The top locations in 2021 where you can exchange your coins for cash.
It’s surprising how quickly loose change can stack up. Cashing in your coins, regardless of whether you have been haphazardly collecting them in a mound or purposefully storing them in a piggy bank, will help you clear up some space and provide you with some more spending money. You may even use those coins to buy a meal or put gas in your car if you’re really strapped for cash. Paying for something with a pocket full of nickels and dimes, on the other hand, can be inconvenient; in this case, the question is how to convert coins into cash that is easier to manage.
If you don’t exchange your coins for dollars on a daily basis, you might not be familiar with the most efficient ways to do so. There are some approaches that may incur expenses, but there are also those that are cost-free and will enable you to keep more of your money for yourself.
Try your neighborhood bank first
If you are already a customer of a financial institution, going to your local bank or credit union to cash in your coins may be the most straightforward and hassle-free alternative for you. The convenience of depositing your coins into an account may make it worthwhile for you to open an account, depending on the number of coins you already possess. Check to see if your neighborhood location will take coins before loading up a bag full of them to take there. The website that is particular to the branch may have information on whether or not the branch has a coin-counting machine that customers can use for self-service, which can save both you and the teller some time.
You can roll your coins at home with the help of coin separators or an automatic coin sorter if the financial institution you use does not have a machine that counts coins. Using this method can cut down on the amount of time you spend waiting in line at the bank, and it can also improve the chances of your coins being accepted and deposited into your account more quickly.
Investigate the local convenience stores
The number of coins that banks are allowed to order has been regulated as a response to the slowdown in coin circulation that has been observed throughout the economy.
As a result of the lower circulation, neighborhood convenience stores could be willing to trade paper money for coins if you have some to trade-in.
Choose an option that counts coins automatically
There is also the possibility of using an automatic coin-counting machine such as Coinstar. You can locate a kiosk in your area by using the “Find a Kiosk” function on the Coinstar website. These kiosks are typically placed in a handy location near the entrances of grocery shops. Simply place your coins in the receptacle provided, and then wait for the machine to complete the counting for you.
Having said that, the ease of use can come at a price. You may be required to pay a service fee before your coins’ monetary value can be redeemed. Although the 11.9 percent fee that Coinstar charges for converting coins to cash is subject to change based on the location, the fee is always present. 2. If you redeem $300 worth of coins, you will receive $264.30 in cash after paying a convenience fee of $35.70 and receiving the coins back.
Despite this, Coinstar does offer free coin redemption options for customers. You do not need to pay any further fees in order to turn your pennies into an electronic gift card that can be used at any of the participating establishments, including Sephora and Starbucks. The minimum amount that can be loaded onto a gift card varies from retailer to retailer, with many beginning at $5 or $10.3. If you are in the spirit of giving, you can also use your coins to make a donation to one of the many charitable organizations that Coinstar works with.
If you live in the Southeast region of the United States, going to the Publix food shop in your neighborhood may also be an option for exchanging coins for cash. There are some locations that have their very own branded coin machines, and using those machines to convert coins to cash incurs a cost of ten percent. Although the coin-cashing kiosks at Publix are marginally less than those at Coinstar, it will still cost you $30 to cash in 300 coins even if you use Publix’s machines.
How to Make the Most of Your Coins
The way you decide to turn your coins into cash will determine the uses available to you for those coins. If you go to a bank, you’ll be able to make a direct deposit of the coins into your bank account. From there, you can use the coins to pay bills or build up your savings for unexpected events.
At a kiosk, you will have the option to exchange your points for either cash or a gift card to a store or restaurant where you have already decided to shop or eat. You can also make a contribution to a number of different charitable organizations using certain kiosks.
Questions That Are Typically Asked (FAQs)
When I go to my bank, can I get a free coin exchange?
Customers can often exchange coins for free at financial institutions like banks and credit unions. It may be possible for you to create an account at a local bank that provides free coin changing so that you can make use of the service rather than pay fees to utilize an automated coin changer.
Should I roll the coins for the bank, or can they do it?
Before you make a deposit at some banks, you are required to roll your coins, while other institutions require you to do so only if you want the cash to be placed into your account on the same day. On the other hand, if you do not have sufficient money to fill a role, you might be able to bring loose change instead. Your deposits of loose coins might not be reflected in your bank account for several days, depending on the financial institution you choose. It is a good idea to phone the branch of your local bank and ask about any criteria for rolling coins. You can do this by dialing in.
Does Coinstar require a price to use its service?
If you choose to convert your coins into bills, Coinstar will charge you a fee equal to 11.9% of the total amount. You can avoid paying the fee by exchanging your coins for a gift card to one of the participating retailers or restaurants, or by donating your coins to one of the organization’s charity partners, such as the American Red Cross or the Humane Society. Both of these options are available on the website.