do.
Your insurer may also have requirements about how much cash can be held on site or carried by staff. A CIT service can help you stay within those limits.
Is cash-in-transit security armed?
It depends on the risk. Many CIT services use armed officers. In Victoria, officers must hold the right private security licences for the work they do, including an armed guard licence where firearms are carried. A good provider decides the level of protection based on a threat assessment, not a one-size-fits-all approach.
What does cash in transit cost?
CIT is usually priced per collection or as a regular service fee. The main factors are:
- How often you need collections (a regular schedule costs less per collection than one-offs)
- How many sites are serviced and how far apart they are
- The value usually carried and the level of risk
- Whether armed officers are required
- Timing, such as after-hours or public holiday collections
Ask for a written quote that sets out the schedule, procedures, insurance and how each handover is recorded.
Choosing a cash-in-transit company
- Check the company holds a current Victorian private security business licence and that its officers are individually licensed.
- Ask about insurance, including cover for the cash while it is in their care.
- Ask how routes and times are varied, and how bags are sealed, signed for and tracked.
- Make sure you get a written service agreement and a record of every collection.
Specialty Security Service provides cash-in-transit and armed guarding in Melbourne under Victorian private security business licence Z24-370-00S.