A bill receiving and feeding-out apparatus for a bill receiving and dispensing machine including a bill accommodating box for accommodating bills, a bill reversing mechanism which includes a bill reversing passage for reversing and feeding bills into the bill accommodating box, a bill non-reversing passage for feeding bills into the bill accommodating box without reversing them, a bill feeding-out passage for feeding out bills from the bill accommodating box to a transporting passage, and a bill receiving and feeding-out mechanism which includes a bill accommodating passage connected to the downstream end of the bill reversing passage and to the upper portion of the bill accommodating box at the downstream end thereof, a bill receiving and feeding-out opening facing the downstream end of the bill non-reversing passage and the upstream end of the bill feeding-out passage and a bill accommodating and feeding-out passage connected to the bill receiving and feeding-out opening at one end and to the upper portion of the bill accommodating box at the other end, the bill reversing mechanism being disposed above the bill receiving and feeding-out mechanism, the bill receiving and feeding-out apparatus further including an adjusting members for enlarging or narrowing the bill receiving and feeding-out opening.