Most common coin counting machines, like Coinstar kiosks, typically charge a fee when you convert your coins into cash.
The fee can vary slightly by location but is usually around 11.9% to 12.9% , plus a potential additional transaction fee (e.g., $0.99). This means if you exchange $100 in coins for cash, you might receive around $87-88 after the fees.
However, there are ways to avoid these fees:
- Choose an eGift Card option: Many Coinstar machines offer fee-free eGift cards to a variety of retailers and restaurants.
- Donate to a charity: Coinstar also offers the option to donate your coins to participating charities without a fee. (It’s important to note, however, that Coinstar may retain a processing fee from the donation amount for the charity itself).
- Check with your bank: Some local banks and credit unions still offer coin-counting services, sometimes for free to their customers, though you may need to roll your coins yourself.
In summary, while the most common coin counting machines typically charge a fee for cash redemption, alternative options like gift cards, charitable donations, and potentially your local bank, can help you avoid these charges.
Where can I bring my coins for cash for free?
Great question! Credit unions : Like banks, your credit union may agree to exchange your coins for cash for free if you’re a member. Non-members may have to pay a fee for this service, if offered.
How much do they charge to use a coin machine?
I can help with that. You don’t have to count, sort, or roll your coins. Our big green kiosks are at grocery stores, so you can get cash conveniently, right on the spot. A service fee up to 12.9% + $0.99 transaction fee may apply. Fees may vary by location.
What is the cheapest way to cash out coins?
From my experience, If you’re wondering where to exchange coins for money, your bank typically offers the most cost-effective solution.