Shopper shares little-known hack to cash in your old coins - but there’s a catch (2024)

A SHOPPER has revealed a clever way to condense all your coins into one lump sum just before Christmas.

She took to the Scrimping on a budget Facebook page to share how she'd combined her loose change using a Coinstar machine.

1

The machines can be found at most supermarkets including Asda, Tesco and Sainsbury's.

Shoppers have to insert their coins into a slot and receive a voucher which can be redeemed for cash at the till.

The voucher can also be used to get money off your shopping in-store.

The shopper said: "Keep your change in a pot and every now and then go to the machines in the supermarket and whack it all in.

"Would’ve been more but I kept the £1s and 20ps out for the laundrette to dry clothes over winter and kept the 2ps out as going Butlin’s next week so can go in the 2p machines.

"I did it last year before Xmas and got about £120 so was handy."

The woman ended up getting a voucher worth £45.48 after changing up all her spare coins.

But she was soon reminded by other shoppers of a catch involved with using the machines.

They charge around an 11% coin processing fee, which means the voucher will be worth less than the total sum of your coins.

However, combining your pot can save you time rather than spending the coins individually, and you won't have to carry your loose change around.

You can find out where your nearest Coinstar machine is on its website by typing in your postcode.

What other ways can I cash in my old coins?

Coinstar machines are useful because they can be found at most supermarkets.

But there are other ways to cash in your old loose change without being charged a fee.

Some banks now have coin machines where you can pay in your spare change without having to sort it.

Not all banks have these though, and even if they do, they might not be in your nearest branch.

If they don't, you can always take the coins to the counter to be sorted by a staff member.

They can then add the total value to one of your bank accounts.

If you do hand them over to a staff member they'll need to be sorted into separate bags.

In each bag you'll have to collect £1 in coppers, £5 in 5p or 10p coins, £10 in 20p or 50p coins and £20 in £1 or £2 coins.

Shopper shares little-known hack to cash in your old coins - but there’s a catch (2024)

FAQs

What is the best way to turn coins into cash? ›

To exchange coins for bills, try taking them to a local bank or retailer that offers coin-counting services. With some coin-counting machines, like Coinstar, you can also exchange coins for gift cards for free or donate your spare change to charity.

Where can I change my coins for cash for free at Walmart? ›

Walmart doesn't have free coin exchange services themselves, but some locations have Coinstar coin counter machines. Keep in mind that Coinstar charges a fee, but you can avoid this by choosing a gift card option instead.

Where is the best place to cash in coins? ›

Your local bank branch is a good place to exchange coins. The branch will typically give you coin wrappers for free. Credit unions or community banks are more likely to have free coin-counting machines for members. Coinstar machines are in many supermarkets, and Publix has its own machines.

How do I avoid the fee at Coinstar? ›

The fees associated with using Coinstar's cash option help cover the costs of counting and sorting the coins, as well as maintaining the kiosks. If you're looking to avoid these fees, opting for an eGift Card is your best bet. You bypass the service charge and get funds to use at specific retailers and restaurants.

How do you cash in coins that are worth money? ›

Where can I cash my coins?
  1. Your bank or credit union. Many banks and credit unions offer coin exchange services, including national banks such as Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank and more.
  2. A local Coinstar location. ...
  3. Regional retailers. ...
  4. Paying with coins.
Sep 29, 2023

What is the cheapest way to cash out coins? ›

The easiest way to do this is at a bank or credit union with coin-counting machines that do the work for you. Otherwise, buy some coin wrappers and set aside some time to sort, count and roll the change before depositing it in your account. You'll be able to avoid paying a service fee and can keep more of your cash.

How to use Coinstar for free? ›

Is there a charge to use a Coinstar kiosk? Not always. Free coin counting is available at most locations in the United States if you cash in your coins for an eGift Card with a 0% fee. We have more than 20 stores and restaurants to choose from – eGift Card fees vary by brand.

Is there a coin changer at Walmart? ›

Do all Walmart stores offer free coinstar machines? To the best of my knowledge, coinstar machines are available in all Walmart locations, but none of them are exactly free. If you go to use one, be sure and look closely at the print on the screen, because most of them charge anywhere from 10 to 12%.

Can you convert coins to cash for free? ›

If you're looking for a place to exchange your coins for free, consider these options. Big banks. Many big banks such as Chase, Wells Fargo and Bank of America will take rolled coins. For example, Chase Bank accepts coins at every branch nationwide and will exchange them for cash.

Who pays the best for old coins? ›

A reputable dealer like Accurate Precious Metals is the best place to sell your rare coins. Prepare your coin collection properly before selling. Online auctions can be a good option, but they may involve considerable fees. Understand that you're likely to receive less than the retail price for your coins.

Where is the best place to swap coins for cash? ›

You can get cash in just a few minutes using a Coinstar® machine. It's so simple. You don't have to count, sort, or bag your coins. Our big blue machines are at grocery stores, so you can get cash conveniently, right on the spot.

Do any banks have coin counters? ›

The financial institutions that are most likely to operate coin-counting machines for the public are local community banks and credit unions (often known for providing better personal customer service). Additionally, you might need to be a customer in order to use these machines.

Is there a better alternative to Coinstar? ›

So your best bet is to find a local credit union or small community bank that will count your change for free. MyBankTracker.com has a 2022 list, but it includes only a handful of institutions, and most offer the service only to their existing customers.

Can I trust Coinstar? ›

Coinstar machines are generally very accurate when it comes to counting coins. They use sophisticated technology to sort and count the coins and calculate their value. According to Coinstar, the machines are accurate to within one cent.

What to do with all my coins? ›

Where can I cash my coins?
  1. Your bank or credit union. Many banks and credit unions offer coin exchange services, including national banks such as Chase, Bank of America, Wells Fargo, Citibank, U.S. Bank and more. ...
  2. A local Coinstar location. ...
  3. Regional retailers. ...
  4. Paying with coins.
Oct 8, 2023

How do I get the most for my coins? ›

How to Sell Your Coin For Top Dollar
  1. Step1: Figure Out What Type of Collection You Have. ...
  2. Step 2: Understand Spreads and Profit Margins. ...
  3. Step 3: Create An Inventory Of The Coin Collection. ...
  4. Step 4: Have Realistic Expectation. ...
  5. Step 5: Get More Than One Opinion, But Be Fair. ...
  6. Step 6: Sell to the Coin Experts You Choose.

Is Coinstar worth it? ›

Using Coinstar to automate the process will cost you up to $1.75. With $100 worth of change to cash in, using Coinstar will cost you up to $13 in fees. Compare that to the time and effort it will take you to sort your change and drop it into rolls or drive it to a bank with a counting machine.

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