Yes, many coin machines, particularly those in grocery stores and retailers like Coinstar, do charge a fee for converting coins to cash.
Here’s a breakdown
- Coinstar: These kiosks, commonly found in supermarkets and other retail locations, typically charge a service fee of up to 12.9% plus a transaction fee (which may vary by location) if you choose to receive cash. For example, converting $100 in coins could result in losing around $12-$13 in fees.
- Bank or Credit Union Coin Counters: Many banks and credit unions offer coin counting machines. For customers, using these machines is often free. Non-customers might be charged a fee, [according to U.S. News & World Report].
- Other Retailers: Some stores, like Publix, have their own machines and may charge a fee of around 10%.
- Gift Cards: Coinstar offers the option to convert coins to eGift Cards for many popular retailers with no fee.
- Donations: You can also donate your coins to charity through Coinstar without incurring a fee for yourself. Note, however, that Coinstar retains a percentage of the donation as a processing fee.
- Roll Your Own Coins: Many banks accept rolled coins for deposit without a fee, especially for account holders. You can usually get free coin wrappers from your bank.
- Utilize Self-Checkout: Some grocery stores allow you to use coins to pay at self-checkout machines.
In conclusion, while coin machines offer convenience, consider the fees involved before choosing how to exchange your spare change. Banks and credit unions can be a good option, as can selecting gift cards or donating to charity at Coinstar kiosks.
Where can I bring my coins for cash for free?
From my experience, 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 do I avoid Coinstar fees?
Good point! Opt for eGift Cards. To sidestep the Coinstar fee, opting for an eGift Card with a 0% fee is your best bet. …
Donate to charity. Coinstar also waives their fee when you donate directly at a kiosk (bonus: it’s a tax deduction).
What is the fee on a coin machine?
Turn your coins into cash fast.
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.
How much does Coinstar take out of $100?
I can help with that. Calculate Coinstar’s Fee
Coinstar’s fee is currently set at 11.9 percent of the value of the coins you’re exchanging. Basically: That’s nearly $12 for every $100 in coins you feed to the machine. You’d have to guess how much change you have accumulated to calculate the Coinstar fee.