Coinstar has been around since 1999, providing an easy way to convert your loose change into cash or gift cards. In the beginning, Coinstar charged a fee of $1.25 per transaction, which came directly out of your money—but that’s not how it works anymore. If you’re looking to avoid Coinstar fees and save more of your cash in the process, read on to find out how this financial service can help you without costing you an arm and a leg!
The processing charge for Coinstar is 11.9 percent. You must select a Coinstar eGift card as opposed to cash to avoid paying the transaction charge. Browse the list of eligible restaurants, cafes, and shops before selecting the gift card choice.
Put Coins in Your Piggy Bank
Spare change can add up quickly, so it’s no wonder that so many people use Coinstar machines to cash in their coins. However, did you realize that utilizing these devices has a cost? Here’s how to prevent it so that you may retain more of the money you make. Visit the bank with which you hold an account first. Some banks will offer free coin counting at the counter or a machine within the bank for customers who hold accounts with them. Second, check out online currency converters like Oanda Currency Converter or XE Currency Converter which convert your coins into U.S dollars by looking up their current values on the web at the time of conversion – sometimes saving you money as well! Third, go directly to your local retailer that accepts coins such as grocery stores, convenience stores, and some gas stations.
These types of businesses typically don’t charge fees for exchanging coins (or if they do, they’re very minimal). And finally, set up an automatic transfer from your checking account each month to cover the amount you want to be converted to cash so you don’t even have to think about it!
Shop at establishments that provide cash back
By doing your shopping at businesses that provide cash back, you may avoid Coinstar costs. You can always get cash back at the grocery store, so you don’t have to worry about paying a fee. You can avoid Coinstar fees. Some stores even offer more than 1% cash back, so it’s worth checking out their websites or asking customer service before you make a purchase. If you do end up using Coinstar, it’s important to remember that there are ways to save your hard-earned cash. For example, if you need money fast but can’t deposit it into your bank account for some reason, use an ATM rather than exchanging coins for bills. It might cost $1 per transaction but will save you on a trip to the bank which could cost upwards of $3 per visit! And if you’re not in any hurry, call your local branch to find out when they’ll process a walk-in order. They often run deals on Tuesdays or Thursdays where they waive the processing fee (and yes, they’re still open late).
Remember: one way to save is by looking around first! If you see something at CVS that you want to buy, ask them if they take competitor coupons before making a decision. The same goes for Amazon – see what other people are saying about the product before deciding to buy. And most importantly, don’t forget the adage: It’s better to spend time finding the right item than to spend money buying everything.
Buy Gift Cards
Did you know that you can avoid Coinstar fees by buying gift cards? That’s right! You can save yourself a few dollars by purchasing a gift card from a participating retailer. Plus, you’ll earn rewards points that you can use towards future purchases. Here’s how it works Visit the Coinstar website or download the app and select Get cash. Enter the code found on your desired gift card, then swipe your coins through the machine. Once they’re scanned, hit submit and wait for your payment in the form of cash, check, or Amazon credit. Nothing could be simpler!
You save extra money the further gift cards you purchase. Plus, it feels great knowing that your purchase is giving back to charity too!
Are Coinstar machines accurate?
Yes, when you use a Coinstar machine, you just insert your coins, and you will receive cash in exchange for a processing charge. You demand complete accuracy for the information you provide.
Are unrolled coins accepted by banks?
When consumers deposit coins, banks don’t charge them a fee, but many demands that the money is rolled in wrappers. Rolling coins can be exchanged for non-customers without charge at some institutions, such as Wells Fargo.
Conclusion
Take your coins to your neighborhood bank for the best chance of getting cash for them without having to pay a high charge. Many banks will accept rolled coins for free or for a small fee. You can also look into coin counting machines that don’t charge a fee, though they may have a lower exchange rate. Whichever option you choose, make sure you count your coins ahead of time so, you know how much money you’re working with.
Frequently Asked Questions
- Banks, will they count coins?
The coin exchange services provided by regional banks or credit unions are likely provided at no cost to consumers, even though many large banks have discontinued their coin-counting operations in recent years. Non-customers who utilize the bank’s coin-counting facilities might have to pay a nominal charge.
- Has Coinstar set a cap?
$10 is the minimum amount. $500 is the maximum amount.